What is DecimalChain (DEL)
DecimalChain is a blockchain that has gathered all the latest industry developments to be used in ordinary life and in business. DecimalChain is also a constructor for creating all kinds of tokens, which does not require any special skills from the user. The purpose of creating DecimalChain is to provide users with a simple, intuitive and high-tech solution for creating a different class of tokens. The solution does not require complicated skills and is understandable even to an ordinary Internet user.
The blockchain has its own basic decentralized cryptocurrency — DEL, released on August 1, 2020. Being a peer-to-peer online currency, DEL allows direct transactions between network participants, bypassing intermediaries. DEL is both a self-sufficient crypto asset and a payment system that is not inferior to the world (PayPal, Visa, MasterCard, and so on).
DEL is a key link in the DecimalChain ecosystem. A native token is necessary for access to all the functionality of the blockchain, in particular, for a reserve when creating your own tokens. Thanks to the DEL reserve, your coin is liquid immediately after creation and can be exchanged for any other network token or DEL. The network commission can be paid with any token at your disposal, which is an important advantage of the DecimalChain blockchain.
To “mine” DEL, you do not need large financial costs and powerful computing equipment, as it happens with Bitcoin (BTC). The Decimal network generates DEL tokens as a reward to validators who create blocks in the DecimalChain blockchain. Also, ownership of the coins of the network involves obtaining new DEL coins when delegating them to the selected validator due to the DPoS (Delegated Proof-of-Stake) consensus. For the extraction of a block, the validator receives a reward, which is distributed among the delegates. It is proportional to the size of their steak. You can bond any network token, including NFT, which is an important advantage of the DecimalChain blockchain.
How does DecimalChain work?
The basis for the Decimal blockchain was the Cosmos SDK, which is a secure and reliable solution for network interaction between network nodes. It is due to the Cosmos SDK that Decimal is compatible with more than 400 projects in the Cosmos Network.
Without stopping there, the DecimalChain team develops new solutions and integrates innovative features such as cross-chain swap to the Ethereum network and Binance Smart Chain. Today, the Decimal Smart Chain network is being developed to implement the functionality of creating smart contracts. The implementation is scheduled for the third quarter of 2022.
Speaking about the uniqueness of DecimalChain, we once again emphasize the simplicity of the constructor, which allows you to create any tokens (liquid, illiquid, stablecoins, NFT).
This tool is available to anyone — from a simple user to an advanced developer, as it does not require any technical knowledge or additional equipment. Transaction fees use any type of currency in the Decimal network that is available to the user.
Decimal uses such advanced developments of the blockchain industry as:
* tokenization of assets;
* instant payment;
* points in loyalty systems;
* cashback services;
* user identification;
* confirmation of ownership rights and authenticity of documents;
* tracking of goods along supply chains;
* honest algorithms for the gambling industry;
* automatic execution of contracts;
* guarantee of cash payments and safety of valuables;
* providing access to various resources;
* fair voting, lending and so on.
DecimalChain is an innovative blockchain project that creates the basis for interaction and interoperability with many blockchain networks and projects. Thanks to this, DecimalChain has gathered around itself a powerful crypto community of enthusiasts, entrepreneurs and developers.
DEL and its advantages
- Storage is carried out using a non-custodial wallet, where the user has full control over their keys.
- Delegation of coins to staking, without any additional costs.
- The transaction speed is six seconds.
- The cost of the average fee is ~ 0.41 DEL.
- Providing stable market value with easy, fast and inexpensive transactions for widespread use in traditional markets.
- The use of DEL when creating tokens as a reserve currency with the transfer of all its advantages to a custom coin, which facilitates the instant exchange of tokens in the DecimalChain network.
How many DEL coins are there in total?
The issue is 94 billion rubles . If necessary, the emission can be increased if the validators support this decision.
The appearance of new coins is preceded by a process known as “staking”, which is possible in a network with a Delegated Proof-of-Stake (DPoS) consensus, where validators verify transactions and package them into blocks. The work of validators is strictly regulated by a system of rewards and penalties.
At the start of the network, the base reward for a block was 50 DEL coins. Further, an increase in the base remuneration is provided with an increase in delegates and coins in delegation, and each individual delegate retains a relatively stable percentage of generating new coins. The increase in the base reward occurs every 432 thousand blocks. The issue is designed for nine years, after which validators and delegates will share commissions from transactions in blocks.
As of March 22, 2022, the reward for the block is 241 DEL.
What protects the Decimal network?
DecimalChain used for its protection the SHA-256 hashing algorithm from the SHA-2 family of algorithms, known for being used in Bitcoin and its forks.
As already mentioned, there are strict regulations for each masternode (validator). It provides for the conditions of punishment and encouragement. In case of incorrect operation of the masternode, the DecimalChain network applies penalties in the amount of 1% of the total stake.
Validators who try to cheat when establishing consensus are also subject to penalties of 5%. Consequently, any fraudulent actions or attacks become economically unprofitable.