“How did Duality make it to the MasternodeMeBro18 finals?” , I’ve been asked multiple times over the last couple days.
Well, the only answer there is: a very strong community. But , I’ve gotta admit, prior to this tournament I hadn’t heard of Duality. The MasternodeMeBro tournament has unearthed a potential gem cryptocurrency now battling for a place in the final four against GinCoin, a project with a much higher marketcap.
So, now that you’ve heard of Duality … what is this project and why is sentiment strong? I interviewed the Duality Team this week to find out!
“Duality facilitates the development and deployment of BaaS (Blockchain as a Service) solutions on a publicly distributed ledger. By distributing the workload of services to participants, Duality effectively distributes its attributed costs. As a result, clients and/or third party developers have the opportunity to make use of a permissionless network of nodes through a scalable blockchain platform customized for all data needs.”
- Duality Official : @DualityOfficial
- Dynamic Token : @DYNpay
- Sequence Token : @SEQraise
- Website : duality.solutions
- Interview with : The Duality Team
Who is Duality?
Duality is a group of individuals that came together after having been introduced to the potential of distributed ledger technology. Our origins story goes as far back as 2014 when most of our communications happened on a public forum building an international community.
Duality offers Blockchain as a Service (BaaS) to help transform existing and emerging markets. We founded our company to connect businesses to blockchain technology. It is our task to ensure demand for our internal market by providing use cases that really make a difference. By partnering with industry leaders, Duality creates industry specific blockchain solutions such as digital identities, health records, property ownership, and content management. Blockchain-as-a-Service allows distributed ledger technology to be rendered as service. On the technical side it empowers developers to come up with creative solutions and on the economical side utilizing a blockchain allows for BaaS driven growth.
Duality is not just another Masternode project. It is true that our base was forked from Dash, but if you research our code you’ll find a unique blockchain with over 15K commits which can be seen as a blend of features and custom code. For example, Masternode technology, as implemented on the Dynamic blockchain, allows us to access off chain data and utilize it in conjunction to storing data on chain for permanence. In simple terms, it acts as a big router for information.
Why two tokens?
We often talk about cryptocurrencies as if they behave as currencies but the term is actually a misnomer. Most of what we call cryptocurrencies are actually crypto assets. The difference between a currency and an asset is easily understood. A currency is expected to have enough liquidity to cope with rising demand while maintaining a stable value. An asset is allowed to freely roam in price due to its stable supply.
“We have described two very distinct ways to ascribe value to a token system – by liquidity or by price, and because one token cannot encapsulate both, we decided to create two tokens.”
Dynamic tokens are used for all of our BaaS solutions. If adoption for Dynamic increases, so must its supply in order to maintain comparative prices. We accomplish this via our Fluid Protocol.
To ensure market value for Dynamic, Duality will commit to a buyback program where possible, in order to overcome excess supply. For the buyback program, Duality can use both Sequence or any other currency held as collateral such as BTC. Our aim is to provide market cap parity between Dynamic and Sequence. Knowing both the projected Sequence supply, and the goal of market cap parity investors can decide for themselves what is most opportune to invest in.
Duality provides both a base-currency (DYN) and a quote-currency (SEQ) to express the project’s overall value. Having a two token philosophy allows us the ability to mitigate risks and be more financial independent.
Duality is the future of tokenomics by design… a scope this advanced in the industry is perhaps unprecedented. While other projects are limited by their supply, Duality has the ability to truly design a scalable ecosystem. Take Dash for example, their finite token supply creates a limiting factor on the amount of nodes that can exist on the network in terms of number and cost. The same holds true for other tokens. If the point of running Masternodes is to lock them away and dry the market then that is not really a problem, but if you try to host services you will hit a limit in computation power limiting your ability to offer services.
Once Duality realizes it’s current vision, what will be the use-cases?
Duality creates industry specific blockchain solutions such as digital identities, health records, property ownership, and content management.
Our first use-case example is the NoID protocol that was created in collaboration with HarmonIQ. The NoID protocol registers encrypted reference points on the dynamic blockchain. By making use of the Dynamic Dynode (Masternode) Network, healthcare clients will be able to subscribe patients after which it is possible to access sensitive data in a secure way through biometric identification. This development process has opened up a lot of new avenues which we will disclose on another date.
Another solution that is in development is BDAP℠ (Blockchain Directory Access Protocol). BDAP℠ is an adaptation of the existing Directory Access Protocol (DAP) that will allow users to grant or deny access permission rights to other users for objects under their control.
BDAP℠ adds a layer of hierarchy with identified participants to our anonymous blockchains to facilitate BaaS (Blockchain as a Service) applications and services, creating a hybrid public-private blockchain. The hybrid network allows anonymous and identified (permissionless and permissioned) nodes to connect and share data in harmony, privately and without a third party intermediary.
- Programmable permissions and organizations for access control
- Adds tamper resistant participant identities, auditing and certificate entries/records to the ‘Dynamic’ and ‘Sequence’ blockchains.
- Anonymous and identified participants allow private and public services; such as video streaming for consultations.
- Advice forums with verified knowledgeable experts and anonymous clients.
- Lookup participants in our directory chains (similar to a phonebook) to create a private Internet connection no matter where the two nodes are located
What is Duality’s plan for adoption?
The way we gain adoption is by creating enterprise blockchain solutions and bringing them to market. We’re not chasing “crypto-investors”, we’re creating real world blockchain solutions that will bring millions of transactions to our blockchain. As a byproduct, Dynamic will be distributed to Dynode operators much like miners are paid by transaction fees. The Dynode network capacity is therefore correlated to industry adoption. There is a large potential for this distributive flow allowing a large and diverse body of people to opt for Dynamic as a reserve currency by operating Dynodes. In order to satisfy these goals we start by targeting the US healthcare industry.
In 5 years we will have rolled out several BaaS products and cultivated an extensive Dynode network. Projects and companies might opt to hold Dynamic as inventory to utilize our services or as a reserve currency in times of financial uncertainty.