DeVault - The Decentralized Social Economy
DeVault is a decentralized community and economy project. Enriching the world 1 peer-to-peer transaction at a time.
Ticker: $DVT
Website: https://devault.cc
Github: https://github.com/devaultcrypto
Explorer: https://exploredvt.com
Exchanges: SouthXchange.com, Escodex, SwiftEx.
Pools: Minedvt.com, BSOD.PW, LuckyAltCoin.com, ZPool.ca, BlockMasters.co, CoinMiningPool ACPool, & ZergPool.
Twitter: https://twitter.com/Devaultcrypto
Discord: https://discord.gg/JnRZ7BB
Telegram: https://t.me/devaultcrypto
Forums: https://devault.cc/forum/
Economics & Coin Specs:
Block Reward: Starts at 500 slowly moves up to 1000 (1800 including budgets) by month 18, then drops gradually down to 1 DVT forever after roughly 750 years.
Blocktime: 120 seconds
Maximum supply: Once the DeVault market reaches 5 billion coins mined the mining reward will stop decreasing and stay at a constant rate of 1 DeVault per 2 minutes.
Blocksize: 32 MB
Algorithm: SHA-256
Initial BLOCK REWARD SPLIT**:
55% - Miners
15% - Community Treasury
30% - ⅘ of the Community DAO’s initially get 5% but then less per team as more teams get voted into place by the community votes.
Initial DAO Split**
*10% - Developer DAO (focus: core deliverables and community roadmap goals) (first DAO to split)
*5% - Web Developer DAO (focus: core deliverables and community roadmap goals)
*5% - Biz Dev DAO (focus: core deliverables and community roadmap goals/improving onboarding)
*5% - Marketing DAO (writers/video/business development partnerships etc)
*5% - Community Support DAO (Moderators aka Energizers/Support Staff/Ambassadors)
**These splits can and should be adjusted from time to time by the community consensus.
Introduction to The DeVault Ethos
The overarching goal of DeVault is to simply be 'social digital economy' for everyone, with the spirit of decentralization at the very core and a complete community governance system that everyone has a voice in. To accomplish these goals we will be leveraging a ‘Decentralized Autonomous Organization’ (DAO) schema to help create the necessary scale to sign up 1 million and beyond users into our implementation of an online b2b and p2p focused, crypto-oriented, social network that is laser focused on user acquisition, personal growth, privacy control and earnings that we’ve currently named Devault.Online.
The Devault.Online social network (and others) will act as the portal into the digital economy of DeVault.cc (the payment protocol residing on a blockchain). This will allow users to not only build out comprehensive resume style profiles, but also will provide many tools such as user driven governance, the ability to friend and chat with users on the site and will include business and community profile options. We are also working on an achievement system to help further add to the value of the network via methods of gamification and community building.
Some of the main goals of the project that we would like to keep in mind mostly relate to creating a fairly distributed worldwide social network where users and power users alike can have the ability to earn more and get more deeply involved in the crypto space without ever having prior knowledge of crypto. We plan to leverage education around the entire ecosystem to create and onboarding funnel for not only DeVault.Online but as well as the entire space.
Community Governance / 1 Coin = 1 Vote*
*There shall always be a system in place that is both open source and utilizes the majority approved voting mechanism which will start out as 1 coin = 1 vote, as always the community is free to adjust this later.
Community Rights
A document titled ‘Community Rights of the DeVault Blockchain’ will be initial groundwork for a community approved form of a standardized ethos.
REAL Community Governance
In DeVault we aim to create a system in which as many people as possible have a voice, and as a result, a more equal footing in the community. By leveraging a 1 coin = 1 vote concept and wide distribution, we will create a much more effective form of decentralized community governance, and a fair distribution compounds this concept, creating real community governance, at a simple level. Miners are still here to secure the network and get rewards for it, but we do believe there are many more players in the ecosystem and intend on getting them involved and rewarded as well.
All important decisions pertaining to the DeVault Blockchain can and should be openly discussed in the community and proposals can be submitted to not only get involved, but help grow the future of the DeVault Economy!
Treasury Voting: (Community) Treasury Proposals are things that either individuals would like funding for and/or concepts the community thinks funding would be spent on outside of the general day to day work of the sponsored DAOs, there will be some overlap of course here. After a treasury vote is passed it will require ⅘ of multi sig holders to get paid out to a users balance (as anti scam and hack feature, but the multi sig votes should ultimately comply with community votes). If a coordinator would like to submit a ‘de-funding’ proposal for a project they believe is a problem or a scam they are free to do so.
Community Voting: Community (Core) Voting is to say the community would like to discuss any specific subject and garner a better understanding of the consensus within the network by asking the network of voters.
Signing Messages: The method of which votes will be tallied is based upon the concept of ‘signing a message’ to the DeVault blockchain with an address that contains coins. The amount of coins in the address for the entirety of the voting period, that do not leave the address will be counted as valid towards either a ‘Yes’ or ‘No’ Vote on any and all community budget decisions in DeVault as well as Community Core Voting. Any user can currently do this my simply using a desktop wallet such as the DeVault Qt once they have loaded the HD Seed into the wallet.
*Please note there are certain rules that may invalidate your vote such as moving funds after a vote has been cast, until the proposal has finalized.
Maintaining Transparency
We would like to be a front runner in the transparency & accountability departments, all too often projects are designed in a rush or without due diligence in place in terms of accounting and operational information.
One way we will create transparency is to have all budget transactions logged on a single webpage (e.g. accountant.devault.com) for all team and community budget payouts with signed messages pertaining to the purpose of the payment.
To ensure a smooth road early on these payments will always require ⅘ (this will scale up as we grow # of DAOs) multi-signature operators to approve regardless of community voting as an anti scam measure, but must overwrite the community vote with a new proposal asking the community to reconsider the proposal.
Proof of Work
The chosen model for securing the blockchain is ‘Proof of Work’ SHA-256d based mining. This is same exact mining algorithm as Bitcoin, which has the highest pool of worldwide hashrate available to best secure the DeVault Blockchain.
The Mining Reward system will start with a 500 DVT reward at Block 0, and slowly move upwards to 1000 (1800 when you add budgets in) over a period of 394,470 blocks then reverse downwards until stopping at 1 DVT per block after 750+ years. The community is free to adjust this scale as it sees fit.
‘Sharkflation’
The block reward will increase gradually from 500 DVT to 1000 DVT per 120 seconds (1800 including budgets) for the first 18 months (394,470 blocks), then peak and reverse downward until eventually stopping at 1 DVT per block after 750 years. The community is free to collectively adjust this math as it sees fit.
First 10 years of Mining, Budgets & Cold Rewards*:
*Assumed cold rewards participation rate of 75%.
Total Supply after 10 years of Mining Rewards, Budgets & Cold Rewards*:
*Assumed cold rewards participation rate of 75%.
Cold Rewards System
Reference Material: https://github.com/devaultcrypto/devault/blob/develop/COLDREWARDS.md
Constants:
BlocksPerYear - Estimated number of blocks in 1 year.
PerCentPerYear - Percentage return for Cold Rewards, currently changes each year from 15,12,9,7,5 %.
nMinRewardBlocks - Rewards occur no more frequently than this.
nMinRewardBalance = 1000 * COIN
nMaxReward = 62500 * COIN - Max reward payout at any time.
nMinReward = 50 * COIN - Only pay out reward if it's bigger than this.
Description
Cold Rewards pays out coins to unspent transactions (UTXOs) that are greater than a minimum (nMinReward coins) and are older than approximately one month (nMinRewardBlocks number of blocks). NOTE: Addresses are not evaluated by total amounts, each separate UTXO is considered.
These unspent transaction must come from regular transactions. Either miner rewards or previous cold rewards will not counted - as coinbase outputs are ignored.
At each block all of the valid UTXOs will be evaluated for possible reward payout. We use a concept of "differential" height to determine viability. The "differential" height is the difference between the current block number and either 1) the block number when this UTXO was created or 2) the block number when this UTXO last got a rewards payout. That is, for the 1st payout, we will use 1) and afterwards 2). The coin address that will be rewarded will be the one with the biggest differential height, provided that the calculated reward is greater than (nMinReward).
If multiple UTXOs have the same differential height, the largest one will get paid out. If several UTXO have the same differential height and payout amount, then payout will be based on sorting the COutpoints
In addition there is a limit of nMaxReward on the payout, to avoid people putting too much at one address (may help against exchange cold wallets accumulating) and also causing huge amounts of coins to be created in any one block. If people hit this limit they can simply move coins to another addresses/UTXO.
Payout Amount
PerCentPerYear determines the effective rate of return for payouts over 1 year. By dividing this by BlocksPerYear we'd get the return per block (as a very small number). We then multiply this by the "differential" height mentioned before to get the fractional return. We multiply by the balance at this UTXO to get the actual reward. Finally we quantize the reward to 1/10ths of a COIN for accounting simplicity and make sure it's greater than nMinReward to be considered valid.
Invalidating Rewards
For a given UTXO, once rewards are considered valid (given conditions already mentioned), they will be continued to be paid out as long as the UTXO itself is not spent. Once the UTXO is spent, rewards will cease. This mechanism allows you to collect rewards and spend the actual rewards themselves since they will be at new UTXOs that will not be considered valid for rewards. To do that, you can use "Coin Control" feature within the wallet. If you want the rewards to earn rewards in return, you'd also need to use coin control to send the rewards using a regular transaction to any one of the addresses under your control. However, keep in mind that UTXOs considered valid must have more than nMinRewardBalance amounts. If you have more than that amount at one address but they are spread out across many UTXOs, you may not get rewards at all. You can use coin control to view your UTXO holdings.
The DAOs & How They Operate
Decentralized (Autonomous) Organizations
We plan to be on the pioneering end of the global community governance movement and in order to do that we must be able to constantly grow and further distribute our supporters into digital, functioning organizations that work together on common goals.
What is a DAO?
A decentralized autonomous organization, comprised of groups of people, usually on the internet and/or distributed around the world working on a common goal or project. The DAOs are often cemented via a funding mechanism but volunteer based DAOs can also theoretically exist.
How many DAOs are in The DeVault economy?
To begin we launched with 5 separate independently funded organizations all named based on their goals, more DAOs will be added as the chain grows in size and the budgets allow based upon community voting.
Can DAOs be defunded?
Absolutely, things being openly discussed prior to a proposal would obviously be ideal but is not required, all that is required is the community to vote on the matter and the multisig operators to follow through in with ⅘* approval vote, we do not require 5/5 to pass a vote, as no one would ever be able to get voted out.
What is the ideal size of a DAO?
There are studies to suggest people work best in groups of 8, but being as nothing is factual we would expect teams to be between 10-15 people, and then split into new teams as to keep the ‘decentralization score’ high and to keep anyone one group becoming an authority figure in the ecosystem.
How are DAO volunteer coordinators compensated?
In an effort to not create tons of sell pressure by pegging pay to the USD system we will pursue a unique path, one based of transparency and focused on blockchain based concepts and decentralization while being able to scale. Thus will be introducing a publicly trackable & accountable payout system and in the future standardizing payouts to suit transparency needs, while respecting the individual users privacy rights.
How are DAO volunteer coordinators chosen?
Initially there was a small team of early adopters and volunteers who collectively picked leaders of the original digital organizations, going forward this should be done by a community vote of proposed individuals submitted by the individual interested in the position that has built up a reputation of getting things done within the ecosystem.
How are DAO volunteers compensated?
Coordinators will be in charge of payouts (and held accountable for spending by voters), while price discovery occurs and the ecosystem is built there will be large swings in pricing, in the future we may compensate individuals with a static block % for each person once prices can be relied upon more.
Community Treasury
The DeVault Community Treasury is a system designed for the soul purpose of providing would be volunteers with an avenue of funding for their efforts outside of the normal business to business sense. By utilizing the 1 coin 1 vote mechanism we are able to let the coin holders decide who should or should not receive funding for their proposal ideas. This budget is a hard coded address controlled by multi signature approvals that is constantly being filled up every time a miner mines a superblock. The Community Treasury will account for roughly 15% of the total block rewards produced by miners.
Technical Voting Notes
1 Coin = 1 Vote Rules
No weighted voting, 1 coin will equal 1 vote until the community changes it.
All voting platforms must be open source to be able to verify voting related code independently.
End goal is to store votes in full nodes.
If a user moves funds during a vote period, the vote is rendered void, otherwise it is logged as historical data.
If a user moves funds, the reputation votes & current proposal votes for the address holding funds are reset to null.
Sharkflation Chart:
The goal with the block reward schedule deemed ‘sharkflation’ is to reward early holders but not by simply rewarding the earliest holders. While still maintaining a fair slope downwards long term, the block reward will increase gradually from 500 to 1000 (1800 including budgets) for the first 18 months, then peak and reverse downward until eventually stopping at 1 DVT per 120 seconds.The reasoning behind this ramp up in rewards initially is to extend the ‘early adopter’ period out to 18 months as before any sort of block reward reduction occurs.
Mining Rewards Per Year
Rewards Per Year
Rewards Per Year + Cold Rewards*
*Cold Rewards assumes 75% participation factor.