Domo Coin Project – Interview With The Founder

Crypto Interviews / 15.02.2019

Domocoin is an experiment founded on its founder’s bachelor thesis: Potential Analysis Of Blockchain Based Communities. Check out our interview with him. Full interview was done publicly and can be found on their Telegram Channel here.

What led to the creation of The Domo Project?

I talked with my professor about cryptocurrencies and how crypto communities are the only source of value in the blockchain space; of course next to the product and usecase which may be developed or not. After a heavy discussion about speculation and fake road-maps I proposed him to write my bachelor thesis about the value of a Blockchain Community, how to calculate a value without taking speculation and monetary funding into account.

Since this is a scientific thesis, I am not allowed to take any money for development or other forms of payment, which may result in a manipulated value of the project. I could go more in detail here and how the thesis evolved into a social framework idea, firstly limited to the community I am building.

Can you share a bit about your experience and background?

Since I am studying E-Commerce, anything related with digital commerce, IT and marketing is just what I want to learn; getting involved into Blockchain was the only right road for me.

How and when did you get introduced to crypto world?

I am involved with Bitcoin since 2015. However, a friend told me about it in 2012. Before 2015 I was just watching from the fence, until I felt comfortable enough to invest into cryptocurrencies.

I was proud owner of the first Bitmain Asics miners (first batches, the only profitable ones) and I have been running my own pools and playing with Blockchain forks for years.

What is the biggest USP of The Domo Project?

The biggest USP is clearly, that this project is completely self funded. I never sold any coins and we started as X11 clone without premine, including a Pre Announcement to avoid instamining.
While most social network projects want to build just another platform, we are trying to embed them all and actually embrace centralized networks and not work against them.

What are the biggest challenges you foresee for the Domo Project success?

Biggest challenges are definitely growing the community without offering speculators and investors a huge opportunity to grow their portfolios. Many people don’t understand that an airdrop can be something positive and that they really don’t have to own more than 1 DOMO to access the network. If only few people hold too many coins, no one will be interested in accessing our network and we will have no user-base to test the prototype on.

What are your future plans?

Future plans are to grow the community, integrate governance and build a Domo exclusive environment until we feel comfortable enough with the prototype to start a crowdfunding for a really decentralized social framework embedding all existing networks into a sandbox environment.

What is your view about impact of your blockchain solution in the future ?

The impact should be that, people start realizing, it’s really important and especially not so difficult to stay connected with each other on multiple social networks; user credentials can be used one time to login everywhere at once, also we want to show people, that a project doesn’t need Million $$$ initial funding to develop a working prototype. A lot Domo members already noticed how many empty buzzwords are trying to lure in money, while the features are actually default on most existing projects.

What services do you wish to integrate on your portal?

The services are completely up to the community. Since we are all enclosed in our own environment, in the future we can promote all kinds of services and in order to access them, one would need one Domo coin to contact a specific community member. So we can promote and advertise as DOMO community, but services are still individually.

How will you monetize contributions by your members?

I do not plan to monetize contributions. Actually, I am awarding Domo coins to contributors. Contributing to The Domo Project is still the best way to get a Domo masternode, for instance. Taking money out of the system would ultimately result in a weaker network, so it’s all about money flow back into the network, with as less authority as possible.
That is why we actually have 4 admins only on telegram, I don’t want full control of the network and support. We need independent entities as long it’s for the greater good of the whole community.

Who are your major competitors?

We have no competitors, as far as I am aware. Some open source projects are very interesting to start the prototype on and not build everything from scratch, like Matrix.org and the GNU Network.

What value do you expect from DOMO coin a year down the line?

By experience I can tell, that any price a developer announces, the coin will be dumped at least 50% of the initial price. I can even say 100$ per DOMO coin, but I honestly don’t care about the price at all. Moreover, an expensive price for entry would ultimately hurt the network, so I hope it won’t reach 100$ anywhere in the future.

DOMO Coin Tech Specs

DOMO coin started as POW (Proof-of-work) cryptocurrency based on the X11 algorithm to ensure a fair distribution among miners. The POW phase lasted about one month before moving to a 100% POS (Proof-of-Stake) algorithm solution.After troubleshooting many issues with the 100% POS solution, the team decided to become a PivX-Clone as it contains all desired feature: privacy and masternodes to strengthen the network.
At the time of writing, Domo Coin is traded at$0.029188 USD per coin at three exchanges, such as Cratex, AltMarkets and BitexLive. As the volumes are starting to wrap up andthe user base grows, the team will be looking to list the coin on other exchanges to. DOMO circulating supply is 360,484 DOMO while the maximum supply is 1.000.000 DOMO.

Technical Specifications

  • Ticker: DOMO
  • Algorithm POS + Masternode Collateral: 1000 DOMO for MN Setup
  • Circulating supply: link
  • MN Block Reward: 0.0875 DOMO
  • Staking Reward: 0.075 DOMO
  • Pre Mining: n/a
  • Development Fund: 0.05 DOMO

About The Domo Project

Domocoin will be used as a ‘ticket’ to enter the community in the future (proof of ownership). The team is developing the first prototype of a new kind of social network approach. Only people holding Domocoins in their wallet will be able to login to the network. Therefore mainly crypto and blockchain enthusiasts will join the community and create “Cryptotwitter” like environment. After reaching a decent amount of unique users within the prototype, the team will start an official crowdfunding to develop a open source, decentralized, autonomous social network, which is not run by a single entity or centralized servers.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.