DeVault is a new cryptocurrency based on 100% community governance and support. DeVault allows users to send money in a swift and secure manner backed by a robust network with community-based consensus. In this article, we delve deeper into the level of community focus as marketed by the project.
DeVault Specs and Feature Set
The DeVault project packs an impressive list of specifications. Currently, the block reward increases by 2 every 12 hours and will work this way for the first 2 years.
- Max Supply: 5,000,000,000
- Block Time: 120 seconds
- Block Size: 32mb
- Algorithm: SHA-256
- Initial Block Reward: 500*
DeVault also packs amazing features including the generally expected features of new cryptocurrencies including the speed of transactions and a well-stated model of governance. What sets DeVault apart from most cryptocurrencies is the level of community inclusion in development as a feature embedded in the blockchain and the wider and more practical way of distributing wealth among community members.
Here are the top features of the DeVault Ecosystem that express its focus on community building:
The DeVault project is based on 100% community governance where 1 coin equals 1 vote which means a community members stake in the project is directly proportional to the weight of their votes during decision making.
In this model of governance, all issues from coin supply, development roadmaps, and coin brand can be decided upon by the entire community. An individual who wants a decision taken on an issue will have to submit a proposal on the blockchain which will be voted upon by the entire community.
The first application of this system will be through voting on budget proposals which leads us to the next feature, DeVault’s development is directly funded from the blockchain.
Blockchain Funded Development
DeVault provides for its development from new coins generated every block. This means that part of the newly created coins are allocated to the growth of the DeVault ecosystem. Currently, the coin 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%
- Cold Staking is added as a separate inflationary system that miners send out every block that has its own schedule.
Per these numbers, DeVault has dedicated 45% to the development and growth of the project. This 45% can be divided into two parts, the Community DAO’s and Community Treasury.
These are community-based Decentralized Autonomous Organizations in charge of various aspects of the project. Per the status quo, DeVault has 5 DAOs with the possibility of increasing or decreasing them through the governance system.
All existing DAOs are funded directly from the blockchain meaning all funds necessary for the operation of that aspect of DeVault’s expansion has been catered for without any third party influence that sometimes promotes conflict of interest in a way that does not favor the project.
15% of the block reward is allocated to the entire community to decide on funding integrations or activities that fall outside the scope or budget of existing DAOs.
The community budget allows individuals to make proposals seeking funding for specific activities that will help the DeVault project. The entire community then votes on it based on the 1 coin = 1 vote system. Proposals that pass get funded and the cycle continues.
In conclusion, DeVault was built with the community in mind, focusing on decision making and practical engagement in coin growth. DeVault’s focus on the community present s a good case for the new currency and sets it apart from other projects. What do you think of the DeVault currency?