Decentr’s token $DEC was listed on TomoDEX on 6 August with DEC/USDT pair available for spot trading. And now this time, Rich and Nikita from Decentr team took their time to share a bit more about their project and business with all the TomoDEX users.
Below is a summary of the AMA.
Q: Could you tell us a bit about yourselves first?
Hi, I am Rich James, Co-founder and CCO of Decentr.
In conjunction with myself and Nikita, we together came up with the concept for a decentralised “user layer” for blockchain that would allow applications built on blockchain to “talk to each other”. We have been busy developing that in conjunction with the cool tech and features that this new decentralised paradigm creates, including our dFintech and DeFI features.
I am Nikita Anikeev, Decentr’s CTO, and I co-founded Decentr to change the world, as I like to describe it, “Block by Block”! My telecommunications engineering background, combined with my Project Delivery Manager experience in the IT industry allows me to develop the kind of radical tech innovations that Decentr demands, in areas including blockchain/DLT, cryptocurrencies, AI/ML, etc.
Q: What is Decentr about?
Decentr is an open decentralised platform that captures the value of secure user data and returns this value as payable, data-backed “currency” to the user. $DEC token is the building block of the entire Decentr Deconomy, and supports and is supported by this data-as-value paradigm, giving it unique utility.
Q: How is this data value “captured” exactly?
Decentr’s key innovation is that our DeFi protocols are all based on a user’s ability to leverage the value of their data as exchangeable “currency”. Decentr does this by securing user data in the form of what we call “Personal Data Value” (PDV). PDV is best described as a personalised “exchange rate” between currencies that users apply at point-of-sale to make the cost of goods and services cheaper online. PDV is also exciting as it is applied to the APR users earn on DEC (our native token) that they hold that they loan out as part of our investing pool as well as other currencies held across the various blockchain solutions we are building with, including Tomo/TomoChain.
Q: Could you elaborate on what exactly PDV is a little further?
What I do want to get across about PDV is this (as it’s a hard concept to grasp as all of us only understand how centralised currency works, and can’t imagine how a decentralised alternative might work): PDV is not returned to users as a “unit of currency” per se but as a personalised “exchange rate” that can be used across our DeFI features but can also be ported across to give TomoChain users all the same cool benefits.
Q: What broader synergy do you see with TomoChain?
Overall, we are 100% in sync with TomoChain’s goals to eliminate investment barriers and encourage Mainstream Crypto Adoption – aspects Decentr is also huge on. TomoChain is also a great collab partner due to its complementary nature to both the ETH ecosystem but also the underlying functionalities and focus on DEX based technology. The end goal, as we see it, is Decentr’s dEX being built on TomoX, and Decentr and TomoChain users being able to leverage their PDV across the TomoChain ecosystem for cheaper online purchases and also higher APR on TomoChain borrowing and lending dApps. As you all know we’ve just listed our $DEC token on the recently launched TomoDEX, the reason we chose to do this is due to the fact that we’re exploring all possible avenues of working with Tomo and believe that, while young, the TomoDEX has a massive upside as it gathers more users, increases liquidity and we’re very proud to have $DEC already trading here. As TomoDEX and the overall TomoChain ecosystem including Tomo’s current DeFi solutions grow, so does Decentr hand in hand!
TomoX has a lot of features that are attractive for us as regards our dEX: for example, TomoX’s Blockchain core layer-integrated DEX, which will be integrated into the core blockchain for high performance and fast confirmation times, as well as TomoX’s Decentralized order book and matching engine, which is a fully decentralized exchange protocol that relies on storing all trades on the chain, verified by every masternode, really syncs with our fully decentralised browser.
Q: Do you have any use case studies that might make this clearer for the community?
The easiest way to answer that, perhaps, is to identify a few TomoChain features we love and build a case study around them, outlining where we see synergy.
For example, TomoZ allows businesses to issue tokens as rewards to consumers. Consumers can then redeem their tokens for products or services, as they would with credit card reward points or airline miles, for example. Well, once integrated with Decentr, PDV could then be leveraged against the amount paid, giving consumers even better value, the more rewards tokens that are redeemed, further increasing brand value and customer loyalty.
Q. How else do you see Decentr and TomoChain benefiting each other, speaking more broadly?
Well, elephant-in-the-room time: there are many competitors in this space. It seems a new Ethereum scaling project pops up every day, and even Ethereum itself is a competitor: in this regard, we see Decentr’s PDV protocol enhancing TomoChain’s existing offerings in a way that delivers increasingly greater consumer value and hence further helps distinguish TomoChain as the offering of consumer/developer choice.
Q: Could you break that down a little more, as to how you see Decentr/TomoChain staying ahead of the pack?
The Tomo blockchain is a highly efficient and scalable solution for dApps. TomoChain functions as a means for applications to grow unhindered by the rest of the network. In contrast, the Ethereum network is currently processed on one chain, which can lead to network clogging if one application is eating up too much space. This means that transactions process nearly instantaneously and that there are no fees when doing so. This is where we see a great deal of synergy with Decentr’s tech and goals: this speed/efficiency allows for the seamless porting across of our PDV at the protocol level, which actually gives TomoChain a competitive edge as regards the value that Tomo’s features deliver.
And that is good news for Decentr and TomoChain: there is a chance (more a “when” not an “if”) ETH will enact their own scaling solution. This potentially means, when ETH does this, that TomoChain’s solution for Ethereum’s scaling problem might be viewed by some users/developers as a “solution to a problem that no longer exists”.
Yeah, that’s the point I was getting to. ETH is not slacking off; they are actively looking for a solution to fix their scaling issues, and when that happens the future of alternative options are uncertain. Our PDV protocol means TomoChain’s user base/developers are protected against any redundancy in this regard as they have the added economic advantages PDV provides.
The way we see it, the one’s that will stick around will need that extra “secret sauce” – and that is what PDV, operating at the protocol level, is all about.
Q: You mentioned users and developers. So this collab could be good for software creators as well?
Yes! And also good for encouraging them to build on TomoChain. For software creators who might decide to wait for ETH to release their own solution, instead of making a time-consuming switch to another network, PDV provides that extra motivation for them to choose Tomo now and not wait around.
Q: What else do you like about TomoChain?
Love the ambition, which also matches our own. And the flexibility to create new solutions across a range of business verticals.
TomoChain offers some other interesting prospects. For example, as Rich mentioned, TomoChain is developing blockchain solutions across a lot of business verticals where we also see Decentr providing added value and additional tools and solutions: these include healthcare, where the fractured nature of data means it is not always secure; securing this data would not only improve patient confidentiality and delivery of services but by applying PDV to this data could help pay for improved healthcare, healthcare research etc. Similar use case studies can be applied across many industries that both Decentr and Tomo are interested in, including supply chain transparency, improved valuation (in the automobile industry and other industries where real-world/operational history is often hard to trace), etc.
Pre-selected Twitter Questions
Q: How are Decentr’s dFintech features, including PDV, dLoans and dPay, designed to overcome DeFI application obstacles?
One of the biggest obstacles to the wider mainstream application of DeFi is the issue of over-collateralized loans, which make them hard to obtain for people without sufficient funds, as well as making larger loans harder to obtain as well. So while the consumer DeFi loans market is potentially huge, and largely untapped, these issues have to be overcome before DeFi becomes mainstream. Decentr overcomes these issues by ensuring PDV at the protocol level can be applied against all our DeFi features for better dLoan rates and cheaper payments, and that these feature benefit blockchain clients we build with, including TomoChain, as well as dApps built on TomoChain.
Q: Would you ever consider using Tellor as an oracle solution?
Decentralised Oracles are very important for Decentr as regards fulfilling our overall aims and goals: this is because a fully decentralised network of oracle nodes that can be used for various verification purposes increases both the veracity of data being verified and hence improves a user’s PDV. This is achieved with decentralised Oracles in a way that traditional centralised Oracles cannot do, as they only offer single-source truths, hence limiting innovation and growth of DeFi applications and products across a network. We will be expanding on the details of this in the coming weeks/months as the integration process begins.
I think, bottom line here is that, as we are developing 100% decentralised data solutions, decentralised data veracity and integrity is of great benefit and importance to us, hence why decentralised Oracles are vital.
In regards to Tellor we’re already in discussions surrounding integration with an Oracle provider which we will release more details on soon.
Q: There have been many data breaches for online and app messages in the recent past, as well as government pressure to de-encrypt messages in security grounds. What will Decentr do to prevent privacy breaches?
We use encryption all the time and we use blockchain so that your private keys are safe. VPN can be easily hacked and TOR was hacked recently as well by substituting nodes.
Overall, we use Coinbase API to optimise integrated implementation of the user layer. Blockchain as a Service (BaaS) is also deployed. BaaS is basically an offering that allows its users to leverage cloud-based solutions to build, host and use their own blockchain apps, smart contracts, and functions on the blockchain while the cloud-based service provider manages all the necessary tasks and activities to keep the infrastructure agile, operational, safe and immutable. Tierion’s technological infrastructure, the Chainpoint Proof protocol, will come into play whenever a user adds something in Tierion’s data store.
Chainpoint and Tierion’s API anchors the data to the blockchain in order to generate a timestamp proof. Chainpoint also has the capability to create millions of proofs per second because of its highly scalable architecture. It also adds accuracy to its proofs by collecting data from Network Time Protocol (NTP) servers and the National Institute of Standards and Technology (NIST) and linking anchors to both the bitcoin and ethereum blockchain.
We also use Blockchain frameworks: Hyperledger Fabric , R3 Corda and Open Zeppelin and on the back-end: GO, Java ,C++ (in depth processing only).
Q: $DEC Operates User Data to pay less Online Can you Explain what Online Payments actually mean? and where is the data stored after we pay online what about the user’s data security?
Decentr’s decentralised economy, which uses data as value to make economic exchanges, is based on ensuring user data is hyper secure—simply because unsecure data has little to no economic value as it is open to third-party manipulation. So as part of this “perfect” circular data economy Decentr is creating, called the “deconomy”, the means to pay is only as valuable as the method to secure it. Once secured as part of a user’s DecID, this data is expressed as an economic value as PDV and, as discussed earlier, can be applied against payments at point-of-sale (and other Defi products).
By way of a simplified example of how this works, using our dPay system, if user PDV is PDV 1.0001 to DEC 1.0000 (assuming 1 DEC = USD $1 for ease of calculation) then a real-world sale price item at $10 would cost this user $9.9990 at point of sale when purchased via the Decentr browser using dPay.
Q: Brave has a “verified publisher” system to connect end users supporting independent content creators in the form of tips and monthly contributions. Will Decentr have something similar as part of it’s decentralized finance ecosystem?
Essentially, the PDV system acts as a fluctuating and impartial “verification” system for all users, based on data generated, ID and other documents uploaded etc, removing the need for a separate verification process, which speeds up ease and efficiency of our DeFi features. Better yet, as every user controls their PDV through online engagement then content creation is an activity that improves PDV for every user—a big goal of Decentr is to allow everyone to become a content creator who benefits economically from generating, exchanging and improving high-quality content that each user is passionate about creating and sharing. This is what I meant by a “perfect” circular data economy: when content creation as expressed in data pays for more content creation then we have the basis for the deconomy and the catalyst for an explosion in the arts & sciences that the mainstream economy is incapable of supporting as it is not “economically viable”.
AMA Live Questions
Q: What killer features $DEC has that are ahead of the competition and how does intend to open up the technology to the community and to the researchers so it can be continuously improved?
We plan to release code regularly and keep our github open so that people can contribute. Killer features will be speed of transactions and security at the same time as enormous data storage in blockchain technology.
Q: Can you reveal how much % of the current $DEC supply the team owns? While I believe it’s important for owners to have ‘skin in the game’, I’m also aware that it can be detrimental to the project. For example, when Charlie Lee dumped his L at ATH.
Team tokens are locked well into 2021 so we dont actually own any. Our aim is not lambos or picassos but to actually change the world!
Q: The current Internet lacks the basic framework to adapt or evolve into a truly fair and equal data economy, how does Decentr address the problem?
A “true” data economy will only ever be viable as an “economy” when data is both the means and method to pay, which when combined with PDV, creates a perfect “circular” economy as the creation of increasingly refined data pays for more increasingly refined data.
At the moment, all we really have are data “marketplaces” that are prey to the same centralised failings as any centralised marketplace, as you simply “pay for” data with a third-party medium of exchange—i.e., money. The Deconomy overcomes this issue by creating a 100% decentralised data economy where every user is a data buyer/seller, should they choose, gaining economic value from the generation, reuse and exchange of data they own/control, inspiring/empowering them to to create more data…
Q: Why DEC Platform choose Ethereum ERC20 Blockchain for it’s Platform? Why not Scalable Blockchain as Ethereum have many Scalability issues?
We chose ERC-20 for the tokens minting and circulation but the actual Decentr is build upon several custom blockchains - its too complex to be build on just a single protocol.