This is the fifth of a series of five parts. Read the first part here: https://capodieci.medium.com/the-roots-of-blockchain-and-decentralization-f5fb049f8681 and see at the bottom of the article the links to all the other parts.
In our previous posts, we have explained to you the merits of decentralization to make life better across different activities, including supply chain management, document management as well as content sharing and distribution, to name a few.
We have also mentioned how, if you’re convinced about the merits of decentralization, you can support the journey by joining our steering committee of decentralization advocates, by being an active part of the community of DecBC users, or, if you are a developer, by collecting bounties offered to the open-source community. In this article, we will let you know how you can also support the decentralization cause by taking part in our INO.
Well, what’s an INO? INO stands for Initial Node Offering. It is an ethical response to the craze of ICOs and similar, done often at the expense of gullible investors. In the INO, rather than offering promises to invest in, for possible future return, we invest our personal resources to create a peer-to-peer technology, and only when the tech is ready we offer for sale front-row seats into the technology adoption.
Conducting an INO is also a more ethical funding process compared to the initial coin offering (ICO) as the INO involves people actively to run the network, create value, and make the system strong. This brings participants in being an active part of the new project since the launch, with the key position to generate a profit from the public adoption of the technology. Being the core part of the P2P network, people that participate in the INO are in the position to easily monetize the network usage.
Furthermore, not involving tokens or coins, the INO also eliminates the risk of cryptocurrency scams such as pump and dump, whereby scammers abnormally inflate (pump) the value of an asset in order to generate demands before eventually releasing (dump) the asset to get higher return-on-investment, causing new investors to lose their money.
How is this done in our case? Currently, people have been responding enthusiastically to non-fungible tokens (NFTs) as a tool to buy art, digital contents, and any other sort of things. In unsuspecting times, when NFT was yet to be a hot topic, we had run our first INO by selling Genesis Block Accounts of the ZooBC blockchain in the form of NFTs on Ethereum.
We conducted our first INO for ZooBC in 2020 and we’ve learned what went right and what went wrong during that process, so we can make our INO for DecBC better this time. Furthermore, as users can now try ZooBC on their mobiles and computers, they can easily understand how it works, and easily take an active part in suggesting how to refine the functionalities, and what new solutions should be implemented in DecBC.
While the best deal for being part of this journey toward decentralization went to those that participated in the ZooBC INO, now everyone will have the chance to buy a DecBC genesis block account in the form of an NFT, with the possibility of customizing its content without getting robbed by nonsense fees charged in the Ethereum blockchain. Until DecBC will be able to manage its own NFTs, those issued for this INO will be on an Etereum based second layer solution. This guarantees low fees, access to trade and exchanges, and still the guarantee of a solid blockchain such as Ethereum.
The second phase of our decentralization journey, DecBC, is a sequel to the initial phase, ZooBC. There are still many things that need to be completed and more functionalities to be added to ZooBC, this is why the journey continues with DecBC. Those that have a ZooBC node in the registry, or an account with a balance, will get the same in DecBC. The curve of the generation of new coins at each new block, to be distributed to the active accounts in the registry based on their participation score, has started with ZooBC, and will keep smoothing on DecBC. For this reason, the cost of a Genesis Block Account in DecBC is much lower than that of the initial accounts in ZooBC, making the access affordable to many more people. Will be possible to add to the DecBC Genesis Block Accounts also an initial balance, swapping ZBC for DBC.
The money raised through the INO will be used to finance the implementation of new functionalities of DecBC, to fix bugs found on ZooBC, to finance bounties for the open-source community, to give rewards to members of the steering committee which will direct the second phase of our development, and to support the foundation that will help to spread the word about the project, and mediate the adoption of the technology to decentralize more real-life applications.
This INO will be organized in three different rounds: a private sale in May 2021 (write to firstname.lastname@example.org for info), a pre-sale period in June 2021, and from July 2021 onwards, the sale will be open to the public. The price of Genesis Block Accounts for DecBC will rise every day. Earlier a person buys the NFTs representing Genesis Block Accounts, the cheaper the purchase will be. The NFTs will be then listed in decentralized and centralized exchanges. Those that have purchased in bulk in the private sale or pre-sale, will be able to resell the NFTs in the exchanges at a profit, while having a price lower than the published price available at the DecBC shop.
People who buy the Genesis Block Accounts in the INO will have the privilege to run a node of DecBC and collect the new coins generated at every block. The DecBC shop will also have for sale a small hardware device that will allow people to run their nodes from home to physically be part of the network.
People who, in the INO, buy an NFT representing a DecBC Genesis Block Account, will also be able to have a consistent role in the decision-making for the implementation of functionalities of DecBC, by choosing what enhancements, or functionalities, their purchase will finance.
Finally, if you are wondering about when to start buying DecBC NFTs, the answer is: the sooner, the better. The price of the NFTs increase daily, so buy in bulk at a very low price during the private sale or the pre-sale and resell them for a profit once the INO goes live.
So, are you ready to take part in this decentralization mission with us?
This is the fifth part of a series of five parts. Here the links to the other parts.
Part 1: https://capodieci.medium.com/the-roots-of-blockchain-and-decentralization-f5fb049f8681
Part 2: https://capodieci.medium.com/how-cryptocurrencies-have-increased-blockchains-public-visibility-157cd1fd52a3
Part 3: https://capodieci.medium.com/blockchain-zoo-and-the-first-phase-of-decentralization-solution-development-19111290ce51
Part 4: https://capodieci.medium.com/decentralization-will-make-our-lives-much-better-57b6f544b1de
Part 5: is the article on this page