The cryptocurrency industry is one of the most prolific business segments of recent times.
That claim can be supported by the fact that just between January 2018 – May 2018, initial coin offerings (ICOs) clocked around $13.7 billion, as reported by global management giant PwC in collaboration with Crypto Valley, Switzerland.
Since several new businesses and cryptocurrencies pop up on the radar almost every other day, it gets difficult to keep track of them even for the true cryptocurrency aficionado. While this is hardly a thing to regret due to the run-of-the-mill ideas that the space has started churning out as of late, it creates a problem when you think of truly propitious projects that can be missed among the plethora of other offerings.
That is why, when we heard the buzz about DeviantCoin, a new cryptocurrency project that seems to be turning heads due to its promising solutions, we had to go through it to know if it actually is worth the time and the hype that surrounds it.
What is DeviantCoin?
DeviantCoin is a fully-functional cryptocurrency that has been built with a purpose to deliver the best that a digital asset could offer in terms of value transfer. Its core offerings include but are not limited to its digital coin, digital exchange, wallet and block rewards.
It is built upon the Zerocoin protocol, which gives it the ability to enable truly private and anonymous transactions for its users. This means that any financial activity on the DeviantCoin blockchain remains as private as it can get, with no one having access to it.
The transactions performed on its blockchain are also highly swift, giving users the peace of mind to rely on its solutions or their day to day needs of value transfer.
In addition to being fast, DeviantCoin aims to remain highly secure and functional for its users. That is why it also offers its own lightweight yet highly secure wallet solutions to its customers, so they do not have to download the whole blockchain just so they could use the wallet. The wallet is available in multiple versions that are all ready and released for multiple platforms including Windows, Mac, Linux, and Android.
It also intends to provide a hardware wallet to its users in a few months’ time. The wallet will hold the capability to not just store the network’s own cryptocurrency in it but various other digital assets as well, which will add to the overall value of the network. This will also supplement the functionalities for the network’s own decentralized exchange (DEX) that it intends to launch with its full service.
The DEX will be an integral part of the DeviantCoin ecosystem, where it will allow users to trade Smartcoins on the Bitshares blockchain. The aim of this DEX will be to connect users from other blockchains, so the overall concept of a “community” could be truly realized, making day to day operations easier for involved traders. It will also open doors to additional solutions, such as a payment gateway, which will provide additional support to the holders of DeviantCoin.
The network and its eponymous cryptocurrency DEV works on a proof of stake (PoS) model with an ecosystem that is managed by Masternodes. This ensures that the network sees a propitious and consistent growth due to the supervision and decision making of people who have a vested interest in it.
And these core features is what DeviantCoin is built upon. While other functionalities are great on their own, it is the Masternodes function that seems the most advantageous for its users.
Becoming a Masternode means that said individual will be staking a required set of funds as sort of a membership fee with the DeviantCoin blockchain. The funds that are kept in a “staking” wallet remain locked for a set period of time, during which they can make important decisions for the network in order to make sure that it keeps in the best of shape and moves towards future growth accordingly. The concept is for these users to make decisions and perform tasks in order to make the network a lucrative and truly beneficial place for cryptocurrency users.
How this benefits these Masternodes depends on how you see it. Since we will be looking at it from a business perspective, the Masternodes will not just be able to provide the cryptocurrency community with a much needed solution that remains ideal to be implemented in cashless transactions, but will also be able to earn sufficient block rewards.
In addition to this, with increased demand of the network, they will also be able to drive the value of their own DeviantCoins higher. This is intended to be one of the motivational factor behind their decision making, and as a result, drive them towards taking steps which will remain beneficial for the network.
The approach to providing a transparent and beneficial governance mechanism that is bound to supplement the network with dedicated support for years to come has proven to be quite effective already. The project has so far met each goal of its roadmap according to its due date. At the time of writing, it is in the process of developing its iOS and web wallets, as well as its payment gateway.
Should I Keep DeviantCoin on My Radar?
The project has working products and a dedicated team behind it, while also having a detailed whitepaper to boot. However, the whitepaper only defines the team with their pseudonyms. While it seems inline with the privacy aspect of the project, the approach could raise questions on the transparency and credibility aspects of the project. That said, we must not forget that the creator of Bitcoin is known only only by the pseudonym Satoshi Nakamoto.
With that being said, the transparency does show in terms of the solutions that the project has already developed and released. Its tokens are also being traded on multiple exchanges such as Cryptopia. While it plans to add more reputable exchanges such as Binance and Bittrex to its list, that goal is yet to be achieved.
The amount required to become a Masternode remains at 5000 DeviantCoins. At $0.66 apiece at the time of writing, this amount comes down to a hefty investment of around $3,300. It is by no means a small amount, so we could recommend that you do your due diligence before going ahead with such an investment.
However, DeviantCoin does give off the impression that it has potential and the team behind the proverbial veil has shown that by providing its promised solutions on time. It remains to be seen how the rest of its plan is executed, since that will prove whether the solution has what it takes in order to make it in this convoluted space.