Decoin CEO: Blockchain Technology the Biggest Revolution Since the Inception of the Internet (Interview)
When it comes to furthering the cause of global cryptocurrency and blockchain adoption, few startups are as dedicated as Decoin. Also known as “the coin of the people,” Decoin aims to be just that, with a completely decentralized blockchain-based exchange platform and a business model that redistributes revenues to coin holders. Bitcoinist recently caught up with Decoin CEO Shay Perry to learn more about the project and its upcoming ICO.
Bitcoinist: What new aspect does Decoin bring to the ever-expanding series of cryptocurrency exchanges, both centralized and decentralized (DEX)?
SP: At Decoin, we’re all about the community, sharing, and equality between all of the users. Right now, decentralized exchanges (DEX), are still not user-friendly enough to lower the barrier to entry for new investors and can be intimidating. Because of that, we’re building our exchange, which is centralized, to be fair for all users and encourage more investors in the market. By implementing proof-of-stake (PoS) over proof-of-work (PoW) in a delegated matter, all users profit by the same percentage from their holdings, regardless of how large they are.
We’re the first exchange that distributes revenue generated by the exchange out to coin holders in an equitable manner. Besides separating ourselves in that manner, we’re also focused on providing top-level customer support for every user on the exchange, regardless of their position in life, income level, or experience in the industry. At the end of the day, we’re a community-focused exchange and want to facilitate growth and a good user experience for all members of the community.
Bitcoinist: Steven Johnson from The New York Times quotes, “Technologists pursuing a vision of an open and decentralized network have found themselves surrounded by a wave of opportunists looking to make an overnight fortune.” My next question is based on the same statement. How practical are we when we are raising millions of dollars in advance without ever knowing the full potential and limitation of blockchain technology?
SP: We firmly believe that we’re still at the infancy stage of the blockchain technology revolution; a revolution that’s going to turn out to be the biggest since the inception of the internet and getting people from across the world connected. We see blockchain technology as a major force affecting and disrupting entire industries globally. Sectors like health, security, transportation, robotics, artificial intelligence (AI), finance, and investment banking haven’t even begun to see the full potential of the disruption. When raising millions of dollars in advance, regular people like you and me are making investments in the future. Though we don’t know what the final scope of things will be, we know that it’s going to be big, and we know that it’s still growing every single day.
Today, the biggest obstacle for blockchain technology isn’t so much the technological side, but rather the way it’s being integrated into the real world every day. Giant companies like IBM, Microsoft, Deloitte, and more are all investing and growing the space, and we’re confident that the leaders in the tech industry are heading in the right direction. Additionally, countries like Venezuela and Japan are already working on ways to regulate and normalize cryptocurrencies to the point that they’ll eventually be embedded in our everyday lives. The way we see it, investing in blockchain technology is for the long-term players, just like how we believe the true value of the Decoin will greatly benefit long-term holders investing in the movement.
Bitcoinist: And how much are you planning to raise through the Decoin ICO? Who will be developing the platform? Can you tell us more about their work experience?
SP: Our soft cap for the initial coin offering (ICO) is $4 million, and we’ve already raised nearly $2 million without having even started the pre-ICO sale yet. Our maximum cap is set to $30 million, which we hope to reach before the ICO ends. We have a dedicated team of developers with extensive experience in the trading industry. In the past 10 years, our developers have been building different trading platforms and systems for some of the most competitive players in the industry and we have a lot of confidence in them. Not only that, but the entire team is led by our special advisor Mr. Mark Kreimerman, whom you can learn more about (and the rest of our team) on the Decoin website.
Bitcoinist: How will you use the funds? How will the investors be protected from the scenario of a no-delivery?
SP: We have a clear allocation strategy that we’re working in accordance with what’s published on our website for all to see. Since we have significant experience in the trading industry, we are well aware of the costs for development, operations, customer service, fees, etc. and we have no doubt that we have already made it past the critical point for raising funds necessary to continue on the more progressive stages of the project. The project is also unique because all of the coin holders, including anyone on the team, benefits from the project launching and doing well.
There’s an incentive there to constantly improve the platform, to deliver on time, and to grow the system to be more efficient and advantageous for all. With no delivery or development, holding the coins becomes worthless, so there’s a strong incentive to constantly make the platform better. Alternatively, should something happen, and we don’t reach our soft cap, all funds contributed to the project will be promptly returned to investors, as per our terms and conditions.
Bitcoinist: You’re offering a 50% bonus on purchasing Decoin in the pre-sale. Doesn’t it add additional selling pressure once the token is live to trade? It’s a hypothetical scenario, but still, what is your defense against protecting the coin’s value from dumpers?
SP: All ICOs that conclude face a ‘dump’ of some sort at the beginning, there’s no reasonable way around that. However, we’re focusing on the bigger picture with larger plans. We’re working on growing the number of users on the platform to come join our community. That’s one of the reasons that we’ve developed the crypto index (DCI), which combines some of the most promising companies (that have already finished their ICOs) to make our offer that much more attractive to ICO investors.
An important part of our focus at the beginning is marketing during the first stages to bring in more buyers to take advantage of those selling to get Decoins for themselves. Since we have a revenue sharing model with the platform, those who purchased during the pre-sale also have a strong incentive to hold on to their coins and let them grow revenue on their own, rather than simply selling at the first chance they get. On top of that, we’re focusing on delivering that value to coin holders and emphasizing the true value of Decoin over the long-term, rather than earning a “quick buck.” We believe that smart investors will understand the benefits of holding on to their assets and counter some of the post-ICO ‘dumping’ that’s so common in the industry today.
Bitcoinist: I read that you’re offering a revenue and stake model for Decoin holders. Doesn’t it make Decoin a security token by nature, despite having the features of a utility token? From the regulatory point of view, how do you define the DECOIN as a token?
SP: We developed our own blockchain and our own wallet. Therefore, we consider Decoin to be a coin and not a token. We’re embracing the coin regardless of whether it’s ultimately defined as a ‘security’ or ‘utility’ coin. The way we see things, regulatory agencies are likely to start considering most coins as securities, even if they are serving as a utility. Instead of trying to combat change and regulators, we prefer to focus on getting clearly defined regulations and clear rules for how the coins are to be handled.
We believe that most, if not all, of the coins remaining in the industry in the future are likely to be considered securities, whether we agree with the decision or not. While we certainly don’t define our own coin as a security, we know that ultimately the decision isn’t made by us. Instead, we focus on doing what’s right for the community and keeping everyone within the legal framework that’s still being established. In an industry like this, we think it’s best to embrace and adapt to change, rather than trying to fight it.
Bitcoinist: The next question is about the banks who could—one day—stop working with cryptocurrency exchanges. Is Decoin ready for the day like this to come? How will DECOIN ensure liquidity back into fiat should that day come?
SP: Every day we see that the world is changing around us and embracing blockchain technology in a variety of ways and in different industries. If we look to countries like Japan, which has started implementing full regulation on cryptocurrencies, and Venezuela, who recently released a state-issued cryptocurrency of their own, we see that even countries are embracing the blockchain and cryptocurrency revolution.
Now companies like IBM are building enterprise-level solutions based on blockchain technology with their smallest computer to date and supply chain management system. IBM is developing a system based on blockchain that’s built for enterprise business applications, not just your everyday consumer. We believe that the cryptocurrency world is going to only see more collaboration with the traditional financial system, especially after regulatory concerns are worked out and codified. We’re already witnessing multinational financial companies like Goldman Sachs, Deloitte, and Barclays show an increased interest in the industry. We aren’t worried about financial institutions not working with exchanges in the future, but we are excited to work with them in the future.
Bitcoinist: The Final Question: What is your roadmap post-ICO?
SP: We intend on promoting our Decoin Trading and Exchange Platform (D-TEP) to bring in not only new investors and traders, but new members of our community as well. While promoting the platform, we’re also working on developing exciting secondary features to bring more value to the community. Some of the projects we’re working on now, and will be working on after the ICO completes, include the Decoin Crypto Index (DCI), developing a social trading platform for users, and more.
Perhaps the most exciting news from the past week is the beginning of the DCI. We’re going to be providing investment solutions for indexes focusing on specific sectors of the economy, especially emerging sectors with big potential in the future like AI, robotics, gaming, exchanges, crypto funds, and many more. On top of that, we’ll be creating indexes for specific locations and both global and localized markets. There’s a lot more happening after the ICO, it’s pretty exciting stuff!
There you have it – for more information on the ICO and the company itself, including whitepapers and vision, please visit https://www.decoin.io. You can also stay up to date with all the latest news and developments by following Decoin on their social media channels:
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3311450.0
Do you have any additional questions for Decoin’s CEO? Let us know in the comments below.
Images courtesy of Decoin