Decimal Blockchain Development
Decimal acts as a platform for cryptocurrency creation, much like Joomla or WordPress does for website development. Users can take full advantage of its capabilities without needing any programming expertise.
Boosty Labs is the largest blockchain development outsourcing company in Europe. Our world-class fintech and cloud engineering team has a solid background of practice that combines consulting, strategy, design and engineering at scale. Our professionals can help with Decimal development and consulting services.
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Key Features of the Platform
This blockchain is specifically designed to support developers worldwide who want to incorporate blockchain technology into their projects. It provides user-friendly solutions for creating both liquid and non-custodial tokens that can seamlessly transfer between various blockchains, including the Smart Chain, Binance Smart Chain, and Ethereum.
The platform facilitates both public and private NFTs, as well as crypto applications and smart contracts. Its capabilities ensure effective scalability, supported by the resources of the company and a broad community.
For more advanced users, the platform offers integrations with the infrastructure of Binance Smart Chain, Ethereum Virtual Machine, and Inter-Blockchain Communication. This connectivity allows interaction with networks such as Binance Smart Chain, Ethereum, Cosmos, Thorchain, Osmosis, Secret, and many others, accessible through popular crypto wallets like MetaMask, Keplr, and Trust Wallet.
The main token within this ecosystem serves as a reserve for liquid tokens created by developers. It is also utilized to establish the prices of all assets created on the platform, cover additional transaction fees, and facilitate the exchange of various coins within the network.
Key Benefits of the Token
- Versatile Token Creation
One of the standout features of this platform is its intuitive interface that allows users to create a diverse range of tokens, including liquid tokens, stablecoins, and NFTs. Users can generate tokens easily without requiring technical knowledge or the need to download additional software. Any currency available within the network can be used for transferring these tokens.
- Cost-Effective Mining
The native coin operates on a Delegated Proof of Stake (DPoS) mining algorithm, which was pioneered by Daniel Larimer in 2014. This consensus mechanism utilizes a voting system where stakeholders—individuals or organizations with interests in the system—delegate their responsibilities. Unlike traditional mining, which relies on the energy-intensive Proof of Work (PoW) algorithm, DPoS significantly reduces operational costs.
- Business-Friendly Environment
Entrepreneurs and businesses are the primary users of this platform, enabling them to create their own tokens. Since each individual and organization has unique financial needs, a universal coin may not meet everyone’s transactional requirements. Therefore, users have the flexibility to define the economic characteristics of their customized tokens. A unique aspect of this platform is its ability to design and distribute tailored coins, allowing users to tokenize various assets, from a meal at a favorite restaurant to specialty products.
This platform is designed to be an intuitive and efficient solution for value exchange, featuring a straightforward token creation process that requires no technical expertise. It caters to everyday internet users and entrepreneurs of varying experience levels. Users can launch their own cryptocurrency on the blockchain in just five clicks, making it accessible even to novices.
Token Functionality
The native token serves as a peer-to-peer digital currency, enabling direct transactions between network participants without intermediaries. New tokens are generated within the ecosystem as rewards for specialized participants known as validators, who create new blocks in the blockchain. Users can earn profits simply by holding any coin within the network.
Consensus Mechanism
The platform operates on a Delegated Proof of Stake (DPoS) consensus model, allowing users to mine tokens through staking. Validators maintain a complete copy of the blockchain on their servers and have the authority to verify, confirm, and group transactions into blocks. They earn new tokens as compensation for their efforts.
In this setup, validators act similarly to cryptocurrency miners, generating new tokens with each block they create. Their rewards consist of a base block reward along with transaction fees from all transactions included in that block.
Delegator Participation
Other users can also engage in “mining” alongside validators by becoming delegators. To do this, they delegate their coins to a validator. By linking their stake to that of the validator, they enhance the validator’s “weight,” which boosts the validator’s rewards. These rewards are then distributed among all participants based on the proportion of their stakes.
The process of “unlinking” a delegator’s coins from a validator can take up to 30 days after a transaction request is submitted.
Anyone holding tokens from the blockchain can become a delegator. The rewards a delegator receives will depend on the size of their delegated stake and the fee set by the validator at the time of delegation.
Transaction Monitoring
Users can track any transaction on the blockchain through a dedicated explorer, where it is possible to see that the network permanently records transactions in just five and a half seconds.
Buying and Storing Tokens
Tokens can be purchased or sold on both centralized and decentralized exchanges, as well as through P2P platforms for fiat transactions. Users can securely store their cryptocurrency using a browser wallet available on the platform or by downloading mobile apps from Google Play, the App Store, or AppGallery. Additionally, Tangem hardware wallets offer an option for secure storage.
The total supply of tokens is capped at 94 billion, but developers have allowed for the potential increase of this total if network validators vote in favor of such a change.
Development and Technology
The platform was developed by teams from BitTeam and Crypton. It utilizes the Cosmos SDK, providing a secure and reliable framework that enables interactions among network nodes and ensures consistent consensus among those involved in block formation.
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