This article contains what I have learned from looking at the cryptocurrency Denarius, an altcoin launched prior to the cryptocurrency boom in 2017. I will try to give my reasoning behind why I think the project will be a longtime winner and what makes this cryptocurrency such a hidden gem. First, I will explain a little about the main resource behind the project, lead developer and founder, Carsen Klock. Further, this article will investigate some of the frequently asked questions and I will also describe why I chose to get involved with this cryptocurrency project. Anything posted in this article is my personal opinion and is not meant as financial or investment advice.
“I got hired at Apple where I worked for the past few years, finally realizing that not even at Apple was where I belong, I wanted to get back into crypto full-time, so that’s where my project Denarius comes in at.” (Carsen Klock).
Denarius (D) the cryptocurrency was made by Carsen Klock in July of 2017, a blockchain developer who started making altcoins back in 2013. He is the creator of several mining algorithms including Tribus, the algorithm used for Denarius. Before starting this project, he worked at Apple, but his burning desire for innovation and blockchain technology pulled him back into the space. Carsen decided to launch Denarius and work on it full-time. Many people do not know he was also the first to build a cryptocurrency that had both a PoS (Proof of Stake) and PoW (Proof of Work) working “hybrid masternodes” system. There is a misconception in the crypto space that this was first done by Luxcore, but this was actually achieved with Denarius.
Picture or it didn’t happen!
As you can see in the pictures below made from Denarius and Luxcore GitHub pages, Denarius was clearly ahead in releasing this feature.
Above I have linked the commits made by both the Denarius and Luxcore GitHub pages, and the dates do not lie. Denarius pushed it out on Feb 24, 2018, while Luxcore did not get it until Jun 29, 2018.
You can easily check out the GitHub commits on the official GitHub account at the bottom of this article for verification on this.
Denarius (D) is a cryptocurrency made by one of the early adopters and developers from the Bitcoin community. Carsen was one of few capable to create “shitcoins” back in the early days, and got a lot of critics for that back in 2013/2014 when there were only a few “ how to” guides on YouTube for making a Bitcoin or Darkcoin (now DASH) clone. As he has stated himself: “that was mainly for learning purposes”, and he developed a lot of mining algorithms during this time, such as X13, X14, X15, and Tribus. Since then, he has matured a lot and is all-in on developing Denarius. Now I will try to answer some of the regular questions that myself and others have asked while first researching the cryptocurrency Denarius.
What is a Fortuna Stake?
In the regular space Fortuna Stakes are like masternodes, but not completely the same. For instance, in Dash (DASH), the masternode payment system goes down a list and the masternodes gets paid one by one in a predictable manner and the list starts over. For Denarius (D), there are some changes to the inner workings of the masternode system, that the payments try to equal out over one full round of payments. This also makes it logical to give it a different name, since it is not behaving like a regular masternode would. A Fortuna Stake with Denarius is a fully decentralized “masternode”. If you are interested in learning a bit more about the differences on your own, rather than from me, I highly suggest reading an article posted by the Denarius founder, Carsen.
What if the Team Runs out of Money?
From what I have learned, the team has more than enough financial muscle to develop this project for several years, but this is not about getting funds raised. For them, it is all about making the best cryptocurrency there is, and for Carsen particularly, this is all about proving himself. This I personally know, as I have spent many hours talking with every one of the team members relating to this project, including Carsen. This question was important for me, as I have seen several promising projects run out of money during the altcoin bear market.
One of the coolest things I recently learned about Denarius is that they have “Native Tor” in the wallet. An easy explanation would be that you are able to hide your Fortuna Stake node IP (or your regular node IPv4 or IPv6) by simply adding “nativetor=1” in your denarius.conf file. This will make your wallet use a Tor Onion address instead of your IPv4 address and gives your node some extra privacy. On the development side, I have been told that there is progress on making the cryptocurrency more private as well. Ring signatures are currently in the making and “Native I2P” is being debated for implementation or not. Ring signatures will make Denarius a true fully anonymous private cryptocurrency, which means that tracking coins going from one address to the next or blockchain analysis will no longer be a possibility, with information such as the “Rich List” not being accurate anymore.
When I am assessing a potential investment, there are many items I tend to look at. First, I like to check the official announcement thread on the BitcoinTalk.org forum, the technical whitepaper of the project, and who the crew are. One of the other important items I look at is the project’s roadmap. What I have seen in the last few years on other cryptocurrencies is that their roadmap never gets followed or sometimes the roadmaps are not even close to being achieved.
A lot of projects hype around their glorious roadmaps and trick investors into investing based on false promises. So, what makes the Denarius roadmap different? Easy; the roadmap does not exist.
Denarius has actively chosen not to set dates and deadlines for implementation, hence no roadmap. To be completely honest, this was something I had mixed feelings about back when I initially evaluated Denarius. I kept track of Denarius for a whole year before I bought a single D coin and now that I know a lot more about the project, the lack of a roadmap does not bother me at all.
I have seen that things get done, and I would rather invest in a cryptocurrency with real development then one with a fancy roadmap and no real development. In the Denarius team, there is a lot of creativity and innovation going on. This part makes structure and a “roadmap” difficult. There is a perfectly rational reason behind not being bound to a timeline. They do not want to kill their creativity. Anyone who has tried to do enterprise AGILE development or similar knows just how difficult this can be. Working a 9–5 job can be bad for creativity and this might just be one of the experiences Carsen brought along from working at Apple.
Why did I Invest in Denarius?
Since 2017, I have been trying to keep up to date on every new crypto coin on bitcointalk and I can tell you: That is quite the job. I have probably missed a lot of good projects and skipped most of the ones I have seen. For Denarius, I never saw the release and I discovered it in early 2018 by coincidence after chatting with someone who liked the project. I did my routine once more, investigated the project and checked it out. At first glance, I was a bit meh… But the guy who recommended Denarius to me knows his way around this space, so I did a deeper dive and got a bit more interested.
Even after this, I was not really stoked about the project, but I picked up some coins and kept track of Denarius. I am a huge fan of Discord and I am usually pretty active on there. I think it is the best resource to see the sentiment of a coin while also getting frequent updates.
The following months, I kept track of Denarius and started to do a bit more research about the coin. I had no idea that Carsen was such a good dev and at the beginning, I thought it was a good old dash fork. I was wrong and quickly learned that Denarius has one of the most solid crypto developers, who has invented and contributed much to the cryptocurrency community. I also started checking out the other people who are contributing to the project and I must say there are quite a few brilliant people and hardcore believers aboard.
Price, Block Rewards, and Fortunastake Rewards
As you can see on the chart above, Denarius has had its bear season along with every other crypto coin since early 2018. My personal opinion is that this project has bottomed out. Price is now sitting at $0.15 USD, while the All Time High was at $5.01 USD (Jan 01, 2018). At the time of this writing, Denarius has a circulating supply of 5,961,383 D with a max coin supply of 10,000,000. PoW mining is ending in less than a year and after this, Denarius will switch to 100% proof of stake but still retain Fortunastake functionality. All these statistics appeal to me, as a low cap coin with low supply. You can also see that their volume is increasing, leaving me to think that there is some heavy accumulation going on.
The order books are also very thin, which makes accumulating Denarius difficult. On the negative side, with the volume so low, it is not listed on any big exchange. As of now, you can buy Denarius on SouthXchange, TradeOgre and CoinExchange. More on the privacy part, those three exchanges have no Know Your Customer (KYC) rules. The community has funds being raised to pay for the listing fee with Coinall, a top 100 exchange, and it should not be too long before that goal is reached. I am guessing a bigger exchange with more volume will help solve the liquidity problem.
If you are interested in holding the coins for a lengthy period, Fortunastakes (masternodes) are the way to go. Fortunastakes currently give about 35% return on investment (ROI) per year and is one of two options for generating coins. The other one is staking, which will give you 4% interest per year. You can even do both, staking and running Fortunastake nodes. For a Fortunastake, you will need 5000 coins to lock down. If you are interested in learning more about that, there is a detailed guide here.
Is there Anything Unique with Denarius?
Fortuanstake hosting is a service which gives a cheap VPS solution with a built-in setup. All you need to do is start the Fortunastake (masternode) on your local wallet. I should also mention that this service is dirt cheap and you can even pay for it with Denarius via SwirlPay.
Carsen is currently developing a MMORPG game, where Denarius coin will have a role. Information about this is extreme hard to get at this stage, since the team keeps information down tight. I do know that an “alpha” is close and I have seen some amazing screenshots.
WTF does a game have to do with a cryptocurrency??
Well, it gives a use case. Imagine being able to pay with Denarius for your game time or even buying items in the game. That would solely make Denarius better than most of the top 100 coins listed on CoinMarketCap. If the game gets traction, I like to look at it like owning a WoW gold printing machine, which runs on a blockchain and has other values. This part is easily one of the biggest opportunities for the coin to get massive returns in terms of value.
Cryptocurrency is a new industry with a high demand for talented developers and I strongly believe that Carsen is in the elite lineup when it comes to blockchain development. The fact that he is working hard on a project he is so committed to, instead of just outsourcing himself to the highest bidder, gives me chills to say the least. It shows me that he is not going anywhere, and that Denarius is his baby. A “tech company” is only as strong as its developers and leaders, and the Denarius team is the best I have seen by far.
If This Coin is so Good, Why is it Worth so Little?
Every cryptocurrency, including Bitcoin, has had a significant drop in value recently, and Denarius is no different in that matter. However, in my opinion, one of the other reasons is the lack of marketing.
No one knows Denarius exists and the information you can currently get about the project does not even come close to justifying what is going on under the hood. I believe that once marketing ramps up, this project will be picked up and climb the CoinMarketCap ladder like no other cryptocurrency has ever done before. However, I am not looking for a quick pump and dump and I have talked to a lot of the whales, who all seem to agree that this coin belongs in the top 10. With the development I have mentioned in progress and the listing fee for Coinall being crowdsourced by the D community, I am confident that things will start to move rapidly very soon.
Small-cap crypto projects like this one tend to go crazy once they get picked up, and 100x or 1000x is not unheard of in this volatile segment. Contrary to many other projects, this one is all about the tech and development instead of the hype and marketing I have seen so many times with others.
This makes me believe in the project long term, while also recognizing that marketing must ramp up if D is to grow. I strongly believe it is better to have an issue with marketing than the development if I were to compare and pick one. There are a lot of other projects, but people need to see how Denarius is different from the rest. Hopefully, this article can shed some light and help with that part.
There is a prophecy for people who are into things like that, made by Kim Clement. I am not going to explain that part, but if anyone is interested, they can find more information about it here.
If you have stuck with me all the way here, I would like to thank you for spending your valuable time with me. There is a lot more that could be said but this is what was on the top of my mind. If there is any information you feel is missing or if you have any questions, I would love to get some feedback! If you would like to learn more about Denarius (D) I suggest that you come and join us on Discord.