Cryptocurrency world is full of new innovations, wonderful surprises as well as risks. Everyday new cryptocurrency exchanges are launching in the market. One such new cryptocurrency venture that is about to change the digital currency world is DeCoin. It features new concept for exchange investments, POS technology which is going to be the biggest thing in 2018. What it is? Let us check it out.
What is DeCoin?
Decoin, also known as “De Coin of De People” is an open source shared peer to peer system that includes its own particular exclusive advanced currency. The DeCoin (DTEP), backed by an exchange and trading platform (D-TEP) that gives benefits to the users who hold DeCoin. The amazing thing about its technology is that it combines Proof Of Stake(POS) blockchain protocol, transparency, security and 24×7 live support. Proof of Stake idea expresses that an individual can mine or approve block exchanges as indicated by what number of coins he or she holds. This implies the more cryptocurrency claimed by an individual, the more mining power he or she has and therefore, the more coins he will be rewarded for as part of the protocol coin distribution.
What is the technology?
DeCoin is a blockchain empowered “Profit Sharing Exchange” Coin. It is creating a fast, simple and straightforward currency trading platform, which shares the additional coins generated by the algorithm with the majority of its coin-holders.
DeCoin Trade and Exchange Platform (D-TEP)
As mentioned earlier, D-TEP is an exchanging platform that redistributes profits picked up from trading fees charged on the platform back to people who hold DeCoin. Decoin exchange is the first POS exchange platform which shares its profits with the coin holders!
It uses POS consensus algorithm. It is a kind of algorithm by which a digital money blockchain network expects to accomplish consensus agreement. In PoS-based cryptographic forms of money, the maker of the block is picked by means of stake. In case of DeCoin, people who hold coins will stake DeCoins in their online wallet (full node) will be qualified for a 6.2% annual increase, to the quantity of coins they hold or claim. Following figure shows how it works
Decoin’s Algorithm
It is completely different from the Proof-of-Work (PoW) used by bitcoin and ETH in which the client approves exchanges and creates new blocks by doing a specific sum of computational work. In Decoin, PoS framework requires the client to show ownership of a specific number of digital money units. It is still a calculation, and the reason for existing is the same of the PoW, but the procedure to achieve the objective is very unique and much more organized. It seems that the cryptocurrencies technologies are shifting towards POS due to the fact it’s energy saving results in significant reduction of energy consumption during the process, as well as providing equality between all the coin holders to enjoy benefits of mining and rewards.
Features of Technology
Security: It provides multi-layered security. The verification includes their exchanging stage, shielding exchanges and withdrawals from the trade, while giving greatest security to customers.
Scalable: It is fit for executing up to 1 million match/second and due to that D-TEP is one of the fastest and most scalable.
Trading tools: According to their whitepaper, DeCoin is planning to utilize financial tools like contract for difference (CFDs). It will allow traders to take benefit of prices increasing or decreasing.
Credit cards: while banks still refuse to work with cryptocurrency, Decoin offers a solution for liquidation. It provides 5 types of credit cards. The benefit depends on the amount invested. The following figure shows the types of credit cards.
The technology behind DeCoin was created with the goal that the quantity of DECOINs made will be of finite number with the assistance of Proof-Of-Stake algorithm. The D-TEP exchanging platform will enable clients to exchange the following coins:
- DECOIN (DTEP)
- Bitcoin (BTC)
- Ethereum(ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Bash (BASH)
- Litecoin (LTC)
- NEO (NEO)
- Cardano (ADA)
- Stellar (XLM)
More coins would be added and announced in the near future.
The technology behind DeCoin is very robust. The technology uniqueness will be responsible for its success and economic balance in the coin. In fact it is opposite solution from ETH based apps only because it uses POS algorithm in completely different manner. The following figure shows the difference between DTEP and other coins such as ETH and BTC.
Decoin CEO Shay Perry thinks the one that will survive the regulation in the world are the security coins – “we are working on getting few licenses all over the world and make sure that our coin and exchange will survive any regulation that will appear, while others seem to not yet fully understand that”.
To summarize, Decoin brings to the crypto market a revolution in technology, introducing POS algorithm as a key technology, which enables the coin holders to take part in the benefits within the mining of the coin. POS technology is going to be the biggest thing for crypto markets in 2018!
More information on the ICO and the company itself, including whitepapers and vision, can be found on https://www.decoin.io
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