Q & A with the Team
Welcome to the Staking Rewards Deicimal Interview where we sat down with Anatolii Berdnikov, CEO at Decimal to discuss the latest developments, news, and utility from Decimal. Decimal is a blockchain and constructor of all types of tokens, including NFT/SFT. The basic cryptocurrency of the DecimalChain blockchain is – DEL, which is also a reserve for each token created. DecimalChain implies DPoS consensus, which makes it possible for any user to receive daily rewards in DEL due to staking.
Let’s hear more from Anatolii himself.
Q: Decimal aims to provide users with the ability to create tokens quickly and easily. Who are Decimal’s main competitors in this and what is your competitive advantage?
DecimalChain is a constructor of all types of tokens, including NFT/SFT for users with no special skills. The uniqueness of the DecimalChain blockchain lies in the fact that with the help of one blockchain platform, any user – from a child to an elderly person – can issue their own coin and safely manage it using a ready-made infrastructure. Created on the Tendermint engine, DecimalChain is compatible with all blockchains of the Cosmos ecosystem, as well as cross-chain bridges with the Ethereum blockchain and Binance Smart Chain. DecimalChain follows the path of cooperation, not competition.
Q: Can you introduce your team to the readers? What relevant experience does it have and what projects have inspired you in your designs of Decimal
We are a team of blockchain developers and entrepreneurs who have been creating software for blockchain infrastructure for more than six years. In 2016, a crypto exchange was founded, a service with which you can buy and sell BTC and other popular cryptocurrencies (there were not so many services like we had at that time). Then the BIT.TEAM P2P platform was created. Over time, it became clear that, although this project was advanced and relevant, there was no way to make a revolution in the world of cryptocurrencies with it.
By 2020, the hype around cryptocurrencies had subsided again. Life has changed, and the pandemic has shown that we all depend on the Internet. It became obvious to everyone that cryptocurrencies are more a necessity than someone’s whim. Inspired by the Minter blockchain, we deployed our own validator in their network and created a token for our P2P platform and the future exchange. Over time, we saw how this product could be improved and simplified for the end-user. Then we decided to accumulate all our experience and knowledge by creating one of the advanced blockchains — DecimalChain.
Q: How did you achieve your funding requirements, was it from a token sale exclusively, private funding?
Users of all our products are a fairly large and loyal community, therefore, when creating DecimalChain, we did not need funding. Moreover, not a single coin of the blockchain has gone to users as part of any free giveaways. This protected the liquidity of the coin at the start and allowed it to grow smoothly but steadily in price.
Q: In regards to your aim to become the blockchain on which is built for trading and creating new coins. What do you believe are the main challenges facing those trying to bring their own coin ideas to market?
We are focused on the end-user because we believe that a real contribution to digitalization can be made only if the tool is available to anyone. But everything about new technologies always causes concern, especially for people without programming knowledge, so the main challenge is to convey to the user in a simple and accessible language how it works and why it is safe so that he can appreciate the simplicity of our development. To do this, we prepare a lot of instructions in different formats, are constantly in touch with the community, and create simulation software with which you can predict both the creation and behavior of tokens.
Q: How can users interact with Decimal at the moment? What are the main apps that they can explore and use? Do you have any advice for users of Decimal?
To get started with DecimalChain, just download the DecimalWallet wallet application. In the application, you can store, move, exchange network tokens and delegate them to any of the validators. Using your passphrase, you can log into the user console: it is there that it is very convenient to evaluate all the wide functionality of the blockchain — the creation of tokens, the issuance of NFT, the issuance and repayment of a check, the creation of a wallet with multiple owners, offline transactions, cross-chain swap and more. A wallet and a console are all that is necessary for full-fledged work with DecimalChain.
We advise all our users to first of all just “wander” around the console and make sure that it is really convenient and simple.
Q: How secure is Decimal? In its current state, what type of functions and properties can users integrate into their coins? What are its limitations?
DecimalChain is an open public blockchain. All wallets are decentralized, and access to them is only on the client-side. All created coins on DecimalChain are reserved by the DEL coin, and this ensures their instant liquidity and determines the price of the initial issue according to strict formulas embedded in the software. Thanks to the reserve, any token can be delegated to the validator and receive rewards in the base token. The functionality of the coin will depend on the tasks assigned to it, therefore, when creating a token, you can choose a different coefficient of permanent reservation, depending on what volatility your coin will demonstrate in relation to DEL, and also whether the scenario of its use involves delegation. In recent updates, the functionality of issuing an additional issue has been introduced.
Any token created in the DecimalChain network can already be moved to the Ethereum or Binance Smart Chain blockchain network and returned. This greatly expands the use cases of your coin, and also opens the door to the DeFi market.
If we are talking about NFT, then it is possible to create public and private non-interchangeable tokens on DecimalChain, and at the expense of the reserve, any NFT can be delegated and receive rewards in exchange for the reserve embedded in the NFT: this also significantly expands the ways of application.
Q: How many teams (projects) are currently building on Decimal?
At the time of the interview, the network supports 41 validators. 38 coins have been created on the network. Not all teams that create their products on our blockchain keep in touch with developers, but those who do this will be collected and described on a separate website, which, by the way, is created on the initiative of our users. In addition, many useful and interesting projects (software / bots) on DecimalChain were created by users who did not deploy the validator and did not create their own token. They are just interested in DEL and are interested in expanding convenient infrastructure.
Q: How do you see the future of staking within Decimal?
After the end of the DEL issue, validators and delegates will share the transaction fees. By that time, we see DEL as a reserve of many tokens and projects operating on the blockchain and beyond. The DEL coin was created not for speculation or even for staking, but as a resource and the core of an entire business ecosystem with decent economic incentives in the form of staking.
Q: Given Decimal plans to bridge the gap between the technical aspect of coin building and retail users, is there anything in the works to deal with the creation of scam tokens?
Unfortunately, no one can completely exclude this possibility. Including us. But when creating the DecimalChain blockchain, we provided something. For example, it is impossible to completely liquidate the reserve of your token. This excludes some fraudulent schemes, but not 100% of them. Therefore, we pay a lot of attention to training users, including how to evaluate a particular coin in the blockchain, what parameters to look at, what to pay attention to. Users themselves are happy to create various convenient tables for calculating the behavior of coins and share them with each other. We think education is the best way to keep our customers safe.
Q: Are there any exciting updates, announcements, or partnerships coming for Decimal in the immediate future that you can disclose today?
We are planning to launch Decimal Smart Chain, which will allow blockchain users to create smart contracts and use the DEL staking mechanism. DSC will expand the existing ecosystem and thereby strengthen the position and practical value of DecimalChain. As for updates, we are constantly adding features in response to market demand or improving an existing one. Of the interesting partnerships, based on the response of users, we can single out the game developers of the 3D butler Fur&Fury. This is a collectible tactical plot autobatler NFT with rogue-lite elements, a demo version of which is already available.
Q: Where is the best place for the community to interact with you?
We have accounts in all available social media, both English and Russian. Of course, it is most convenient to contact us in our community chat https://t.me/decimalchain_en . You can also write on Instagram https://www.instagram.com/decimalchain /, twitter https://twitter.com/decimalchain or facebook ttps://www.facebook.com/decimalchain.
Q: Why is Staking Rewards the best partner for your project?
Staking Rewards is a leading qualified staking platform with more than 200 cryptocurrencies placed. The appearance of DEL on a reputable platform will allow us to effectively and safely introduce users to our coin, expand the community and get opportunities to implement the tasks set.
DecimalChain and DecimalWallet seem like they present some very exciting opportunities. Targeting the token creation market and built on the cosmos SDK allows for an interoperable tokenization focus. The best part about creating an Asset on DecimalChain is that you are instantly providing liquidity by securing it with a DEL deposit. To add to the uniqueness, you can even stake your newly created token with a DecimalChain Validator, giving your new token a validator staking ecosystem and instant utility. And then to put the cherry on top, you can bridge your token to BSC to further participate in DeFi within the BSC ecosystem. Needless to say these are all great benefits for someone looking to create their own token or NFT with little or no coding experience. The structure sets the token creator up for success with liquidity and interoperability all while adding demand to the DEL token. A risk factor could be within the initial token distribution of DEL which seems more centrally controlled. This is definitely a project to watch to have a successful future.
To choose your DecimalChain Validator, check out the DEL Assert Page.