Every now and then there is a new cryptocurrency that comes out. A lot of cryptocurrencies come out every day, the question is, how many of these new currencies are worth the hype and time?
Introducing DeVault! DeVault is the latest cryptocurrency in town. Here is a quick guide to what DeVault is about.
What is Devault?
Devault is a virtual currency backed by a 100% community governance system that enables fast and secure transactions globally. Devault comes with the major cutting edge cryptocurrency functionality we have come to know and love like speed, security, portability and fungibility with special emphasis on a community-based consensus system.
DeVault Spec Sheet
Community-Based Governance
(1 coin = 1 vote)
Several cryptocurrencies have run into issues while trying to reach a consensus on the next steps of development of the project. Historically, this has led to communities splitting and was the highest contributing factor to the various hard fork splits that happened in the Bitcoin and Ethereum camps respectively.
Devault adopts a simple consensus method to take decisions on its network called the 1 coin = 1 vote system. This basically means everyone who holds a coin can participate in voting on community issues.
An example of the 1 coin = 1 vote system on the Devault network is for deciding projects that receive funding from the community treasury. Individuals who want to receive money from the community to fund Devault related products and services have to submit a proposal to the network which is voted upon by the entire community.
Community members simple vote YES or NO with the weight of their votes decided by the number of coins they hold. With this feature, decisions will most likely be taken by well-meaning community members since they have a stake in the project.
Self-funded By the Blockchain
Another important part of community governance is the source of funding for the project considering the conflict of interest that has risen among developers of some cryptocurrencies because funding for their work comes from private organizations or individuals with different aspirations, goals, and interests.Devault answers this problem by providing direct funding through the blockchain. Every block reward is split between miners, the community treasury and the community DAOs. These DAOs are various teams that contribute to the development of the project and are directly paid from the network. The current block split stands at:
- Miners 55%
- Community Budget: 15%
- Core Dev DAO: 10%
- Web Dev DAO: 5%
- Biz Dev DAO: 5%
- Community DAO: 5%
- Marketing DAO: 5%
The DAO split is dynamic and can be changed depending on the urgent needs of the project.Other features of Devault worth mentioning include cold staking which allows users to earn money by just keeping their coins in their wallets. Devault also enables very fast payments that clear in about 120 seconds, faster than most popular cryptocurrencies.Currently, Devault is listed on three exchanges including Escodex, SwiftEX, and SouthXChange trading at about $0.008 per coin. The Devault community is looking for active contributors who are ready to help promote the visions and goal of the project. You can join the most community-based cryptocurrency project today, check out how you can help.
Are you excited about DeVault? Tell me in the comments section below.
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This article was a submission for the DeVault Economy Article Bounty, visit www.DeVault.cc to learn more about the community governed digital economy.