At its core DeVault aims to build the world’s first fully decentralized global crypto community hub around their native $DVT coin- a Peer to Peer cryptocurrency secured by the SHA-256 Proof of Work algorithm.
Their highly ambitious plan is to scale upwards and onboard more than 1 million people in the coming years.
Being an open and transparent community, the DeVault’s first social network called DeVault Online, uses the DAO model to come to an agreement on all current issues. Every single member of the community has an equal chance to get their voice heard, proposals voted for and concerns addressed.
So what exactly is a DAO and how does it work?
DAO is short for Decentralized Autonomous Organization and in simple terms it represents a set of rules encoded in a computer program (often Smart Contracts) which are transparent and controlled solely by shareholders without any possibility of influence from a central party or a government.
At DeVault there are many different smaller DAO’s created around their specific goals and funded independently of one another. More DAO’s can and will be added should the need for them arise in the future.
Every DAO has a coordinator voted in place by the community who is essentially in charge of the DAOs funding mechanism and as such is held accountable by a community vote.
Secured by a multisig hard coded wallet, the DeVault Community Treasury, which accounts for roughly 15% of the total block reward produced by miners, is used to fund new and innovative proposals as the community sees fit. Needless to say DAO’s can get defunded should a problem arise and the community votes against a particular action.
Turning dreams into reality
DeVault.Online enables developers, marketers, artists and freelancers alike to build comprehensive resume-style profiles that allow individuals to earn income by utilizing their best skills.
Community members can befriend and chat with one another, get connections and make innovation happen. In some way, the DeVault Online community is sort of like LinkedIn on steroids- a fully decentralized autonomous platform where the community itself is in charge of virtually every aspect. As members gain more experience from their work, their profiles get updated and reputation increases.
To further improve the platform, the DeVault developers are currently working on a system that will help gamify the process of networking making it even easier to find prospects and business partners in the future.
As a project manager you can create a proposal and ask for funding and workers directly from the DeVault Online community. The more unique and useful the proposal, the higher your chances for it being voted into action.
Once voted for, you can start growing your team. Studies show that teams up to 8 people work together the best, but it’s expected that teams can reach between 10-15 members. According to DeVault, the hard cap of team members should be around 15 in order to avoid some teams from becoming more powerful than others in terms of ‘voting power’.
More info: https://devault.cc/