“Denarius [DNR] is a PoW/PoS Hybrid Cryptocurrency with Tribus (a new hashing algorithm), Stealth Addresses, Encrypted Messaging, Multisig & Atomic Swaps.”
In researching masternodes I recently came across Denarius Coin (DNR). A quick Google search revealed little recent media about the innovative cryptocurrency, so I reached out to @denariuscoin on Twitter for this Q&A blog post. Check out my interview with Denarius Coin founder @carsenjk!
A D.Y.O.R Starter On Denarius Coin [DNR]
1.Explain Denarius to me as though I’m a nocoiner. Who is Denarius? What does Denarius do? Why should I care about Denarius?
“Denarius is a peer to peer open source cryptocurrency that provides fast, valid, and verified transactions. It is an open source protocol and network that can be built upon. Denarius (DNR) is a tool and blockchain that you can store or transfer value with.”
2.Looking for some background on the project: where Denarius Coin comes from… is it a fork from, or clone of, another project, and if so, which and why? Was it some sort of abandoned project re-established, or a totally new idea?
“Denarius was an entirely new idea from me including it’s PoW consensus; Tribus. It is based upon an old codebase that I had created back in 2013-2014, the codebase is comprised of several different previous altcoin codebases, including: Stealthcoin, Novacoin, Peercoin, and Darkcoin. Denarius has been heavily developed since we “ninja” launched on 06/14/2017, we now (current version v2.5.2) have a lot more unique code and features specific to our own codebase. There was another coin by the name of Denarius before us that was created in 2014-2015 but died shortly after it was created, the current Denarius (DNR) has no relation to the old deceased project.”
3.This article came out Jan 25, 2018: https://www.dashforcenews.com/denarius-the-next-new-payment-coin/ → Excerpt: “The Denarius community has been very active in promoting their crypto, and although the largest exchange they are currently available on is Cryptopia, they have been reaching out to other crypto communities…” What happened? The community doesn’t seem as involved now as in January. What steps are being taken now to reinvigorate the community and attract new investors?
“That article was actually created by one of our community members, as with mostly every other article that you have seen put out there in regards to Denarius. I would think the opposite, we had our one year anniversary party about a week ago, we had a turn out of roughly 80 active users online at once. Our community is continually growing daily, our Discord channel is currently at around 2,500+ users, our QT wallet has also been downloaded over 30,000 times now. The community is always welcome to advertise/market/tell others about Denarius, Denarius is an open source community project, so our strength comes from our users and community. I personally have been working towards doing more of these interviews and bringing general awareness for Denarius through Twitter/IG/FB and other social media platforms.”
4.What sorts of demographics best fit the Denarius Coin philosophy, mission, and vision? Who is your target audience? How is Denarius Coin seeking adoption beyond investors or traders?
“Our target audience is EVERYONE, whether you are new to crypto or an old school veteran or Satoshi himself. Denarius provides a lot of features and external services, the most popular option for nocoiners and veterans alike would be our Cold Storage Cards from Whopper.io, A great way to share DNR physically with others or securely storing your precious coins, it is a great way to spread Denarius adoption. We do also have Denarius wallets for every platform (Windows, Linux, macOS, iOS, and Android), which helps with general adoption.”
5.Tell me about the Denarius Coin technology strategy. Is there a plan to focus on privacy tech? If so, how is Denarius Coin improving and innovating privacy technology? If not, what’s the direction? What’s the Denarius Coin tech niche?
“Currently our development plans do include making Denarius a more privacy centric cryptocurrency. Our goal is to provide a secure/valid/trusted protocol and network that you can QUICKLY send anonymous funds. Most current privacy cryptocurrencies are extremely slow or entirely unintuitive to utilize to send anonymous funds. Denarius will more than likely implement and already has partially implemented Ring Signatures into our upcoming v3.0.0, It is known that Ring Signatures by themselves do not provide 100% privacy and security, so we will be more than likely implementing them in “our” way with additional functions and features to provide fully anonymity quickly. Denarius has already provided Stealth addresses and transactions for privacy since we launched.”
6.Tell me about the Denarius Coin cryptography. Tribus consists of three of the most popular and secure cryptography algorithms that were featured in the NIST5: JH, Keccak, and Echo. What advantages are gained, and risks minimized, by merging these three algorithms? How does Tribus position Denarius as a technology leader? Tribus is currently ASIC resistant. How does Denarius plan on continuing to maintain ASIC resistance? Is there continued development in the fight against the ASICs?
“Denarius is the first cryptocurrency with the algorithm I created called “Tribus”. Tribus is unique in the fact that it utilizes 80 bytes of JH as its first round for hashing, JH was never used with 80 bytes typically. I did choose JH, Keccak, and Echo because they are NIST5 algorithms, which essentially means they are proven to be secure and reliable. Denarius was ninja launched with Tribus PoW, upon launch we launched a CPU Miner and GPU Miner for both brands. Now (6/20/2018) there are FPGAs in the works for Denarius (almost a year later). It is expected to see FPGAs eventually come online on the network, it is also in the code that our PoW phase will end in roughly about 2 years, which personally I do not think will be enough time for someone to viably make an ASIC for our PoW phase. Unless a majority of our community decides otherwise, we will be keeping Tribus PoW the way it currently is.”
7.I see Denarius Coin is hybrid PoW/PoS. Why is that? What’s the advantage of hybrid PoW/PoS for 3 years before switching fully to PoS? Why not stay as a hybrid cryptocurrency?
“Denarius is a hybrid consensus cryptocurrency, just because PoW is ending in a few years, does not actually mean that you can not mine Denarius anymore, PoW blocks will just no longer provide a reward. We choose to be a hybrid to help prevent 51% attacks on the network from PoW.”
8.Masternodes can serve a variety of functions. What’s the function of the Denarius Coin masternode? What functions do you see Denarius Coin masternodes having in the future? Is the masternode important for Denarius Coin infrastructure and/or scaling? How? Essentially: beyond being a dividend machine, what does the Denarius Coin masternode do?
“Denarius’s hybrid masternodes provide rewards to its owner. Hybrid Masternodes cost 5,000 DNR and reward 33% of each PoW and PoS blocks in the network. Hybrid masternodes in Denarius do not currently provide any benefit to the network besides being an additional node, so it does serve as a point of connection to the network. Denarius hybrid masternodes are meant to promote and encourage “hodling”. We may at some point expand masternode functionality and its backend “Fortuna” further in the future to provide more actual functionality.”
9.Sometimes cryptocurrencies lack focus in allocation of capital. In terms of a fiduciary duty to protecting investor capital, where is Denarius Coin’s focus? What’s getting spend in this down time in preparation for future growth? Developers are key to every cryptocurrency project, and i see many underpaid for their efforts. Is the Denarius Coin dev team growing? Are the devs compensated at industry standard levels, or better?
“Denarius is an open source community project, we did have a premine of DNR originally, it was given away early on in large amounts to those willing to provide external Denarius services and marketing. Denarius’s development team has grown over the last year, some have just contributed and others like enkayz have continued to help with ongoing development. None of the development team is compensated in anyway. We work on Denarius out of simple passion for crypto and the industry.”
10.How is Denarius Coin focused on fair distribution, decentralized coin supply, and good governance? Specifically… what sorts of actions are being taken and plans being made? What % of Denarius Coin is owned by the top 10% of wallets? Top 25% of wallets? How many masternodes are there? What’s the month-to-month growth of masternodes this year? What about in the last 30 days… % growth? Is it growing or declining, and why do you think this is so?
“Denarius had a fair distribution model, we had instamine protection during our ninja launch to prevent those mining from gaining a unfair amount of coins. Denarius’s reward schedule is a bit different than typical ones, it goes from 3 DNR to 4 DNR, and then back to 3 DNR. We gained roughly 220 masternodes within the first few weeks after launching our masternodes, it has now grown to around 270+ masternodes online at a time, it does seem this number is increasing as we grow. You can see full Rich List wallet statistics here: https://chainz.cryptoid.info/dnr/#!rich ”
11.How is Denarius Coin realizing and/or furthering Satoshi Nakomoto’s work and vision?
“We deliver, we don’t promise, we don’t fluff, and we are cyberpunks. Satoshi had a vision, we are delivering it. Many in the industry have taken the wrong route for cryptos and twisted Satoshi’s vision and we hope to get a lot back on track.”
12.What makes Denarius Coin special and different? Why and how? What’s the differentiator that makes Denarius Coin a leader long-term? What does Denarius Coin look like in 5 years? Beyond being a cryptocurrency, once Denarius Coin realizes it’s current vision, what will be the use-cases? What industries do you expect Denarius Coin to most disrupt?
“Denarius is unique in a lot of ways. Denarius provides support for roughly 147 transactions per second vs. Bitcoin’s 7 transactions per second, Denarius is faster than most of the top 10 cryptos and can support a much higher volume of transactions (up to 12.7 million per day without slow down). Denarius is implementing its new privacy features in v3.0.0 will make it one of only a handful of actually functional privacy centric cryptocurrencies. Denarius being an open source community project, makes it hard to determine what is in store for its future, but you can be assured, it has one. Denarius supports atomic swaps cross chain via UTXOs, BIP39/44 Support, Multsig Transactions/Addresses, Stealth Transactions/Addresses, Proof of Data, and much more. Denarius seeks to be a leading cryptocurrency in all aspects: speed, privacy, ease of use, and security. Denarius would be good for use with merchants, in person payments, transactions that require notations, anonymous transactions, and ideally the storing of value.”
13.Complete this sentence: Denarius Coin is the future of ________. Explain why and how. Why invest in Denarius Coin?
“Denarius is the future of the cryptocurrency industry. Denarius doesn’t seek to lie to you to get you to invest. Denarius avoids frills and just delivers. Denarius is an open source community project that is built by the passion of cryptocurrency we share and its old values.”
14.Really think about this one, be objective, and take your time. I’d like to turn this data into a slide: S.W.O.T analysis! What are Denarius Coin’s: Strengths? Weaknesses? Opportunities? Threats?
“A strength of Denarius is that it can not be 51% attacked unlike a lot of these cryptos are experiencing. Denarius has no known weaknesses. Denarius has many opportunities, some have revealed themselves, others have not yet. Denarius has no threats and promises. It just delivers.”
Thanks for reading! I hope you enjoyed.