we hosted an amazing AMA with DecredNext on the 14th of July
And here we will put some of the best questions:
Q1. First can you introduce the protocol Decred-Next to the audience?
DecredNext is a free, open and multi-platform digital currency with a decentralized open governance model, sustainable funding and flexible contracting model, and can use 100% open source technology to build DecredNext. It mines using a hybrid proof-of-work (PoW) and proof-of-stake (PoS) mining system with a layered security strategy and carefully tuned incentives
It makes DecredNext have the advantages of both mechanisms. To be precise, the foundation of DecredNext is to fully inherit the advantages of Decred’s development over the years. In the future, we will combine advanced technical means such as EVM to give DecredNext a richer and more diverse community ecology and practical scenarios.
Q2. Please tell us about your team and the experiences they have.
The core members of the DCRN team mainly come from two parts. The first part is from the backbone members and core personnel of the original Decred community, and the second part is the decentralized development team from all over the world, including the software engineers and business executives from Google, Meta. They are passionate about the future development of the public chain ecosystem.
Q3. Why DCRN decides to fork from DCR(Decred)? What is the advantage of the fork compared to the previous protocol?
It’s an important part of our protocol
There are two main reasons behind this tough decision. First and foremost, we firmly believe PoW must play a dominant role in DCR and disagree that the subsidy split of 10%, PoW/ 80%, PoS is for the good of the community. With the PoW proportion being cut to 10%, we have seen a loss of computing power and the mining machines losing value.
Secondly, we were expecting the original Decred to explore more to strengthen the community, but little did we see. Especially in the past year, the development of DCR has been very disappointing. The total market capitalization of DCR has fallen out of the TOP100. Besides, we saw little growth of the community as we missed a lot of opportunities in GAMEFI、NFT、WEB3.0, etc. However, we didn’t see efforts on marketing while the popularity of ecology and community has been declining. Therefore, we are eager to make the community great again by introducing DCRN which was designed to build a naturally balanced system and drive the thriving of the community.
Compared to DCR, DCRN is developing an extendable ecology that would support a large amount of applications and innovations. We are utilizing EVM, sharding, OmniLayer to explore more possibilities in Web 3.0.
Q4. A good project always has a clear roadmap. Can you share the DCRN raodmap with us?
By Oct 2022, DCRN can be used to buy hashrate (rent mining machine) at blake 256 hashrate trading plantform, where blake 256 hashrate buyer and seller trading.
By March 2022, complete the TPS promoting project, using Zero Knowledge or Sharding technology.
By June 2022, the EVM and OmniLayer will be integrated into DCRN mainnet, after that we can develop the ecosystem of Decred-Next.
Q5. How to participate in the DCRN protocol?
As for PoW mining, DCRN uses the same algorithm as DCR, and any miner that mines DCR can mine DCRN. At present, AntMiner DR3 and DR5 , Whatsminer D1 and StrongU STU-U1 support DCRN mining, their hash rate is dozens of times higher than GPU mining and the mining configuration is relatively simple. Now the official mining pool “drcnpool.com” support DCRN mining. We have negotiated and connected with 3 of the world’s top mining pools, and will announce them after the completion of the connection test.
As for PoS staking, after downloading the wallet on the official website, you can use DCRN to purchase voting rights to mine. The official website shows that the current POS pledge mining The annualized rate of return of the mine is 2600%+
Q6. Is there plans for listing on any exchanges? Which exchanges will DCRN be listed on?
Yes we do have plans for listing on exchanges
And we do have a good news to announce
Actually, DCRN will be listed on Gate next Monday on July 18th. The exchange will be opened on that day. It is one of the biggest milestones we have achieved so far. In the future we will apply for more listing on centralized exchange to increase marketing exposures and trading volume as well as community growth.
Q7. At last can you tell us about the pools which is supported by the DCRN protocol?
Now the official mining pool “drcnpool.com” support DCRN mining. We have negotiated and connected with 3 of the world’s top mining pools, and will announce them after the completion of the connection test.
And here we will put best questions from our members and DecredNext fans:
Q1. What strategies does your project use to position itself and grow its community of players and strengthen it? What are the advantages that allow you to stand out in the market? What is the strategy to get tokens like?
To answer this question, we will start our advantages first. Our greatest advantage is that we have a hybrid consensus mechanism of both PoW and PoS. We believe that the combination of these two are the future trend for web3 development. Our protocol welcomes not only only with investment approach in the PoS area, but PoW miners as well. We are building the tokens as a social coin for cloud hash and alitcoin mining machines.
Q2. What is the revenue model of your project ? In which ways do you generate revenue/profit? So many projects like you speak about the long term vision and mission but what are your short-term objectives? What are you focusing on right now?
The revenue model for DCRN are split in two forms, Proof of Work and Proof of Stake. The PoW reward is distributed weekly on Monday. For the our PoS pools, the APR is current around 1700% and I would say now it is a good time to stake. Our short term goal is to focus on commnity growth, and our long term aim is to gain more market exposures for DCRN by applying more listing on famous exchanges and achieve partnership with big mining pools.
Q3. What is the view of #Decred_Next on solving the problems that the DeFi ecosystem still cannot solve? What’s the tokenomics structure and token utility? Could you tell us the benefits of holding your token for long-term?
One of the problems that the DCRN team has identified is that, the entire ecosystem are slowly abandoning PoW mechanism, which results of great cost on mining machine manufacturing and also a big number of miners who has been solid PoW supporter. DCRN combines PoW and PoS together solves the problem of PoW fading away in the market. we are reaching a collaboration relationship with a protocol that supports Proof of Work(PoW) mining, in order to promote DCRN as a social currency in the cloud hash platform. We do hope that DCRN can become a social currency for altcoin mining machine and cloud hash. For long-term hodlers of DCRN, its value will match the value of Bitcoin.
Q4. What’s the motivation for starting this project?
The greatest motives for DCRN to make the first step and develops is that are believe the future will be the combination of pow and pos, but the protocol which we had forked Decred, has done a poor job on community growth and incentive distribution. So we improve the tokenomics.
Q5. What is your current market goal and do you have an ambassador program to create awareness for your project?
Our aim is to get more market exposure in the DeFi field, that’s one of the reason we apply to list on good exchanges. Currently we have only one English community. As we focus on community growth, there will definitely be groups of people with other languages demand, at that time we will launch the ambassador program stay tuned.
Q6. Can you share in your tokenomics and roadmap and tell a bit about governance ?
The total supply of DCRN is 21,000,000 with a daily token yield of 2880 DCRN. The incentive distribution is based the portion listed below:
The treasury address management will be determined based on community voting, DCRN tokens will be mainly applied for developing the entire of ecosystem of Decred Next.
Q7. Do you allow suggestions and comments from the community? Are we allowed to make the decision Do you take society into account?
Community plays an vital part in our ecosystem. The let the users benefit we have consistent airdrop event and giveaway event. Also we consistently hva content feeds that relates to our project to let the community have a deep understanding of our protocol
Q8. Do you have a staking program? If so, how does it work? And why would users participate on your platform?
The staking mechanism of DCRN is a little bit different from what DeFi users commonly perceived. On the token supply perspective, 30% of the daily supply will be allocated to PoS reward. Users who want to participate in PoS can purchase tickets through the DCRN wallet to receive corresponding PoS rewards.
And this was the end of our AMA with DecredNext.
You can find us here:
Telegram community :https://t.me/DecredNext_EN