Frequently Asked Questions
Get answers to some of the most frequently asked questions, complete knowledge base coming soon.
The main 3 ways to get DeVault (DVT) coins are to mine them with an ASIC miner, purchase them from a friend or an exchange, and to get paid them for a service or product you'd like to sell. We also do giveaways, contests & bounties on devault.online and other social media outlets from time to time.
Many things that we wanted to do we're simply not possible building directly onto BTC or BCH, such as cold rewards, coin driven governance, UX improvements and so on, so we opted for building out our own blockchain modeled after a version of Bitcoin we saw the most usability with, which ended up being Bitcoin-ABC.
As stated above we opted for building out own blockchain modeled after a version of Bitcoin we saw the most usability with, which ended up being Bitcoin-ABC. Bitcoin has it's goal and Bitcoin Cash has it's goal, neither of which perfectly aligned with what we wanted to achieve, but Bitcoin-ABC aka Bitcoin Cash seemed like the most appropriate model for our user focused goals catered around on chain solutions and creating an economy of users.
Maximum Supply: Once the DeVault market reaches 5 billion coins the money supply will stop decreasing and stay at a constant rate of DeVault per 2 minutes.
BlockTime: 120 Seconds
Block Reward: Starts at 500 slowly moves up to 1000 by month 18, then drops gradually down to 0 after hundreds of years.
To mine DeVault Coins from the DeVault Economy you will need a DeVault Miner also known as a Bitcoin miner as we use the same mining algorithm as Bitcoin. You will then need to point your miner at a pool that mines DeVault and or setup your miner to mine the DeVault blockchain instead of the Bitcoin blockchain.
DeVault uses the same mining algorithm as the original implementation of bitcoin; SHA-256 which is has been the staple of crypto mining for the last 10 years.
There was much discussion about the need for a privacy function and at the end of the day it was chosen to let other teams tackle this feat as it requires large amounts of time, trial and error and most importantly, funding. We do not intend on spending the next 5 years developing state of the art privacy protocols but we will happily implement those which benefit the community without harming our ability to create a community governed coin run by the majority of hodlers, as opposed to the minority. At the end of the day privacy comes with a large workload in itself and brings along quite a bit of technical baggage of which we do not feel is to our benefit, but things may change in the future.
DeVault.Online was born with a simple goal, to spread the usage of cryptocurrency powered governance for the people. With the help Blockchain technology we are able to leverage traditional social media design and create an entirely online, social, yet fully digital economy that is not only secured by proof-of-work mining just like Bitcoin but also provides the users of DeVault (DVT) a way to have a meaningful voice and the votes in the economies decision making platform, where ALL users, not just a select few are the leaders. As well as the voting power to back it up.
We also may have added a few bells and whistles alongside a bit of to be expected social media functionality, with a full roadmap of things to come.
'Offchain Governance' is to imply that there is no direct governance mechanism built into the blockchain outside of the accepted standard that 1 coin is equal to 1 vote in the voting platform hosted on devault.online which is currently used for driving the use of the community budget but will also soon be expanded to include core proposals and roadmap items. The votes are tallied when users sign a message to the DeVault blockchain with their vote key that pertains to not only the proposal they are voting on, but the vote that they are casting for that proposal as well. All of the voting and other functions are performed 'offchain' which resulted in the name 'offchain governance', even though the votes are actually cast onto the blockchain. There is no and shall not be a weighted voting mechanism. But there are rules to keep your vote valid such as not moving the funds during the vote, view the full conditions here.
Mining is what happens when a person who uses specialized computers and software designed to mine crypto currencies by constantly trying to solve very hard math problems. Staking is when the coins you own are hosted on a active wallet and you get rewards for keeping the wallet open and in 'staking' mode, which also means keeping your computer on, or a VPS constantly running. Cold Rewards can mean multiple things, but in DeVault it refers to the 'Rewards' you get for holding your DeVault Coins for more than 21,195 blocks. Once you have a UTXO that has not had an outgoing transaction for 21,195 that UTXO will start getting rewards the longer it does not have an outgoing UTXO, but these rewards are sent to new addresses which means they are still spendable without 'breaking the hodl' in the original UTXO, which keeps rewards coming. These rewards do not require your computer to be on, they simply require a DeVault Address to hold a minimum amount of coins, and not to have an outgoing transaction for a period of 21,195,000+ blocks (1 month). Once an address has started cold rewards cycle, the rewards will simply show up as cold rewards in the users address (in new UTXOs).
Cold Rewards pays out coins to unspent transactions (UTXOs) that are greater than a minimum (nMinReward coins) and are older than approximately one month (nMinRewardBlocks number of blocks). NOTE: Addresses are not evaluated by total amounts, each separate UTXO is considered.
This is a list of constants used in this system:
BlocksPerYear - Estimated number of blocks in 1 year
PerCentPerYear - Percentage return for Cold Rewards, currently changes each year from 15,12,9,7,5 %
nMinRewardBlocks - Rewards occur no more frequently than this
nMinRewardBalance = 25000 * COIN
nMinReward = 50 * COIN - Only pay out reward if it's bigger than this These unspent transaction must come from regular transactions. Either miner rewards or previous cold rewards will not counted - as coinbase outputs are ignored.
At each block all of the valid UTXOs will be evaluated for possible reward payout. We use a concept of "differential" height to determine viability. The "differential" height is the different between the current block number and either 1) the block number when this UTXO was created or 2) the block number when this UTXO last got a rewards payout. That is, for the 1st payout, we will use 1) and afterwards 2). The coin address that will be rewarded will be the one with the biggest differential height, provided that the calculated reward is greater than (nMinReward).
If multiple UTXOs have the same differential height, the largest one will get paid out. If several UTXO have the same differential height and payout amount, then payout will be based on sorting the COutpoints
In addition there is a limit of nMaxReward on the payout, to avoid people putting too much at one address (may help against exchange cold wallets accumulating) and also causing huge amounts of coins to be created in any one block. If people hit this limit they can simply move coins to another addresses/UTXO.
Learn More: Cold Staking Mining
DeVault is a project that has no 'founder' but instead a large group of volunteers and enthusiasts who envisioned an ecosystem that we wanted to use so we pooled our network to make it happen, there are some core developers of the ecosystem but they are just as much founders as everyone else involved and would like to be thought of as such. DeVault is an economy for everyone, not a business or an ICO. Business will be built on top of this network in the future and users will be able to have many ways to earn a living within the DeVault Economy in a world full of digital currencies where wealth is required to be a participant, we hope to stand out as the one real community coin thats puts users first and this is has been no different from the day we started dreaming.
In short, everyone is a DeVault founder.
If you would like to learn about the DeVault DAO Infrastructure, please read here.