Devault Launches On Mainnet With 100% Community Governance
Devault, a 100% Community Governance Cryptocurrency, has launched on Mainnet at 8 AM PST on Tuesday. It has been described as an experimental peer-to-peer digital cash project developed to harness the shared knowledge and intrinsic value of the p2p economy.
Its objective is to devise an ever-growing Multi-DAO system that enables educating, onboarding, and promoting the cryptocurrency adopters of today and the future.
“DeVault focuses on the end user in terms of the incentive structure, the voting systems, and the overall planning process,” Decentralized, a Community Member, told Qbittimes. “Unlike Bitcoin, where miners are the only governance mechanism, or Dash, where you need a Masternode to have a vote, we have lowered the barrier to entry to a single coin per vote.”
According to Decentralized, members of the community hope that this concept will provide a robust system for users to not only have a voice in community governance and funding but also to provide an additional utility for the digital coins beyond selling for products or services.
Distribution And Network Information
With 55% of coins allocated to Miners, 15% goes to Community Budget while Core Dev DAO has10%. Web and Business Development DAO has 5% each.
Community DAO and Marketing DAO shares the remaining 10% equally. Moreover, Devault has Cold Staking as an inflationary policy where miners send out each Block that has its schedule.
The total Maximum Supply of coins is five billion with an accompanying Block Time of 120 seconds. Block Size is 32mb and the underlying technology of Algo SHA-256 comes with an Initial Block Reward of 500.
The community believes the only suitable means to preserve the project is to avoid a single point of failure or authority. Therefore, comprehensive community governance was set at the heart of it. Decentralized Explained:
“In my opinion, lowering the barrier to entry for basic user functions, such as being involved in the overall process of building the economy and influencing decisions of the whole, is a huge step forward in altcoin governance. By using one coin-one vote platform, ANYONE can participate in the governance layer without a central authority simply doing as they see fit and then falling flat on their faces as we’ve seen in so many past altcoin projects. We hope to be the first widely-used digital economy outside of Bitcoin in the world by not only designing services for the users’ benefit, but also by giving them a legitimate say in day to day system.”
When asked if miners won’t hijack the network, since the majority of the coins are earmarked for them, he objected. “We have 30 block checkpoints like Bitcoin Cash, and that’s not really how Block percentage works. The percentage doesn’t control only just payouts.”