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Transcript of the Decred Vietnam AMA organized by Coin98

Since there were lots of comments (more than 300) I only copied the questions and answers. I also left out the names of the question submitters for privacy reasons (some people submitted more than 1 question).

Date: 24th of August 2019

Place: Coin98 Facebook Group

  • Welcome Viet and Noah to our AMA. I'm glad that you're here with us

    • Viet: I am excited to be here. Thank you for the AMA and be hoping more peoples will know more about DCR and get the reward. Regard!

  • (...)

  • Welcome Noah Pi and Việt Anh Đàm 🔥

  • (...)

  • Noah: Hello everyone! welcome to this Decred AMA. If you have any questions about the project we are happy to answer them. We will reward the best question(s) with $50 in DCR.

  • So the grey area for DCR is its airdrop & premine which even though fair might lend to contention as security? Can DCR gain clarity from regulatory body to determine where it stands?

    • Noah: The airdrop and premine were transparent and fair: https://docs.decred.org/advanced/premine/ Since Decred is decentralized, it doesn't need approval of regulators. Just like how Bitcoin doesn't need approval.

  • How does good governance make it Decred's killer feature?

    • Noah: With good governance, you can add any feature you want 😉 https://docs.decred.org/governance/overview/
    • What about the bad actors in governance? Can they cause harm to the ecosystem?
    • Viet: each submited proposals will be verified by stakeholders. I don't think they allow a bad idea will be done and cause harm to their benefit

  • so first could you briefly describe what is Decred in 3-5 sentences?

    • Noah: Decred is a community-directed digital currency designed to deliver a truly decentralized, fair, and sovereign alternative to traditional money. In the current system, a centralized authority such as a bank or government holds the power. With Decred, the community members own and operate the system, make the rules, and determine the direction of the project. The result is a secure and adaptable currency that is a superior long-term store of value. Every stakeholder is invested and actively involved in helping Decred succeed.

  • How important are developers to your ecosystem? What benefits and advantages does your platform provide to them?

  • Can you explain about Lightning Network on Decred? What benefits does it provide and when can everybody use it?

    • Noah: The Decred Lightning Network is being tested as we speak, you can get test DCR and use it: https://matheusd.com/post/announcing-dcrlnd/ For mainnet, it will probably take some time to be confident it is secure. Public repository: https://github.com/decred/dcrlnd
    • What will be the transaction speed be like and can we perform micro-transactions through it?
    • Noah: LN has nearly instant transaction times and yes, you can do micro-transactions.

  • How does Decred's public proposal, voting and approval work? How decentralized is it and is it sustainable in the long run?

  • what is decred & how does it works?

    • Viet: Decred is a community-directed digital currency designed to be a superior store of value for generations to come. Its hybrid PoW+PoS consensus mechanism, transparent proposal and voting system, and continually funded treasury, make it secure, adaptable, and self-sustaining. Decred stakeholders collectively determine the policy, development plan, budget, changes to the consensus rules, and they approve the miners’ work. Each block reward compensates miners, stakeholders, and the project Treasury (that pays contractors who work on Decred).

  • What is Decentralize Finance ? why it become so popular this time ?what new things can DeFi bring to us ? and Was Decred born to do all that ? Noah Pi Việt Anh Đàm

    • Viet: DeFi is essentially just conventional financial tools built on a blockchain. They are mostly predicated on open-source protocols or modular frameworks for creating and issuing digital assets and are designed to confer notable advantages of operating on a public blockchain like censorship-resistance and improved access to financial services. It become popular and will be more popular because its benefit: transparency,security, traceability, cross-border transactions,... Decred was born to solve governance and oriented development of blockchain and to be a self-funded and self-directed digital currency whose security and adaptability make it a superior store of value.

  • Decred using hybrid proof-of-work (PoW) proof-of-stake (PoS) consensus , i just noticed that most project using this consensus will had a bad result for token price? Can you point out the weaknesses when Decred using that hybrid consensus?

  • Users can conduct trustless over-the-counter (OTC) trades without a third party, does it bring convenience and safety to users?

  • What's the problem that Decred is trying to address?

    • Noah: Decred is a community-directed digital currency designed to deliver a truly decentralized, fair, and sovereign alternative to traditional money. In the current system, a centralized authority such as a bank or government holds the power. With Decred, the community members own and operate the system, make the rules, and determine the direction of the project.

  • What is Decentralized decision-making? How effective is this in Decred's ecosystem?

    • Noah: It's when community members make the rules and determine the direction of the project, without relying on a central authority to tell them what to do. Decred is very effective in this. https://docs.decred.org/governance/overview/

  • What makes Decred different from other cryptocurrencies?

    • Viet: the governance. I think. Its unique governance system allows it to rapidly evolve according the wishes of the stakeholders. 10% of each block reward will come to Decred treasury and be used to pay for contractors who contribute to Decred's development https://docs.decred.org/governance/overview/
    • i don't think so. every blockchain platform will have the governance. your model like Grin coin. it's community currency and privacy. how it's possible when some project have doing the same thing as you do and you called unique :))
    • Noah: Decred has hybrid PoW+PoS that works very differently from any other currency. It allows for governance, but also makes the blockchain more secure. Learn more about Decred here: https://medium.com/decred/why-decred-let-the-community-tell-you-5479929e35d2

  • What achievements has Decred achieved in Marketing Growth for 2018 and early 2019 strategies? What benefits will users receive when participating in Decred ecosystem?

  • Decred is a multi-platform digital currency with support for Windows, macOS, and Linux. Easy-to-use wallet apps enable sending, receiving, and mining Decred with just a few clicks.When does you have plan on mobile app , it make easy for users ? Noah Pi Việt Anh Đàm

  • If your API system got hacked by group of hackers , users business data can be compromised . which can cause severe financial loss of users . what will be your reply on this question to prevent user's data ??

    • Noah: Decred does not collect any type of data. The data on the blockchain is owned by the users themselves: if you lose your keys you lose your access.

  • just heard about autonomous digital currency first time. so can you explained a littte bit about it?

    • Noah: Decred is a community-directed digital currency designed to deliver a truly decentralized, fair, and sovereign alternative to traditional money. In the current system, a centralized authority such as a bank or government holds the power. With Decred, the community members own and operate the system, make the rules, and determine the direction of the project.

  • What is an autonomous digital currency? Does that mean not being managed or controlled by an organization or a state agency?

    • Noah: Exactly, it's when community members make the rules and determine the direction of the project, without relying on a central authority to tell them what to do. Decred is unique in this.

  • Which consensus mechanism you are using for your project and please explain about voting sytem?

  • Can you explain the current focus of the decred network team, in a broad-sense and in a business sense?

    • Noah: Decred is a digital currency designed to be a superior long-term store of value. The hybrid PoW+PoS consensus system provides an additional layer of network security, while stakeholders control budget and policy to make the currency more adaptable. With ten percent of each block reward going to the project Treasury, Decred is completely self-funded. This financial model reduces conflicts of interest and enables ongoing development powered by a unique contractor model that allows contributors to receive payment for work they find interesting. Together, these systems provide solid protection against value-loss events like chain splits and hard forks, giving Decred the resilience to stand the test of time.

  • wanna confirm that does DCR token is Privacy Coin?

  • what are the rewards for staking decred ? can you pls explain how one of your user get their profit by staking decred?

    • Viet: New blocks are discovered by the proof-of-work miners roughly every 5 minutes, and each time this occurs new decred are created. This block reward is split three ways: 60% goes to the PoW miner who found the block, 30% goes to the PoS voters on that block (6% to each of the 5 voters), 10% goes towards the Decred Treasury. Please take a look at https://docs.decred.org/proof-of-stake/overview/ to know how PoS working on DCR

  • Who are Decred customers?

    • Noah: Everyone who wants to build a future on the pillars of sovereignty, fairness, transparency, inclusivity, privacy, and security. Decred is money of the future.

  • Where we can see decred in 2020? when can we expect working product? Which are the next great updates/events of decred? How merchants can contact for details and implementation?

    • Noah: Decred will be what the community wants it to be. The blockchain has been live for almost 3 years now, so your question about "working product" is completely misinformed. Keep an eye on Twitter for announcements. Merchants can join us via: https://www.decred.org/community/

  • Can you help me setup a full DCR Node? I don't know from where and how to begin.

  • If stakehodlers have right to make the rules is there any chance for manipulation in voting ?

    • Noah: Decred has paid special attention to game theory when designing the governance system. Participants need to have "skin in the game" so when they make a bad decision they will also hurt themselves. Voting requires locking up your DCR, so you are aligned to vote for the best option.

  • Who are your partners and institutional investors? Are you financially secure?

  • What are the highlights of Decred ecosystem? What effect did Decred's community activities bring to the ecosystem?

    • Noah: Decred has been quietly building over the past 3.5 years. This has allowed the community to focus on creating a superior long-term store of value that will stand out from other crypto currencies. The community is actively contributing to this success.

  • what is the current ROI for staking Decred? My friend said it about ~15% for 3 months...

  • What is the biggest problem that Decred has faced? and how has your team solved it?

  • What is the blockchain type of Decred? Permissionless or permission?

    • Noah: Permissionless. Hybrid PoW+PoS

  • Ryle Tate Which is the main big issue that dcr trying to solve

    • Noah: Decred was created to deliver a truly decentralized, fair, and sovereign alternative to traditional money. In the current system, a centralized authority such as a bank or government holds the power. With Decred, the community members own and operate the system, make the rules, and determine the direction of the project. The result is a secure and adaptable currency that is a superior long-term store of value. Everyone is invested and actively involved in helping Decred succeed.

  • Why use elliptic curve signature algorithms?

    • Noah: To ensure that funds can only be spent by their rightful owners.

  • Most of the projects out there consist of hype and shady things mostly but you are trying hard to dealing with real-life usage of blockchain and helping real customers to solve their problems transparently. Do you think this manipulative market situation put you in a dangerous position?

    • Noah: Decred was designed to outlive many of these "hype projects" so we are not concerned. It will pass.

  • Can you explain about incentive programmes of decred as Stakeholders who participate in Decred’s decision-making are rewarded for their efforts...and how it unique from others

    • Viet: Difference with bitcoin. the miner will earn 60% of block reward. 30% for stakeholders. 10% will go to Decred treasury and will be spent to pay for programmers who work on Decred's projects. That makes Decred is a self-fund project the funds for development is never end.

  • Why is Decred's value is in the people who work on it? How to ensure that all individuals in the team are directed to the common goal of the ecosystem?

    • Noah: Decred has a treasury to pay for work, but when the community isn't satisfied they can vote to stop the funding. This aligns the team with the common goal of the project.

  • Does anyone know where or in what exchange I can short Decred DCR?

  • Who will using DCR currency?

    • Noah: Anyone who wants to use a truly decentralized, fair, and sovereign alternative to traditional money.

  • Can you explain some major highlights/key features of dcr?

  • What advantages does Schnorr signature provide to Decred?

  • Do you think BTC has better SOV than DCR ? Can you please explain a bit ?

  • Privacy-oriented cryptocurrencies such as Zcash and Monero face possible bans if countries follow the lead of Japan. Despite the upcoming features, Decred has mentioned prioritizing universal fungibility over a higher level of privacy. Could you tell us what this may mean from a regulatory perspective?

    • Noah: Decred is decentralized, so ultimately it doesn't matter what the regulators are thinking about it. If people want to use the currency, they will find a way.

  • Why decred selected Atomic swaps instead of BEPswaps?

  • I think Wachsman will be an asset to the Decred project. Simply put, right now the general publics’s awareness of Decred is largely limited to knowing where it is on CoinMarketCap — despite the tremendous job you all have done. What we are experts in is communicating that success, and what makes Decred unique and special, to the wider blockchain and general communities— ultimately bringing in new members and driving more mainstream adoption. A lot of what is driving Decred’s growth right now is just word of mouth — we’re here to dramatically change that.

  • What is Lightning Network? Is it a typical application in Decred ecosystem?

  • Why do we need another currency like Decred is we already have the soundest money possible BITCOIN?

  • I saw Decred have a #privacy channel on chat.decred.org called MATRIX. Can you briefly introduce about it?

  • What role does blockchain technology play in the Decred ecosystem? Which Decred customers target? What is the future business model of Decred? What are the plans to expand in different regions? Is viet Nam among them?

    • Noah: Similar to Bitcoin: a blockchain for money. Decred is decentralized, anyone on earth can participate.

  • The community of Decred is present around the world , like : mexico ,USA, China ,Marocco,brazil ,canada,australia . How do you think about Vietnam Community Noah Pi

    • Noah: We need people to help it grow all around the world. If you are interested in helping, join us! chat.decred.org

  • Nowadays every project they promise huge but at last, they even don't do 1% work I want to ask you : How team progress going on what is your next major milestone On which country dcr mainly focused any plans to expand and implement the dcr ecosystem worldwide bcoz after successful concept implement then only your project will get hype and attention of every investor and institutes

    • Viet: You can see our effort on https://github.com/decred. the development is huge and continuity.
    • Noah: Decred has a sustainable source of funding and it is governed by the community. This way it can survive in the long run.

  • When are you launching your Dex? Liquidity is very low in current Dex. How are you going to solve this problem?

    • Noah: The DEX will launch as soon as it is ready. No timeline. If there is no organic liquidity we may collaborate with market makers who can provide it.

  • Does Decred support Fiat payment system? Why does Decred compete directly with these Fiat systems? Noah Pi

    • Noah: Decred was designed to deliver a truly decentralized, fair, and sovereign alternative to traditional money. In the current system, a centralized authority such as a bank or government holds the power. With Decred, the community members own and operate the system, make the rules, and determine the direction of the project.

  • As I seen. Decred is a self-directed project. The stakeholder will decided how the project will be going. I can see this will make Decred is democracy. But I can imagine every progress step need a lot of time to be confirmed and go on the schedule. Do you think this will make the development of the project will be slower than the projects which are leaded by good leader

    • Noah: Leaders are a central point of failure. What happens when they get hit by a bus? In the long term, decentralized projects are more sustainable.

  • Do you have plans to spread Decred ecosystem across other continents. if yes, what are the strategies and how can I as a community member contribute to making it possible?

  • Who is the project competitor? What did you do to overcome your opponent?

  • What is the progress of business development and what are some of your commercial partnerships?

    • Noah: Anyone who uses DCR is a partner of Decred. The network is growing every day!

  • what is politeia & how it works?

    • Viet: Politeia is a system to manage Decred's direction. Anyone want to improve Decred can submit a proposal. The stakeholder will decide it will be approved or not. Contractors will do it if it is approved and get paid from Decred trearury. This mechanism make the Decred development is continuous

  • For any project Adoption amd awareness is necessary So, What are the Decred Development and adoption plans to grow the project ? and what is the Decred business revenue system ?

    • Viet: In Decred, The miner will earn 60% of block reward. 30% for stakeholder and 10% come to Decred treasury. The treasury funds will be spent for project's development. That makes Decred's funds is never end and the development is continuous. About the plans to grow the project. Contractors decide the way to go. We have built a system to manage this mechanism https://proposals.decred.org

  • Explain about signature script isolation and fraud proofs and how you are managing and preventing from frauds?

    • Noah: Decred is based on Bitcoin, so the Decred blockchain is secure and prevented from frauds.

  • DCR chia 10 lần trong khoảng thời gian 21/5-13/12/2018. Trong khoảng thời gian này, chuyện gì đã xảy ra trên mạng lưới của Decred vậy?

    • Viet: Tháng 12/2017 btc đạt 20k usd và cán mốc 3500 usd vào tháng 1 năm 2019. Cryptocurrency là một thị trường non trẻ và mọi điều đều có thể xảy ra. Gía trị của decred có thể biến động nhưng tinh thần của decred thì không đổi. Về điểm này có lẽ Decred là tương đồng với bitcoin

  • What is the biggest obstacle of the project. What do you do to overcome it?

  • What is the Business revenue model of decred?

    • Viet: In Decred, The miner will earn 60% of block reward. 30% for stakeholder and 10% come to Decred treasury. The treasury funds will be spent for project's development. That makes Decred's funds is never end and the development is continuous.

  • What is Politeia?

    • Viet: Politeia is a system to manage Decred's direction. Anyone want to improve Decred can submit a proposal on politeia. The stakeholder will decide it will be approved or not. Contractors will do it if it is approved and get paid from Decred trearury. This mechanism make the Decred development is continuous

  • Why does the longest chain rule not scale ? what is the problem with model POS blockchain? How does DECRED solve that ? Noah Pi Việt Anh Đàm

  • Q1: What is proven open-source technology and why Decred built from it ? Q2: In the future, Decred has suggestions for developing its ecosystem? Q3: How many TPS when we mine DCR ?

    • Viet: Q1: All Decred's production is public on https://github.com/decred/ We choose open source to proof that Decred is transparency. Anyone can see the Decred's progress and check its technology. Q2: In Decred. Stakeholders make the decide. Q3: You can see in real time on our explorer https://explorer.dcrdata.org/

  • Honestly, What do you think Decred better than Bitcoin?

  • Can you explain about Schnorr Signatures ? And how it is different from multi signature?

  • In the future, does the project have any new plans to develop?

    • Viet: Sure. We have plans. And in Decred the stakeholders decide the plans will be done or not. For more detail. Building DEX is a our big plan. Otherwise, we are improving our current products too

  • Noah: If you are on Telegram, you can join us here: https://t.me/decredvietnam

  • Why Decred doesn't do any ICO or IEO for investor? What is special about that ?

    • Viet: Decred is a self-fund project. 10% of each block will go to Decred treasury. So we don't need do ICO to pay for development. If you want to invest DCR. You can mine or stake it https://docs.decred.org/

  • How team will earn money as its open-source project?

    • Viet: We have Decred treasury to pay for contractors who contribute for Decred's development. To earn money from DCR. You just need to contribute and get paid. We welcome for all contributor

  • Could you tell some products have build for businesses on your platform ? Thank you ! Noah Pi

    • Noah: Anyone who uses DCR is "building" the blockchain! There are also businesses such as https://www.originalmy.com/ who use the Decred blockchain for timestamps.

  • what did you achieve in past 2 years ? please explain the growth of decred token !

  • If a node is more powerful with more DCR leased to it, wouldn’t this make the node system more and more centralized in the future ? Why would we need going towards centralized ?

    • Noah: You don't need DCR to run a node.

  • please explain about consensus rule voting ?

  • What can bring mass adoption according to you?

    • Noah: When more and more people spread the word about the project. You can help with this!

  • How this platform strives to maintain principles of integrity, transparency and excellence in its service offering?

    • Noah: Decred is a community-directed digital currency designed to deliver a truly decentralized, fair, and sovereign alternative to traditional money. In the current system, a centralized authority such as a bank or government holds the power. With Decred, the community members own and operate the system, make the rules, and determine the direction of the project. The result is a secure and adaptable currency that is a superior long-term store of value. Everyone is invested and actively involved in helping Decred succeed.

  • How is the safety and security of the project?

    • Noah: All blockchain technology is experimental, but compared to other projects Decred is reasonably safe and hybrid PoW+PoS adds an extra layer of security.

  • as a cryptocurrency, how many stores or merchants already using DCR as a payment method after mainnet til now?

  • Do u have any plans to expand use cases of DCR coin, such as payments on some of merchant, or just only store in wallet? Can u share about the plans?

  • How come hcash with is a direct copy of decred has 10 times more daily volume than decred?

    • Noah: Maybe they paid a lot of market makers? Some exchanges also fake their volume to attract investors.

  • In the hybrid consensus PoW and PoS? only miner (PoW) create new blocks or both miner and staker?

    • Noah: Yes. PoW miners create blocks, PoS voters validate them and approve the transactions.

  • why merchants and consumers should use decred coin instead of using other coin ? what is their profit?

    • Noah: You should use what you like. Decred was designed to survive in the long run, so if you want your future kids to inherit your wealth DCR is a great choice.

  • Why Liquidity of DCR on many Top tier Exchange super low? I can't even buy DCR in one day. will Decred fix this thing?

  • i'm new on dcr, trying to grasp what are the risks using a vsp? Can you please explain this

    • Noah: You always keep your DCR. The only risk is that they can change on-chain votes, but you can verify your vote and switch to a different VSP very easily.

  • Voters often destroy their governments over the long term. Hopefully Decred can be different but how you will solve this issue?

    • Noah: Usually, voters don't have skin in the game (nothing to lose) and voters are often misinformed. Voting in Decred requires locking DCR for a random period, and we aim to make all information transparent.

  • Why is the project named decred? What is the meaning of this name?

  • As you are planning in Q3 2019 to develop DEX what are the specific features will you provide and how it will be differ from existing DEX platform?

  • Do you have plans to spread Decred ecosystem across other continents. if yes, what are the strategies and how can I as a community member contribute to making it possible?

  • Which Best features decred provides to traders and projects which none of all provides ?

    • Noah: Good governance.

  • what is decred change proposal (DCP) & how it is going to helpful for decred ?

    • Noah: They are proposals to change the consensus rules. They ensure transparent decision-making.

  • Security, scalability, and data privacy are three aspects that are very important at enterprize level, how decred network handle these issues?

    • Noah: The Decred blockchain will constantly innovate.

  • Do you have any plans to expand decred globally?

  • Do you have any major partnerships with other projects to focus on another privacy coin in the future?

  • where we can see decred project in 2022? when next roadmap update?

  • I saw a lot of project died in this year! How did Decred project survived from 2016 till now ? What difficult did Decred have faced to keep project alive for that very long times ?

    • Noah: Decred is a digital currency designed to be a superior long-term store of value. With 10% of each block reward going to the project Treasury, Decred is completely self-funded. This financial model reduces conflicts of interest and enables ongoing development powered by a unique contractor model that allows contributors to receive payment for work they find interesting. Together, these systems provide solid protection against value-loss events like chain splits and hard forks, giving Decred the resilience to stand the test of time.

  • What are the problems you face and how did you realise that you should build the decred coin?

  • What is your current developer count and do you also encourage gender diversity?

  • How many dcr coins req for running a full node?

    • Noah: None. Everyone can run a full node.

  • Lightning Network already applied on Decred right? If so, How it will afftect to all miners and Decred Network?

  • What's the use case of DCR in the real life?

    • Noah: To store and transact value in a secure and decentralized way (no risk of confiscation or censorship).

  • according to you how pos is better or pow?

    • Noah: Hybrid PoW+PoS is the best!

  • Can you share about token distribution? What is your token release schedule?

  • Does Decred Blockchain have Smart contract?

    • Noah: It depends on your definition of smart contracts. Decred has atomic swaps and the Lightning Network, which are examples of useful contracts.

  • What are DCR incentives in Decred ecosystem? and which use cases will make the value of DCR increase?

    • Noah: DCR is used to store and transact value, just like Bitcoin. When more people use it, the value will increase.

  • When many projects are increasingly formed and developed. So what makes Decred stand out from other blockchain projects?

  • How many tokens is your team holding? and how can I track it?

  • What is the treasury fund used for?

  • How much does Decred Treasuty Fund make in 2018?

  • what you think what is the future of privacy coins?

    • Noah: Nobody can accurately predict the future.

  • Who will get tx fee in Decred Blockchain?

  • why decred is unique than crypto projects?

  • Why we didn't see any hype/ major news this year?

    • Noah: There was plenty of DCR news. Maybe you weren't paying attention?

  • As I seen. Decred is a self-directed project. The stakeholder will decided how the project will be going. I can see this will make Decred is democracy. But I can imagine every progress step need a lot of time to be confirmed and go on the schedule. Do you think this will make the development of the project will be slower than the projects which are leaded by good leader

    • Noah: Leaders are a central point of failure. What happens when they get hit by a bus? In the long term, decentralized projects are more sustainable.

  • okay, guys, the AMA ends there. thanks all of you joining AMA with Coin98 & Decred today 🤗

  • Thank Noah Pi and Việt Anh Đàm for AMA tonight. 😉

    • Noah: You are welcome! Thank you for hosting.

  • Once again, thanks Việt Anh Đàm Noah Pi for coming with us today 😉 We hope Decred will develop more in the long run

  • Great AMA...

  • thank Noah Pi Việt Anh Đàm . we have a great time , nice ama !