[ANN][Pre sale] Digicash Bank: Decentralized cryptobank w/ stablecoin bkd by eth

[anafiene]

A bank for crypto currency?
how will it count the exchange rate of any money that will be deleted to the bank? please inform us any more detailed info.

[decentralizedcapital]

A bank for crypto currency?
how will it count the exchange rate of any money that will be deleted to the bank? please inform us any more detailed info.

Hello Anafiene,

Digicash Bank is not a bank for all cryptocurrencies. It is a decentralized bank with the goal of creating a stable ethereum asset known as digits. Digicash Bank exists outside of the legacy banking system all together. It achieves the goal of a stable decentralized currency by holding reserves in ether, making loans in digits and integrating with decentralized apps that will accept digit payments at the target value regardless of what price they are currently trading. These dapps that accept digits will receive profit sharing from the bank in return for accepting the digits at the target value.

Along with the methods above, Decentralized Capital is also building decentralized products that will only accept digits for fee payment. We have already launched the mvp of our decentralized exchange and have plans to greatly increase its usability to be on par with centralized exchanges. When the upgraded version is live users will only be able to pay their trade fees in digits, creating a demand for digits early on.

The product is detailed much greater in the whitepaper.

[FarmerOak]

I'm very excited about this project and glad I stumbled onto it. You guys have been in this for a while and have a solid idea, team, social presence, and codebase. I don't think the VIP tokens will last for very long.

Couple of questions:
What makes you passionate about creating a stabilized or asset-backed cryptocurrency?
What factors went into the decision to start your fundraiser?

Thank you

[decentralizedcapital]

I'm very excited about this project and glad I stumbled onto it. You guys have been in this for a while and have a solid idea, team, social presence, and codebase. I don't think the VIP tokens will last for very long.

Couple of questions:
What makes you passionate about creating a stable cryptocurrency?
What factors went into the decision to start your fundraiser?

Thank you

Thanks for the kind words FarmerOak!

I have been into crypto for a very long time and always thought the volatility was holding it back in terms of it being used as a currency. Obviously we all love the price going up but for a currency that is not a good feature. When Ethereum first announced it was apparent to me from day 1 that this platform would only flourish if there was a stable currency on the platform that would allow people to use dapps without gambling the value of their money. When I first founded Decentralized Capital we took a more centralized approach to the problem, acting like Tether does and holding the reserves in a bank account. We've since come to terms with the fact that the fiat-backed asset market will move into the domain of banks and also be heavily regulated. The real future in blockchain tech lies in permissionless innovation and we are excited to move our product back in that direction!

Per your second question, we have spent a lot of time and effort going the VC route. We had plenty of promising leads that always seemed to fall apart at the last minute. It was really hard for us to know we were missing an opportunity to build something amazing but at the same time we were a bit uncomfortable with the token sale route. Progress has been made with the legality around token sales, leading to the SAFT documentation we linked above. Since the mvp of IDEX is already live we are able to combine a utility token with SAFT and create a token pre-sale that is legally compliant. Given these advances with the token sale approach we decided that the time was right to go with a token sale.

[black-lagoon]

His project is half unclear friend missing information and details. In addition to the presentation look like amateur.

[FarmerOak]

His project is half unclear friend missing information and details. In addition to the presentation look like amateur.

There's actually a lot of information if you read his post carefully, as well as the white paper.

[self1sch]

Invested a little bit, seems interesting  

U guys should definitely get more active in social media tho, last tweet was in February.

[decentralizedcapital]

Invested a little bit, seems interesting  

U guys should definitely get more active in social media tho, last tweet was in February.

Thanks Self1sch!

Indeed we do. Once we have the site redesigned and the next version of IDEX live we are going to be marketing a lot more. At this point we want to build out our product first as we want to "wow" people 

[mullzerwar]

What an interesting project here, to have a place to keep our ETH at a stable level, this could gave us a warranty for our ETH too keep its value.

[HodlFroever]

As far as I can tell, this is something like Tether meets Etherdelta? They have a working exchange at http://www.idex.market , and have a well thought out plan on becoming the bank of the cryptocurrency world. TBH I'm not sure why this isn't getting more attention

[decentralizedcapital]

As far as I can tell, this is something like Tether meets Etherdelta? They have a working exchange at http://www.idex.market , and have a well thought out plan on becoming the bank of the cryptocurrency world. TBH I'm not sure why this isn't getting more attention

Thanks for the interest HodlFroever!

Our previous product was fiat-backed assets, just like tether but on ethereum. We are pivoting away from that product and will be closing it down shortly to focus 100% on building out the bank. We still believe that a stable currency is necessary for ethereum dapps to really flourish but are interested in tackling it from a new angle. We are of the opinion that fiat-backed assets will eventually require built in compliance, which goes against the promise of blockchains to open up finance. A true decentralized blockchain based bank with decentralized stablecoin could bring finance to the underbanked parts of the world with the same benefits of traditional banking while keeping decentralized.

The project is inspired heavily from how banks operated before governments got involved and mucked everything up with regulations. We have provided a decent amount of background material at the end of the whitepaper for those who are interested in learning the true evolution of banking that lead us to the disaster system we have today of central banks. We know that the cryptocurrency community on a whole is not a fan of banks but in reality banking has not always been like this, and with education many of the people against banking will find that what they really dislike is central banking.

[FarmerOak]

BTW they're very quick to answer any questions in their Slack channel

[decentralizedcapital]

Whoever just tried to make the 15 ether purchase you need to up your gas limit to 150,000. Your tx was set to 100,000 which is why the transaction failed. Thanks!

https://etherscan.io/tx/0x1efee86161ea0994b2cfd3baf045a549ea013bc455badc15102620cff2b644f7

[coininvestor]

Does anyone remember Scharmbeck? 

[FarmerOak]

Looks like the (relatively short lived) pre-sale was a success. Congrats to the team! Be sure to keep us updated

[decentralizedcapital]

Thanks for the support everyone! We'll be back shortly to update you with the progress. We're extremely excited to have reached our goal so quickly and can't wait to show everyone what we can build! 

[tehMoonwalker]

you spend money on this with this amount of info 

icos truly go out of hand

[FarmerOak]

you spend money on this with this amount of info 

icos truly go out of hand

TBH there's a lot here, maybe more than it seems at first. I recommend reading the whitepaper and seeing their actual product. I don't shill but I very carefully analyze projects, so just offering a counterpoint.

[self1sch]

Just wanted to thank Phil from the Digicash team. I made a mistake in the Pre-Sale and sent my bitcoin to the wrong address. He was keeping me informed with several emails what they do right now to correct my mistake and how long its going to take until I get my DVIP Tokens.

I got them now, great service so far. Glad I invested 

[self1sch]

Any updates? How is development going....