Last updated on October 24th, 2019 at 06:38 am
Thanks to the Blockchain and the invention of Bitcoin, by the anonymous Satoshi Nakamoto, decentralization and digital currencies have taken such a turn that the mainstream media is finally catching up to the curve. It is so much and so big that colossal companies are adopting the disruptive nature of Blockchain for their products.
The main idea of Blockchain, or Decentralization for that matter is empowering yet anarchic at the same time, it is to take the power from central authorities (like the Corporations) back into the hands of individuals and communities. In this way they can make decisions that can serve their agendas better, along with this, cryptocurrencies also followed the same philosophies and is effectively giving the users to transact and record currencies with little or no fees!. Effectively removing trust based on the middle-man or third party clearing houses.
After the launch of Bitcoin in 2009, the hype soon started to build up and a lot of alternate cryptocurrencies (alt-coins for short) started coming into production, DASH, DOGE, Ethereum, NEO and many more soon started to follow, making huge waves in their own respective domains. And with every new coin came a new way to empower the community running them, like MasterNodes, Proof of Work, Proof of Stake, etc. These methods are rewarding the community very generously in the form of Transaction Fees or Block Rewards.
Members of the community setup special “Miners” or simply put their coins in their wallet for “staking” which in turn secures the network. Coins like Steem, Lisk, DASH are serving the community with their various platforms.
With the recent rise of Initial Coin Offerings or the Token Generation Events, communities of the tokens plays a huge role in it, the stronger the community and their engagement is, the more price of the coin can potentially pump. If the community is unsure of how the token is developed or it’s tokenomics, they will spread FUD which will ultimately fail the ICO, making the community make or break point of the coin.
Although, no matter how strong the communities may be or how strong the community supports the technology, one way or the other, the community has or will face compromises. Point in case the forks from an existing coin like Ethereum and Ethereum Classic can divide communities in two different coins, destroying the unifying bond, same as the case with hacks that can be based on a coin where the community can become potentially malicious.
From ETPS and DNC to the DDK transition phase our number one priority has been the community and we have always listened to how the community wants us to go forward with our innovation in the coin and it’s life cycle.
We have built DDK in the DPoS Mechanism which means that not only the community receive rewards but the community can vote to make pools or miners delegates to make valid blocks. This will be creating a micro government for the community and staying true to the philosophy of decentralization.