At its core lies the Peer to Peer payment protocol forked off Bitcoin Cash v 0.19 – an ASIC only mineable cryptocurrency tweaked to enable rewards for not only the miners and whales, but virtually everyone involved in the decentralized economy in one way or another.
Introducing Cold Rewards
Traditionally earning with crypto requires you to either have a ton of processing power at your disposal or a ton of money to invest. DeVault’s Cold Rewards system is here to challenge the old ways and enable rewards for virtually anyone.
The essence of Cold Rewards is as simple as “HODL and earn”. That’s literally all you have to do and here’s how it works:
First and foremost Cold Rewards pays out rewards only to unspent transactions (UTXOs). At the start of every new block all valid UTXOs will be evaluated for reward payouts. The unspent transactions eligible for rewards must come from regular transactions and not from mining rewards or from previous Cold Rewards.
As a minimum you need to hold at least 25,000 $DVT in your UTXO and that UTXO must have no transactions for 21,915 blocks (that’s roughly 1 month). As soon as you make a transaction, you are no longer eligible for rewards for at least another month. In other words if you want to earn free $DVT then all you need to do is HODL.
Community governance & DAO
As I briefly mentioned earlier, the DeVault’s new and improved cryptocurrency ($DVT) is just one piece of the puzzle. The larger goal of DeVault is to build a decentralized economy and a self sustaining “Blockchain organism” where everyone has an equal and fair chance to have their voice heard.
In DeVault there is no traditional team. There’s no select group of individuals who have more power in regards to decision making than someone else. In fact, if you are part of the https://www.devault.cc/ community, you are essentially considered an equal part of the team.
All future updates, proposals and changes to the DeVault blockchain will be discussed openly and voted into action by the community on a 1 coin = 1 vote basis. This system effectively eliminates the issue of all current DAO’s (decentralized autonomous organization) where the whales who have accumulated more native tokens have more voting power.
DeVault.Online social network
Whether you’re a programmer, visual artist or a freelance writer, the DeVault Online social network allows you to build a comprehensive resume-style profile aimed to help you find work based on your best skills.
Furthermore, with the help of the DAO approach, any dreamer with a powerful enough idea can find both funding as well as people who are eager and ready to make the dream a reality.
Community vote is passed by signing a message from a desktop wallet which holds $DVT coins. Note that until the vote has been finalized you are to not transfer any coins out from the wallet, doing so would simply invalidate your vote.
Technical details about $DVT
The DeVault blockchain is secured by Proof of Work SHA-256 algorithm. Block time and block size are 120 seconds and 32 megabytes respectively.
The Mining Reward system will start with a 500 $DVT reward at Block 0, and slowly move upwards to approximately 750 over a period of 131,490 blocks (1⁄2 a year) 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.
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.
