Dinerocoin - There is no Way to Decentralization, Decentralization is The Way

If you saw my last re-steem, you know Dinero has burned all 2 million pre-mined coins. What does this have to do with decentralization?

Well, I'm glad you let me ask... Most Masternode coins are not decentralized, precisely because of pre-mines. In the case of Dinero, it was "only 2%", which really is about average. But this "only 2%", that's 2% of the total supply that can ever exist, and it's created before anyone else can have any coins at all. Even 8 months into the project, 2 million DIN still accounts for about 40% of all coins currently in existence, and had we not burned them, they would be in one person's hands, and that person would be in control of the source code. Concentration of wealth is one thing. Instantaneous concentration of wealth into the hands of the powerful is an entirely different matter. The idea of decentralizing a thing is basically to widely distribute it to avoid any concentration of wealth or power.

Burning the pre-mine makes Dinero more decentralized than any masternode coin with a pre-mine, but it kinda already was more than most. Instead of one "all powerful dev" deciding what will and won't be done, Dinero is currently being driven by decentralized teams who collaborate online and co-operate towards a common goal. There is no central authority setting that goal. The coin is more or less run by the consensus of the team and the will of the community of people who hold the coin.

Another concept which is not unique to Dinero but also lends itself well to decentralization is community governance. Under this system, 10% of the block reward is set aside for a monthly budget. For a small fee (which gets burned), anyone may submit a proposal to suggest what to do with a portion of this budget. Masternode owners vote proposals up or down, and the proposal is either funded or not. This 10% that is set aside--it only gets created if there are proposals approved. This vote is not 51% up or down, a proposal must satisfy the condition (YES votes - NO votes) > (Total Number of Masternodes / 10) to pass. Like I said, this is not unique... it started with Dash. Their Decentralized Governance By Blockchain system, or DGBB, is the model Dinero is built on.

We have a long way to go, but the road is long and we're marching in the right direction. Already, Dinero is a great study in truly decentralized governance of cryptocurrency.