DECENOMY represents an innovative approach to blockchain technology, designed to create a decentralized ecosystem that prioritizes efficiency and user empowerment. This article will look into the origins and evolution of the DECENOMY blockchain code. Understanding this history is key to appreciating how DECENOMY has evolved through strategic forking and open-source principles to enhance its technological foundations. Join us as we uncover the story behind DECENOMY’s development and its impact on digital innovation.
The Beginning: Forking from an Open-Source Codebase
Open-source blockchain technology promotes innovation by allowing individuals to access and modify the code to meet their needs. This process is technically known as forking. When an existing blockchain protocol is significantly altered, resulting in a new blockchain and sometimes a new cryptocurrency, it is said to have undergone a hard fork.
A notable example of this is the split between Bitcoin and Bitcoin Cash. Within the Bitcoin community, there was a debate over how to improve scalability. One faction advocated for increasing the block size, while the other argued that this would lead to centralization and marginalize smaller miners. Unable to reach a consensus, the community split, resulting in the creation of Bitcoin Cash with an 8MB block size compared to Bitcoin’s 1MB block size.
Ethereum Classic also emerged from Ethereum due to complications regarding the future of Ethereum following a Decentralized Autonomous Organization (DAO) hack in 2016. After the incident, which caused the loss of a significant amount of Ether, Vitalik Buterin, creator of Ethereum, along with the majority of the community, supported a hard fork. This would have meant reversing the hack and returning the stolen funds to their rightful owners. However, another part of the community opposed this idea to uphold the immutability of the chain. Since neither party could reach common ground, the blockchain split in two, with Ethereum proceeding with the hard fork and Ethereum Classic maintaining the original chain’s state.
Unlike Bitcoin Cash and Ethereum, DECENOMY did not emerge from disagreements among developers or the community. Instead, it was created to improve upon existing solutions and address real-world problems using blockchain technology. To better understand DECENOMY’s codebase evolution, we need to go back to 2011.
It all started with Litecoin, which was inspired by Bitcoin. Often referred to as the silver to Bitcoin’s gold, Litecoin made slight changes to the Bitcoin codebase, focusing on faster transaction confirmations while maintaining lower transaction fees. Approximately three years after Litecoin’s inception, DASH emerged, aiming to address Bitcoin’s flaws, particularly with transaction time and privacy, by forking Litecoin. To achieve their goals, DASH introduced masternodes and the X11 algorithm. PIVX saw an opportunity to improve on what had already been achieved by these projects. PIVX then forked DASH and enhanced the masternode feature, making it much easier to manage. In conjunction with masternodes, PIVX introduced the Proof-of-Stake (POS) consensus mechanism to its new blockchain, inspired by Peercoin, the first cryptocurrency to implement POS.
One theme that can be deduced from these forks is the notion of advancement. DECENOMY is no different from earlier projects in terms of innovation. By forking PIVX rather than building a new blockchain from scratch, DECENOMY saved time and resources while inheriting valuable features such as Proof-of-Stake (POS) and masternodes. By extension, DECENOMY also benefits indirectly from Bitcoin’s technology and functionality.
Early Development and Initial Challenges
Forking a blockchain may sound appealing, but it comes with its challenges. From a technical perspective, a fork can lead to resources being split between different chains, resulting in fewer participants on each network and potential security vulnerabilities.
To address these challenges, DECENOMY enhanced the masternode system for fairness, stability, and security by introducing new features in the masternode mechanism. These new features and enhancements undergo rigorous testing with the help of community members before being rolled out to the general public.
Creating the DECENOMY Standard Wallet
Since DECENOMY has several blockchains in its ecosystem, it became imperative to find a mechanism to effectively manage these distinct chains, especially when implementing various features and enhancements. This led to the development of the DECENOMY Standard Wallet (DSW). The DSW functions as a proprietary blockchain solution where new planned features and updates are first introduced. It then integrates these features into the individual chains without having to implement them one by one. This development makes it much easier to make changes to the numerous blockchains in a timely fashion.
Major Releases and Improvements
As mentioned earlier, the reason for DECENOMY forking an open-source blockchain was to improve the technology. Since 2021, the development team has introduced innovative solutions aimed at achieving its goals. Below are some of the major releases and improvements:
- Masternode Collateral Window: This enhancement grants masternode owners 7 days to update their collateral amount, providing flexibility and comfort to better prepare for such events.
- Masternode Payment V2 and Last Paid V2: To ensure a fair distribution of block rewards, the Last Paid V2 algorithm was introduced to accurately determine when a masternode last received a reward. This improvement led to the release of Masternode Payment V2, which uses the Last Paid V2 data to identify the nodes that have been waiting the longest to be compensated.
- Multinode: This feature reduces operational costs for node owners and increases the number of masternodes on the network. With the multinode feature, masternode owners can run multiple nodes on a single server.
- listmasternodes RPC Command Improvement: This command has been optimized for lower latency, making it quicker to retrieve masternode-related information from the network.
- Self-management Fork State: The self-management fork state allows the wallet to reorganize itself if a light fork is detected. This improvement gives more stability to the wallets and fewer fork events.
All these features and functionalities have significantly improved the overall performance of DECENOMY’s networks and the usability of its blockchain. Specifically, for user experience, there are features such as UI Privacy Mode, which enables users to conceal certain information about their wallets while in public places.
The Rollout Process
Once the development team decides on a feature or update, they begin development on the DECENOMY Standard Wallet (DSW). When the coding is complete, the feature is introduced to the Testnet (tKYAN) for testing by DECENOMY developers and some supporters. The public is also allowed to try out the feature on the testnet. Any necessary changes based on the test results are made on DSW. After several iterations, the feature is introduced to the KYAN blockchain and monitored to see how it functions on a live chain. Once the feature is stable on the KYAN chain, it is subsequently rolled out to the other DECENOMY chains.
A major example of a rollout was the multinode feature. Since its inception, it has become much easier for people to run multiple nodes on a single VPS. This feature includes the DECENOMY Multinode Script, making it convenient to deploy, manage, and maintain several nodes. This saves users both time and money.
Addressing Bugs and Issues
In contrast to updates and enhancements, bugs and issues that are identified are handled differently. When a bug is discovered in a blockchain, fixes are promptly introduced to the affected blockchain. The patch is then applied to other blockchains through the DECENOMY Standard Wallet (DSW).
Future Directions and Developments
DECENOMY has several innovative developments in the pipeline. These include an EBF system similar to smart contracts on the Ethereum Virtual Machine (EVM), which will allow for the introduction of new functionalities to the DECENOMY network. For a detailed explanation of the EBF system, see this post. Another upcoming enhancement is Dynamic Collateral, which adjusts collateral amounts based on real-time metrics such as market demand and network state. If you want to dive deeper into how the dynamic collateral works, read this article.
The most advanced enhancement in the pre-rollout stage is Dynamic Reward. By pre-rollout, we mean that it is currently live on the KYAN chain and will eventually be implemented on other DECENOMY chains. This enhancement aims to optimize the block reward structure to better align with the network’s total and circulating supply. Key features of this release include dynamic block reward adjustments, an algorithm to calculate the metrics for dynamic rewards, enhancements in supply and emission metrics, and smooth reward adjustment.
Other interesting features include the ability to download the bootstrap file directly from the wallet. With this feature, the long wait time for wallet synchronization is over, making it easier for users to start using the wallet quickly. Another feature that focuses on transparency and security is the Deterministic Build system. This development ensures stakeholders can verify the legitimacy of the binaries from DECENOMY’s source code. This means users can be confident about new releases, and it also helps the development team introduce new features promptly. All these initiatives position DECENOMY towards becoming a more transparent, equitable, and sustainable network. If you are interested in learning more, visit this post.
Conclusion
To sum up, this article has explored DECENOMY’s continuous efforts to innovate and enhance its blockchain ecosystem. From leveraging forks to enhance technology to introducing advanced features such as Dynamic Collateral and Dynamic Reward, DECENOMY is dedicated to improving network efficiency and fairness.
Highlighting the importance of ongoing improvement and community involvement, DECENOMY ensures thorough testing and user-focused development. We encourage readers to stay updated with our latest developments and actively participate in the DECENOMY community. Your insights and support are crucial as we continue advancing blockchain technology together.
