Welcome to the DECENTR - $DEC Q&A with The Gem Hunters
We would like to thank the DECENTR team for coming to The Gem Hunters and kindly sharing information on the project with our community.
Q1. Can you give us a simple breakdown of what Decentr does?
"Rich" - Very good question. $DEC has unique utility across a range of DeFi features that can add value for users who hold $DEC in their dWallets.
... For example, unused $DEC held in a user’s dWallet can be loaned out as part of the Decentr investing pool and this user can earn aggregate APY on their $DEC - without having any specialist crypto or investing knowledge, and regardless of how much $DEC they have.
Q2. We heard the phrase DeFi thrown around alot in regards to Decentr, can you explain how Decentr fits into the DeFi ecosystem?
"Rich" - True. I'd answer that by saying that the definition of DeFi is fairly loose, but generally involves the decentralised products, facilities and features that allow finance to happen without a centralised intermediary, thus giving back better returns and faster, cheaper and more efficient financial services.
In this regard, Decentr fits into this ecosystem as we provide foundational technology that allows DeFi applications that integrate Decentr to offer their users even better value and services.
How do we achieve this?
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).
You might have heard a bit about PDV, but let me give you a quick breakdown:
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, Holochain, etc.
Q3. Who do you see as your competitors in the space and how does decentr sets itself apart from them?
"Nikita" - As we are open source tech delivering a foundational solution that will be of benefit to potentially all individuals and companies that generate data, we don’t really look at our adoption, growth and development of our platform as competition: the more developers that build with us the more successful we become and they become by default our DeFi features being ported across applications. This porting across applications improves the services provided by dApps that develop with us, while at the same time improving PDV for users across applications - to everyone’s benefit.
"Rich" - Succinct AND detailed. Haha. I think I’d just add there:
... The idea of “competition” in commercial terms is a curiously centralised, Web 2.0 concept and fails to find relevance in a truly decentralised Web 3.0 paradigm, such as Decentr. In terms of tech development, we’ll always achieve more through contribution, not competition — and that is precisely the paradigm PDV is set up to support.
Q4. I know you guys are probably sick of being asked this but how does Decentr stack up against Brave/BAT and do you see yourselves as competitors?
"Rich" - No, I don't recall ever having been asked the question before... Haha. No problem. Admittedly, we get this question a lot. To be honest, though, there are more differences than similarities between our and Brave/BATs aims and goals.
Let's break it down:
Brave is a Web browser that allows you to browse the web securely and anonymously, operating a get-paid-to-watch ads revenue model. Decentr is a Web browser that allows you to browse the web securely and anonymously, securely recording all your internet activity and giving this activity an economic value that users can use to their economic advantage online. They are really quite different paradigms.
"Nikita" - I guess our point is is that we are a decentralised browser operating an exclusively decentralised revenue model within a decentralised internal economy, eliminating friction; our concern with Brave is it is a decentralised browser uneasily aligned with what is traditionally a hyper centralised revenue model, advertising, and our concern would be that at some point of Brave’s growth these two models may not be compatible, creating friction issues for users due to competing agendas.
I’m going to drop a couple of our Medium articles on this subject for anyone who wants to deepdive this a little further:
Q5. You mention giving data value back to users as economic value. That sounds like the revolutionary concept of Personal Data Value (PDV) that I have been hearing a lot about. Can you give us more information on PDV?
"Rich" - The cool aspect I really 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 our blockchain client users, and users of the dApps built with us, all the same cool benefits.
"Nikita" - In other words, the two key properties of “money” - money as a unit of valuation/payment and money as an exchange rate (depending on demand for the currency) are only correlated where you have a centralised economy. They do not have to be correlated where the economy is 100% decentralised, opening up a whole new host of user-centric financial products whereby exchange rate and currency issuance happen at the level of the individual, dependent on payment and trade requirements. In this way, the Deconomy by default can never be constrictive or deflationary.
Q6. Please explain for us non-techies in simple words which off the user data can get monetized and how the monetization process works in the background
"Rich" That is the second most asked question after "how do you compare to Brave". Haha
... All your user data already contains a “market value” as defined by current data markets, who currently steal your data and sell it on, profiting them NOT you. I reckon this comes as a surprise to exactly no one.
Well, we secure this data and deliver it back to you at the outset, but… that is only the beginning...
... Once this data is delivered back to you as economic value, and all the other data you generate and upload is safely secured, Decentr’s suite of features allows you the opportunity to release, reuse and exchange this data, across many formats and data points, so that you can gain even more value as PDV.
"Nikita" - It might be easier if I give an example: let’s say our native data exchange posts a request from a medical company doing a study on the effects of ‘flu in 45-60 year-olds. You might be in this age range and suffer from ‘flu each winter. You could then, securely and anonymously, release your last 5-year’s medical data on your ‘flu symptoms, which would greatly increase your PDV. Or, if you did not have this data uploaded to Decentr, or you did not wish to release it, then you could fill in a questionnaire, via our website, that could, with your permission, be further validated by our oracles, which would also increase your PDV.
Q7. You have recently partnered with Tomochain. Which features made you pick Tomo for a partnership?
"Rich" - I'll let Nikita give you a more specific breakdown; however, overall, we are a 100% in sync with TomoChain’s goals to eliminate investment barriers and encourage mainstream crypto adoption – aspects Decentr is also huge on.
"Nikita" - As regards specific features, 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.
Q8. Where is the synergy between Decentr and Tomo and do both sides benefit?
"Rich" - 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. 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.
"Nikita" - Exactly. As TomoDEX and the overall TomoChain ecosystem including Tomo’s current DeFi solutions grow so does Decentr hand in hand! 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.
Q9. Are there any other crypto projects that you’re already partnered with or want to in the future?
"Rich" - There are many crypto projects and companies that can benefit from Decentr, the same as we can benefit from them. When I say we can both mutually benefit from this arrangement, I am referring to the PDV concept, which functions at the protocol level.
... What this means is that any blockchain client we build with, or dApp that is built on our platform or our client platforms, can actually take advantage of the benefits of cheaper loans and products, when leveraged against a user’s PDV.
"Nikita" - One of the most exciting partners, which we have not announced yet is one of our fiat gateway providers which we will announce when the time is right. I will say that it is a well known crypto payment company that we have been working closely with and will be able to integrate seamlessly with.
As a result, on our dEx, users can trade between listed currencies, fiat and digital, modulated by a user’s PDV.The dEx also allows users to on- and off-ramp fiat by using a convenient third-party solution that will be seamlessly integrated into our platform, providing exchange and payment services for selected popular crypts, as well as digital credit cards,bank accounts, etc.When a user buys DEC on the dEx, this currency is bought on the open market, in a similar way to all other tokens listed on the dEx
Q10. How far off is a product launch, what would be part of it and could you give us an exclusive sneak peek?
"Rich" - An exclusive sneak peek, eh? I might see what I can do — for the Gem Hunters' community, anything! We are on track as regards our development timeline, which will deliver MVP by Q1 2021. However, as you know, roadmaps are just a guideline and currently we’re well in front of ours. And with that in mind, we do have an exclusive
sneak peek of a very cool feature here for you today:
I want you guys to be the first to see our initial user dashboard screen, which is a feature that users can engage with to view their Decentr analytics. I'll drop it here, then Nikita will break it down a little more for you. Digital drum roll, please...
... What is great about this dashboard is users can continue to monitor and highlight what is working for them as regards PDV.
Over to Nikita...
"Nikita" - To break it down a little further, in the “Highest Performing Data Points” box, you can inspect your highest performing data points across a range of activities over a chosen period, see what works and why, and continue improving your engagement and online activity to improve your PDV.
Even cooler, you can also see in “Improve Your PDV” box suggestions as to specific activities that will improve your PDV,both in terms of browsing and also engagement with specific Decentr features. This is all in the context of being able to examine the posts and dPosts you posted and responded to that achieved “Highest PDV” for a specific period, and why these were considered by Decentr’s cooperative game-theory protocols to hold this intrinsic value.
This dashboard is an overview, and further screens will allow you to analyse your data in even more detail. More news on that soon.
"Rich" - Definitely. This is just a taster... As a result of using these powerful data optimisation features, you can continue to improve your engagement so that your data captures even more value, both social and economic, that is reflected in your increased PDV.
Q11. I recently saw you briefly talk about Oracles and that you will be looking to use them, can you explain how Oracles play into Decentr and any hints as to who you would use as a solution?
"Nikita" - Oracles, yes - but decentralised Oracles are key to Decentr’s fully decentralised system.
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.
"Rich" - I'd add, the 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.
"Nikita" - We can’t say too much, but we’re already in discussions surrounding integration with an Oracle provider, we will release more details on this soon.
Q12. There were many rumors going around about possible Bank connections and corporations. Could you shed some light on those rumours please?
"Rich" - Ah, yes. I think a lot of the speculation, rumours, etc surrounding bank connections and corporations have been conflated a bit. So I want to separate the facts from the rumour:
In conjunction with the World’s #2 Payment Service Provider (PSP) we are planning a pilot programme to determine the validity, speed and efficiency of core aspects of our DeFi features in conjunction with 150,000 of our PSP partner’s customers.
This will be in the Spain/LAC international remittance market, where our PSP partner is seeking to expand their operations. So that is pretty exciting "bank/corporation" news! :)
There was also news going round about the BoE ... and possible connections we had there.
"Nikita" - You might have also heard that we were asked to submit a bid for a UK digital currency (CBDC) by the BoE. The reason we had not released this document, or made any official announcement, is that we are yet to receive a reply, and therefore out of respect to the BoE’s assessment process are not talking about this publicly. We will of course keep you updated on progress as this assessment continues.
Q13. What are some particular industries that you think Decentr is best suited to disrupt?
"Rich" - Considering that Decentr is open-source, horizontal foundational decentralised technology that embraces different blockchain clients as part of our broader ecosystem, I think this question is best answered by looking at what vertical industries we aim to disrupt, and how.
As discussed, literally any industry that generates data will gain a commercial edge by building with us due to the fact that the data generated can be leveraged against industry costs as economic value, making goods, services, processes, etc cheaper.
"Nikita" - As regards early adopters of our core tech, we have identified three verticals we are pursuing in conjunction with commercial partners:
1. The Banking/PSP Industry, which could benefit from our DeFi features, especially as regards offering customers cheaper financial products when leveraged against a user’s PDV.
2. The “Bricks and Mortar” Supermarket/Grocery Industry, which could benefit from the data captured all along the supply chain as expressed in a supermarket’s PDV, to not only offer suppliers a better deal but ultimately making the costs of products cheaper for consumers, while improving the supermarket’s bottom line.
3. The Online Advertising Industry, whereby engagement with a client’s advertising material, all the way along the sale funnel, from promoted post to purchase, actually increases a user’s PDV, making products cheaper at point-of-sale. This will greatly stimulate supply and demand as the more users buy, the cheaper products become for them!
For anyone who wants a deeper dive into these industries, check out this Medium article:
And for all you hardcore Deconomists out there, this article gives a further breakdown on the PSP/banking angle: