Over the last few years we have seen many crypto projects launch features allowing people to submit budget proposals to the network. It goes a little something like this. A person submits their proposal to the network, token holders vote on the proposal, if the proposal meets certain voting requirements the proposal is passed, if it does not meet the requirements the proposal is not passed. If the proposal is passed the person who submitted it will receive budget funds directly from the network on a monthly basis with the creation of each "super block". The proposer of the budget sets forth in his proposal; the monthly payouts, the length of time funding is required, and the specifics of what the funds will be used for.
The majority of the projects implementing budget features will run into some issues. There are some success stories for proposals that were passed on these networks but still no perfect solution exists. That could all be changing soon with the launch of DeVault. The team behind DeVault has a combined total of 15+ years experience in budget proposal systems and community governance. They come from DASH, PIVX, SMARTCASH and other projects which have implemented a budget system with some degree of success, but have failed to fully understand many factors that go into a healthy successful network. Some of the major factors include decentralization, immutability, fair launch and distribution, voter apathy and team leadership. Most if not all of these projects fall short when it comes to key factors of a healthy budget system.
DeVault comes closer than any other project. They state on their website, "We realized the only proper way to keep the project alive is to not have any single points of failure or authority, thus complete community governance was placed as the main focus." This is done by letting all token holders control the direction, authority and vision of the project, by allowing for fair distribution from the genesis block forward, and by creating software that is easy for just about anybody to use. Decentralized organizations will also exist along side independently funded budgets and can be paid from the budget system as well.
DeVault has not invented a new concept, but they have their eye on perfecting a key concept in the crypto industry. The team behind the project has the experience and tenacity to accomplish their goals. It will be a lot of fun watching this project to see where it could go. With so many scam projects out there it is a relief to come across something with a real team, real goals, and a growing community.
Congratulations @digitalcash! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Tell me how DASH has a budget that is decentralized? The barrier to entry for a vote is absolutely centralized in nature. I was around during the darkcoin days, before any budget system was dreamed of. I had proposal passed on the DASH budget system. I was part of PIVX when it was darknet, when 5 people knew about it. What you didn't know that 50 million darknet coins were mined when the project was a test bed for a couple developers, including DASH developer Crowning. So yeah, you gonna tell me 50 million coins owned by a handful of people is decentralized? Look at currently supply. Smartcash is run by a guy, juicyj, who had the intentions of always creating his own coin. He convinced others, he influenced others, he acted in a sly manner, and he created his centralized ass scam coin, which I had nothing to do with.
I wont debate an idiot who clearly has no experience in governance, budgets, or decentralization. I know the entire history behind every single coin because I was a part of all the history.
You obviously do not know how to read. Darkcoin and Darknet are two different projects, which proves you have not been around long enough to know that fact. Darkcoin is now DASH, Darknet is now PIVX, 50 million was referring to darknet/pivx, and are owned by a handful of people, I never said anything was premined, NEVER. Those are your words, so why are you getting defensive about it?
You are the one defending a scam coin, in PIVX. I never said dash was a scam, I never said anything was a scam. Your username is ironic, because you are literally abusing steemit by spewing bullshit you don't know anything about. Learn your facts buddy boy.