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What is Decimal (DEL) and How Does It Work?

What is Decimal DEL?

Decimal started as a simple, user-friendly value exchange tool and an easy token creator for people without technical knowledge. 

According to its founders, Decimal is a sophisticated tool built to be intuitive in its use cases and application — the user should focus on getting immediate results, not mastering the product. 

Decimal eliminates the need for users to build their blockchain network and encode transaction logic. The Decimal Smart Chain is also compatible with EVM, IBC, and BSC, providing the option to use smart contracts.

Who are the Decimal founders? 

Decimal was created by BitTeam and built on the Cosmos SDK — a secure and dependable solution for organizing network interaction between nodes and ensuring reliable consensus between nodes involved in network block formation. The Decimal team is constantly improving and adding new features based on decentralized voting of network validators.

Decimal's core values

Here are some values that make the Decimal blockchain outstanding in its field:

  • Accuracy 

The Decimal network's floating exchange rate of coins is based on the mathematical formulas of John Keynes. A strict mathematical relationship based on the market's supply/demand balance determines the value of tokens.

  • Conversion freedom

Thanks to their collateral mechanism, every coin in the Decimal ecosystem can be exchanged at any time for any other coin in the network. 
 

  • Resource economy

Project owners with a financial model, business processes, interaction scenarios, and value flow channels between participants can create their own coin with a few mouse clicks on the Decimal website.

This allows them to spend their resources on more valuable things than their project's technical implementation details.

  • Reliability and stability

Decimal's DPoS (Delegated Proof-of-Stake) consensus allows for quick transaction verification by specialized network participants and validators. Validators follow a strict system of penalties and incentives.

  • Quick transactions

A robust validator software and a few validators ensure the verification and validation of a large number of transactions. As the Decimal network expands, so does the number of validators, which means faster transaction speeds.
 

  • User accessibility to a large user base

Tendermint — a secure and consistent application replication software on a computer network — is the foundation for Blockchain Decimal and the Cosmos network. Tendermint works even if up to one-third of the computers on the network are not operating properly. Each computer has access to the same transaction log and network state. 

Decimal is compatible with all blockchains in the Cosmos network, which currently hosts over 100 projects, 49 of which are already communicating via IBC (Inter Blockchain Communication Protocol).

  • Variety

The Decimal team is working to expand the number of decentralized applications available, both through its own development resources and through third-party teams and enthusiasts.

  • Voting rights for common user participants

Any coins can be delegated to a validator, increasing his share (stake). The validator is rewarded for their efforts in verifying transactions and forming blocks. This reward is distributed proportionally among users who have delegated their coins to them. This approach allows users to have a direct impact on the blockchain's performance and quality.

  • Team spirit and collaboration

Anyone with a similar mission to Decimal can contribute computing power to the cause. If a network member is willing to install and run the Masternode on their own equipment, they will be rewarded for each unit signed as they contribute to the network's organization.
 

Decimal's goals and vision

Their goals include easy and quick issuance of your own token/coin and a guarantee to exchange tokens at any time for any other token/coin. Their Web 3.0 vision includes unifying protocols and standards and seamlessly using the specifics and benefits provided by various blockchains. For example, they are tokenizing numerous assets like points in loyalty systems, cashback services, user identification, proof of ownership, authentication of certificates, and more.

What is DEL?

DEL is an online peer-to-peer currency — all transactions occur directly between equal, independent network members, with no need for an intermediary to allow or facilitate their use. It is also the ecosystem's reserve currency, i.e., the native token of the Decimal blockchain. 
On the Decimal network, a new portion of DEL is generated as a reward to specialized participants (validators) for creating the Decimal blockchain block, and ownership of any coin on the network provides the opportunity to profit. 


Validators receive a reward for their efforts, which is then distributed among users who delegate their coins to these validators. In other words, the DEL coin is an essential component of Decimal's blockchain software; without it, the blockchain's logic would be broken.

What makes Decimal unique? 

Decimal has the distinct advantage of being a simple constructor for creating any token (liquid, illiquid, stablecoin, NFT tokens).

Users without technical skills can create a token using the Decimal designer without installing additional software. Users can use any currency available on the Decimal network to translate their tokens.

Decimal creates a technological framework that reinforces the cooperation model by allowing interaction with many blockchain-based networks and projects. Decimal blockchain has a large fan base comprised of users and other products developed by the BitTeam team.

Advantages 

  • Decimals’ decentralized wallet provides secure storage. Coins can only be obtained by the user.
     
  • The ability to delegate your DEL to a validator and "mine" desired cryptocurrency without the cost of equipment and server maintenance.
     
  • Transactions are completed quickly in approximately six seconds. The average transaction cost is 0.41 DEL. Focus on simple, quick, and low-cost transfers to ensure the stability of the DEL market price and, as a result, widespread application in traditional business.
     
  • DEL can be used to create new coins as a reserve currency. In addition, DEL provides the custom currency with all of its benefits. As a result, all Decimal blockchain coins can be exchanged in a matter of seconds at a fair market price calculated using formulas. 

How much DEL is in circulation? 

The total number of DEL coins is limited to 94 billion. New coins are created during the mining process, where validators collect transactions and pack them into blocks, which are then protected by complex cryptographic computing. 

The reward for validators for the created unit was 50 DEL at the time of Decimal's launch; this number grows every 432 thousand blocks per five DEL.

How is Decimal's network secured? 

Decimal is secured by SHA-256, a hashing algorithm from the SHA-2 family that is also used by the original Bitcoin cryptocurrency, its forks, and many other cryptocurrencies.


Each master node (validator) operates under strict punishment and reward conditions. Suppose miners receive a reward for spending electricity in the form of new coins. In that case, incorrect operation of master nodes is punishable by system fines. 

For example, not having the validator available for 12 of the last 24 blocks is punishable by 1% of the total amount of validator steak. The total amount of steak also includes all funds assigned to this validator.

Validators who attempt to commit fraud during the consensus-building process are also fined. In this case, the validator would face a 5% penalty from the combined with the steak delegates. As a result, the higher the cost of attacking the network, the more funds are delegated to the validator.

Tangem and Decimal

Decimal offers many high-security decentralized wallets, such as "Decimal Wallet" (Web, iOS, Android). You can create a mobile wallet with a seed phrase and be protected with a PIN code or biometrics.


But for those who need to store and manage more than one asset with a hardware wallet, Decimal, and Tangem have signed a deal to integrate their core networks. 


The Tangem wallet is a tried-and-true solution that is both incredibly easy to use and highly secure. With this durable credit card-sized device, users can securely access and manage over 6000 coins & tokens on their smartphones anywhere, anytime, thanks to its EAL6+ certified Samsung chip with NFC antenna.

To buy, sell, exchange, convert, or perform other transactions involving your assets, you just have to tap the wallet app on your NFC-enabled smartphone. 

The Tangem wallet is small enough to fit in your pocket, is protected from water and dust, and has no wires, batteries, or physical connectors.