DIVI Project – Helping You Become Your Own Bank

Project Reviews / 12.04.2019

Banks have been an integral part of our society since ages; the history of banking is intertwined with the history of money. The first prototype banks were the merchants of the world, who made grain loans to farmers and traders who carried goods between cities, while the ancient types of money known as grain-money and food cattle-money were used around at least 9000 BC as two of the earliest things that could be used for the purposes of barter.

Modern banking practice, including fractional reserve banking and the issue of banknotes, emerged in the 17th century, while the 20th century saw the banking system and banks “taking over the world”. Today, due to advanced technologies, 80% of the population has a bank account or needs to use banking services. However, over the years, history has shown us that the banking system does not solve people’s needs – the banks are controlled by a few, who are getting richer and richer with people’s money, while we need to rely on them more and more.

Most of us are well aware of the financial crisis of 2007–2008, which caused significant stress on the people around the world. The failure of a large number of major banks resulted in government bailouts, while people not only lost a lot of money but they even had to pay more in taxes to the governments that were helping the banks to recover from their inefficiency. The question becomes how do we ensure we thrive, no matter what happens next in the world? If you work, want to save more money, invest, own a business, and rely on someone holding your assets, you are making a high-stake bet that everything is going to be OK. All it would take, for the economy to tank, is inflation to rise (as we recently saw in Zimbabwe, Venezuela etc.), a natural disaster to hit, or the political system to go into turmoil and you could lose everything—your money, your assets, and possibly even your freedom.

Money and banks may have been created with a noble intention to help masses; however, greed and hunger for power and money have led to modern day crisis and challenges, such as:

  • Inflation: As there is no capping on amount of money that can be printed.
  • Centralization: Majority of the banks today is controlled by central banks/ Individuals thus lacks decentralized governance.
  • High Leverage: Customer’s funds are loaned out multiple times using fractional reserve and thus creates liquidity crunch.
  • Safety: Bank heist, cyber-attacks etc. also puts a user’s deposits at risk.
  • Designed to benefit only a few: While the banks make money using depositor’s funds, the actual benefits are not passed back. Global remittances are another domain where users are charged high fee for transfer of their own funds.

The Blockchain Solution

Ten years ago, we were presented with a new and better way to address the aforementioned challenges: The blockchain technology and digital currencies. While Bitcoin is the most popular cryptocurrency and the first of its kind, it quickly became clear that it has its limitations. Developers around the world are now in constant competition to either trying to make Bitcoin better or to create better digital currencies as alternatives that one day might take over Bitcoin.

Recently we came across DIVI Project, which we believe it provides the all-in-one solution to protect you from these obvious risks.

The DIVI Solution

Alternative to traditional bank: DIVI Project has developed their own top notch, user-friendly blockchain solution for both the banked and the unbanked population. While most of the popular digital currencies like Bitcoin, Ethereum have created the initial inroads, due to speed and scalability issues they are becoming more of store of wealth rather than a currency, which can be used for day-to-day transactions. DIVI Project is a-Peer to-Peer ecosystem fast, scalable, transparent and decentralized. Their biggest mission is to increase mass adoption of cryptocurrencies.

How Does DIVI Stand Out

Apart from the basic features of blockchain here is what DIVI project is doing to become crypto bank for the masses:

User Friendly Smart Wallet: This Smart wallet endeavors to socialize and humanize financial experiences by hiding the “crypto” underneath an easy-to-understand User Interface. This Smart Wallet™ is being designed to remove all the “pain points” that currently prevent most people from getting excited about cryptocurrencies. The design-first focus benefits from the team’s experience and deep understanding of User Experience (UX) and is shown through the expertly integrated user interface which makes if very convenient to use.

  • Store of Wealth: Apart from DIVI coin, this wallet also supports storage of other cryptocurrencies like Bitcoin, Bitcoin cash, Ethereum and many more in process of addition. Therefore, in a single wallet users can store all their digital assets.
  • Atomic Swaps and exchange: This is a super big development, which can catapult DIVI to the big top 50 coin league. In simple terms Atomic swaps allows users of different blockchain technologies to swap their coin to DIVI and vice versa without having to use any third party or exchange intervention. With the expanding base of DIVI grid, partners and marketplace users holding coins other than DIVI will also be able to transact at the merchant portal / outlet. This is a major development for overall crypto mass adoption and since only a handful of players currently have this technology; it is expected to give DIVI market cap major boost in days to come.
  • Named addresses instead of alphanumeric codes: One of the biggest barriers of entry to the world of cryptocurrencies for average people is the way all wallets function using long strings of random characters as a wallet’s “public key.” Many people describe themselves as “terrified” whenever they send a transaction, because just one wrong character in the wallet’s address can result in all the money being sent to the wrong person, and there is absolutely no recourse. The Divi Project solved this by allowing users to associate each wallet’s public key with a unique name of their choice, which can be used by others to send funds or connect with them.
  • Send by Email or Phone Number – Because each named account can be mapped one-to-one to their wallet address, you will be able to send DIVI to someone if you only know their name, email, or phone number.
  • User Photo – Each address is also matched to a user photo, logo, or other image. This helps prevent user-error in transactions because users can easily recognize a friend or business before sending.
  • Pockets – Multiple Address/Identity Support:
  1. It’s like multiple bank accounts
  2. Choose your own level of privacy for each pocket
  3. Suitable for people with multiple businesses
  4. Save money for various projects
  5. Separate money for multiple family members
  6. Set pockets to pay out or request subscriptions or loans
  • MultiSig Capable – This simply means that a wallet or pocket will need two or more people to create and verify transactions.
  • Jargon Elimination – Newbies are instantly confused by all the jargon with the cryptocurrency world. Within our wallet UX, we use more familiar terms that beginners are comfortable with. Words on our list: blockchain, private key, crypto. Even the word “wallet” is often overused or misused when what we really mean is just an “account”.

Security: As mentioned earlier banks too are prone to security risks, DIVI addresses this concern by using new technology and processes like:

  • Vaulting: Vaulting offers a variety of savings opportunities and secures funds in a time-locked account that is inaccessible by anyone, including the funder. It’s more secure than a safety deposit box, because even under threat or coercion, a user can’t remove it until a specific date and time.PIN Code Send Now users will be able to send funds to a friend that requires a PIN code to unlock it within a preset time period. Give it to them by phone, which will stop Trojans that change the sendto address to their own. Most importantly, this also means one cannot send to a wrong or non-existing address because the funds would be returned.
  • Know Your Receiver: Before hitting the send button, a user will now be able to see the photo and details of the receiving wallet’s owner. Relax, because there will be no more send errors.
  • Biometric Basics Fingerprint and Face ID: will be implemented on mobile devices that offer them.

Banking features: DIVI product offers various banking features like:

  • Piggy Bank – Automatically set a small portion of your income into a pocket that even YOU cannot access until a future date.
  • Scheduled Payments – Want to send money later, or on a specific date so you do not forget? Schedule a payment using our wallet.
  • Subscription Send – The wallet will be able to send a preset amount of Divi on a regular schedule. You will even be able to create a pocket, fill it with Divi, and send it out daily, weekly, or monthly to a given address.
  • Request Money / Billing – Send or schedule messages within the wallet with a link so a contact can easily pay you, and even pre-decide what pocket you want the money deposited into.
  • Auto Split – When money comes in, you can have it automatically re-distributed to other wallets or pockets according to preset percentages. Great for business partners.
  • Tax Separation – Using the Auto Split feature, you can have the taxes for the products you sell automatically split off into a separate pocket.

DIVI Coin: Masternodes & POS Rewards

Earning opportunities: Like a banking savings account, DIVI project allows you to make money, only difference: the output is much better. Since DIVI Coin is based on the Proof of Stake algorithm, new DIVI coins are minted either by staking DIVI, by setting up a collateral masternode or by using one of the third party stacking and/or Masternode services. The reward structure is based on the blocks generated by any particular node. You can check their block explorer at any time, here.

The current ROI for masternode stands between 52% and 62%. Currently there are 400+ masternodes active and set-up requires a collateral of 100000 DIVI coin. The masternode setup is easy and follows a layered system where the output enhances with upgrades in layers. MOCCI feature “Masternode One Click Cloud Install” provides a way for users who do not want to run a masternode at home to easily set one up on the much faster cloud servers from Amazon, Microsoft, and others. DIVI will purchase servers’ space and set up the back end of this in advance, to make a fast and seamless user experience. Users will be able to pay for the service fee in DIVI coin. There are five options of participation with increased chances of winning a block, starting with; copper (basic), Silver (+5%), Gold (+10%), Platinum (+15%), Diamond (+20%). See picture above for more information.

PoS: DIVI coin can also be earned by staking it using your desktop wallet. Earning is based on the number of coins available in your wallet. In the long run this is going to help DIVI to become a store of value where the underlying asset’s valuation itself becomes high enough that staking output creates substantial cash flow. You can download your DIVI wallet here.

Lottery blocks
: One of the Divi Project’s most innovative features is “Lottery Blocks”. Once per week, eleven lucky winners are chosen at random, and the winning funds will be deposited directly into their Smart Wallets. To qualify, you must have an actively staking Divi wallet with a minimum of 10,000 DIVI in it, and win a stake during that week. Every time you win a stake, you get one lottery ticket. The more you have staked, the more likely you are to win the lottery because you will win more stakes. For more information, click here.

Other Strong Points of the Project

Decentralization: This is ensured by following a governance structure where the community decides of the progress of the project and votes for future plans. The voting is done on the based on the DIVI coins held by a user and thus solves the issue of centralized architecture of traditional banks.

Raspberry PI: If you have a Raspberry PI device, you can run a full node on it and earn DIVI staking awards. All you need is a 64GB, class 10 SD card and Raspberry Pi 3B+. This is going to open up crypto awareness to a huge community and contribute to the mass adoption process.

A few other salient aspects of the project that will catapult DIVI into the big league in days to come will include:

  • Platform for developers to build Dapps.
  • One click integration on Dapps in the wallet.
  • Privacy and Anonymity.
  • Speed Scaling.
  • Fiat Reporting.
  • Instant coin swapping.
  • In-Wallet exchange.
  • News updates.
  • · Private Key recovery service.
  • Transparent, competent, knowledgeable Team & Advisors.

Last but not the least, watch-out for the upcoming release of DIVI Lightning Network Daemon; which will put DIVI in the elite list of projects. It will enhance the speed, performance and scalability further.

Closing Thoughts

To summarize, the current systems are designed to ensure transfer of wealth happens from masses to a handful of people who control and design these systems. Now it’s up to us to reverse this trend and we have in DIVI project a perfect tool to make this happen!

Good luck, team!

Useful Links

Website: https://diviproject.org
Wiki: https://wiki.diviproject.org
Whitepaper: https://wiki.diviproject.org/#whitepaper
Wallet: https://diviproject.org/downloads
Twitter: https://twitter.com/diviproject
Blog: https://blog.diviproject.org

Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.