An introduction to Cold Rewards from DeVault — The PEOPLE’S inflation system.
What is DeVault?
Expanding on what Bitcoin offers in terms of ‘banking the unbanked’, we thought it only fair to create something FAR MORE inclusive than Bitcoin to help this goal become reality. While we’re at it, we may as well unbank the banked too though by providing systems that are superior to those that we have now not only in terms of security, but accessibility.
Enter DeVault, DeVault is peer-to-peer digital cash, with an emphasis on fair, wide distribution, community voting through a 1 coin = 1 vote system, and inclusive rewards system which will be explained below.
DeVault was launched into Mainnet on June 4th and has been running smoothly since, while being listed on quite a few platforms including; CoinmarketCap, Coingecko, CoinMetrics, MiningPoolStats and many others. $DVT is also currently trading on: SouthXchange, Graviex, SwiftEx, Altmarkets and Escodex.
The goal of the DeVault Economy is to operate as the basis for a financial system of the future, complete with trustless on-chain solutions as well as a robust ecosystem of projects, merchants and users to guide this digital organism long into the future. This organism is the DeVaultDAO.
What are Cold Rewards?
Long before launching or even branding meetings the goal was always fairly simple; reward as many users for participating in the digital cash ecosystem without creating large technical or financial barriers to entry such as we’ve seen with most of the projects in this space. This caused us to spend many months researching all of the possible methods to do this, and then at the end of it all, scrapping them and creating our own method; Cold Rewards. The name is fitting because much like ‘cold wallets’ that are stored cryptocurrencies completely offline, this reward system also rewards completely offline addresses regardless if they have a node online or not.
That opened up the door to many great possibilities. The main one being that now mobile or even offline users had access to a stream of passive income based on the coins they are in possession of. No longer do you have to actively run a staking node on your computer or a miner to take advantage of that value that most coins offer.
With DeVault, you can quite literally earn while you do nothing, the rules are simple:
- 1,000+ coins in a single UTXO
- 21,915 blocks with no outgoing coins from the specific UTXO
- 1.25% monthly (1k takes longer than 21,915 blocks to avoid spam, but 4k is basically monthly. Either way the payout is the same % though.)
Let me repeat myself, you can quite literally earn while you do nothing, except hodl.
The Ledger of the People.
To us this creates a huge opportunity to not only create value for all the DVT users, but also continue to grow the economy and include new use cases such as on chain trustless solutions as well as build products that not only help grow DVT but also all of the cryptocurrency ecosystem as a whole.
By leveraging a 1 coin = 1 vote ecosystem where EVERYTHING is left to the voters to control at the end of the day, you can really start to build out a large organism like structure by using distributed teams to focus on areas that the ‘shareholders’ wish to see.
This is in stark contrast to the networks of Masternode based voting where very few people have any actual influence, or Bitcoin where its Miners + Devs who control everything. So it’s not a stretch to go out on a limb and name DeVault the peoples Ledger.
Othercoins may claim to have 1 coin = 1 vote governance, but then admins are usually secretly in charge and likely premined the coins anyways a while back. With DeVault we focused on fair distribution, and capping the access that insiders have to any specialized funding via multi signature address for DAO payouts. This got rid of any premine or masternode based inflation & corruption as I like to call it. Which makes it likely one of the most fairly distributed projects to launch, period.
The implications of DeVault vs other cryptocurrencies such as Bitcoin.
With bitcoin, you buy it, and you spend it. Thats usually it unless you’re a miner. With staking coins you are required to run a full node 24/7 in order to claim your rewards and most other coins simply use airdrops as a method to spread coins, and while thats useful, it doesn’t go far enough.
In order to truly reach mass adoption, a project is required to actually have a use case for all those billions of people. With bitcoin the use cases currently is a form of digital cash and while some may argue a store of value, i’d argue if we can’t spend it, and it wasn’t easily accessible, it wouldn’t be valuable at all, so the real value is people using it obviously.
We expand on this offering by adding a fully inclusive system that awards anyone with even the tiniest amounts of DVT with passive rewards for holding, much like a bank offers inflation to savings accounts, but the cryptocurrency version.
That’s Cold Rewards in a nutshell.
And maybe one day, if it all works out, we’ll be able to offer even more value to not only the users of the DeVault Economy, but the entire world.
Thank you for reading, please visit DeVault.cc if you’d like to learn more, also keep an eye out for our new mobile wallet based off Electron Cash, it’s going to be live in the play store soon.