I’ve been following Deviant Coin since the beginning of the project, and am a geek for the branding. I know that’s not a reason, alone, to consider a cryptocurrency, but in Deviant Coin we also have a team developing at a high pace, recently releasing their whitepaper and developing a DEX, with lots more coming down the pipeline.
In an effort to better understand this high-yield masternode project and its plans for the future, I briefly spoke with the team. Enjoy!
An Interview With Deviant Coin
“The Deviant Coin is a decentralized network of Masternodes with more than 90% pure PoS Block reward phase, lightning fast and secured transaction, multi-wallets, encrypted messaging, stealth address for complete anonymity, low number of confirmations, low fees and limited number of total coin supply for faster increase of value.”
Who is Deviant Coin?
Our network is a fork of the dash/pivx coin. As far as the deviant network is concerned, the network itself will be a separate financial ecosystem driving the projects we have envisioned. Therefore it doesn’t matter whether we are a fork or a clone of another Crypto project. We could have easily issued an ERC20 token to start our project. We decided to create our own network with our own coin to make sure we have more control on the network and technology we are building. We do not want to piggyback or put our fate in the failure or success of another project.
We just want the Deviant network to be a reliable payment mechanism that can be trusted for driving all the projects that we are going to roll out. All the uses of these projects can utilise the deviant coin as a single most reliable payment mechanism.
Currently we have 3 full time developers and the team is slowly growing because the next phase of development involves the integration of our platform with graphene technology. Therefore we are looking out for more developers in that area. We have interviewed a few promising candidates who will join the team in September.
Some months ago there were exploits used on your previous client, which led to a blockchain swap. How did the team handle this?
As far as the deviant team is concerned, security has been of prime importance to us.
Therefore we could not have compromised on the fact that the reward structure was exploited by some of the network participants. We had to take a decision that was inline with the majority of users on the network. Using very elaborate scanning and investigation we came to know that the exploit was utilised by a very very small fraction of the users. This apparently put a very large innocent bunch of people in a risk of losing their hard earned investment value. Some of these people have invested even their life savings into this project. Therefore, as the admins of this project it was important to protect their interest also at any cost.
We tried to fix the specific exploits but after a few dry runs, we realised that in the long term, for a project focused on improving security of the tokens storage, it is necessary to be fully prepared for attacks like this in the future. The easiest route for us to handle the situation was to patch the exploit and maintain the network which would have probably preserved the value of the tokens short term. However we opted for the coin swap because we felt that it was prudent to migrate the whole project to a stable and Secure codebase.
Given the circumstances we think we have made the most informed choice and we don’t regret it.
How is Deviant Coin improving and innovating blockchain technology?
Our innovation is based on the fact that even though blockchain technology was envisioned to create a decentralized method of consensus, using it and exchanging it at the moment need centralised solutions. We would like to place some innovation at the core of this problem.
Given the fact that blockchain itself allows decentralized method of control there is no reason why exchanges need exclusive ownership rights of the tokens we trade. Cryptography already allows this method of co-authoring or co signing the cryptographic key. We are furthering innovation on this, by utilising the multi signature capability based on cryptography. By doing so users or traders will not have to surrender exclusive rights of the tokens to the exchange they trade on.
The Deviant Coin team is creating a decentralized exchange that utilizes a hybrid methodology in bringing out the best of both worlds when it comes to applying blockchain technology. This hybrid exchange will be unique in that the ownership of the tokens being traded will be essentially distributed. The exchange platform, the user’s computer and a hardware device. This will be the first hybrid exchange in the cryptosphere to offer such a solution: centralised and decentralized with a hardware based storage system connected to the exchange. We think that in the long term, exchanges that provide unmatched user experience and security will emerge to be the leader.
“We consider ourselves to be the future of storage and exchange of cryptocurrencies and tokens.”
Even though the Deviant network and the base layer of the exchange platform are decentralized, there are many aspects to the project that needs centralised guidance. For example, the trading engine that sits on top of the decentralized platform that runs on bitshares will be managed by a centralised entity without which it is impossible to provide the kind of user experience we have envisioned. It requires customer support and continual improvements and updates to the user interface.
The other part of the project which involves the hardware wallet requires central guidance. It requires manufacturing, shipping and customer support, not to mention the other organisational challenges that will be required to meet customer demands. Specifically in our case it will be a symbiotic relationship where the central entity is needed by the deviant network to utilise any of the features that are promised. Similarly the central entity needs the Deviant Network and its community to further its expansion. It will be easier in our case as compared to other projects because both the centralised and decentralized parts of this project are tightly tied to each other.
In terms of master node utility, master nodes under the deviant network will form the primary voting mechanism for the furtherance of the project. This includes not only scaling but also the implementation of native smart contracts that can be executed within the network. This will allow the deviant community and the network to migrate completely to its own decentralized chain without having to depend on other public blockchain for achieving finality of transactions for the products and services that we roll out.
This article was originally written and composed by Brian Colwell on https://briandcolwell.com/2018/08/deviant-coin-the-future-of-cryptocurrency-storage-exchange/.html
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The purpose of ALTCOIN MAGAZINE is to educate the world on crypto and ultimately to bring it to the hands and the minds of the masses. Brought to you by the best writers in the world. This article was written and composed by Brian Colwell and reposted on Altcoin Magazine.
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