DDK is a decentralized platform that provides blockchain/fintech solutions which are supported by a growing community of users. The objective is to provide economic opportunities for community members and continue to innovate and contribute to building blockchain solutions. DDKoin is the cryptocurrency that is being used on the DDK platform. DDK used DPOS algorithm because it was a high democratic platform than the other consensus systems, more efficient, more secure and it is cost-effective due to the mining opportunity depending on the number of votes for the miners from stakeholders.
Y.H Dato’ Muhd Azrainuddin Zainal, also known as Dato’ Arai Ezzra, the Founder of DDKoin has set his own company to start the development of his idea and innovation on the utilisation through fintech and blockchain technology. In 2017, Dato’ Arai Ezzra decided to create the decentralized DDK Platform by using Delegated Proof of Stake (DPoS) protocol. There are a few more teams that are working and collaborating behind the development of this decentralized platform such as DDK Management Team which is in charge of the marketing, community management, business development and operations of the DDK Platform, DDK Developers Team who have developed the DDK cryptocurrency and blockchain platform and DDK Support team which provides support to the DDK Community. (DDK Team: https://ddkoin.com/#team)
DDK is a migrated DPOS native Blockchain (decentralized) from the ETPS platform (Centralized Pre-ICOs) for crypto-asset products which has been as a PRE-ICO contract since February 2016 through June 2018. DDK Private Pre-ICO is quite unique because it has International crypto exchangers (ICE) within the ecosystem handling the transaction on the centralized ETPS platform. DDK has total coin allocation of 45,000,000 DDKoin. This coin had been divided into two allocations which are pre-mined and unmined. 8.6% of the coin is under pre-mined allocation while others 91.40% from this allocation is the unmined allocation. The allocation of 3.8% in the pre-mined allocation is the provision for the DDK Pre-ICO that being migrate into DDK Platform. Since this is a decentralized platform, DDK Foundation team allow the distribution and allocation of the DDKoin transparent in a decentralized manner. This has made the DDK platform a viable platform that is growing fast and safer. For more details on the coin allocation, kindly refer to DDK Whitepaper V1.2, page 73.
DDK uses the Delegated Proof of Stake (DPoS) blockchain for its platform. The community members have a democratic voice in deciding who is responsible for processing and managing transactions on the platform. This is done using a unique voting system to achieve consensus - the process of verifying that transaction data is valid based on the general agreement of the trust-elected network.
By default, every DDK user on the platform, staking DDKoin in their account, is a stakeholder. Stakeholders participate on the platform by voting for delegates. In return for voting, stakeholders are rewarded DDKoins because their participation helps in securing the network.
To stake DDKoin, users need to create DDK account and have more than 1 DDKoin in their DDK mainnet account. The minimum amount DDKoin can be stake is 1 DDKoin with fees 0.01% from the amount of the staked DDKoin. Users need to click on the Stake button and insert the amount of DDKoin that they want to stake and put their passphrase to complete the process. After that, users can check their staking contract at stake tab on the DDK mainnet platform to know the number of votes that they already performed and the next vote milestone. For a better understanding, kindly refer to DDK Whitepaper V1.2, page 11 and 14.
To vote, users need to click on the delegates tab and choose their preferred delegates to be voted. Minimum 1 and maximum of 3 delegates can be voted per transaction. Users may vote max of 101 Delegates per account lifetime. Kindly refer to DDK Whitepaper V1.2, page 11.
The voting fee is 0.01% from the amount of the staked DDKoin of a maximum of 3 delegates per transaction. Stakeholder who votes more than 3 delegates on the following transaction (maximum of 3 delegates per transaction) will have to pay an additional voting fee based on 0.01% from the amount of staked DDKoin.
Once users have staked their DDKoin, they need to vote the delegates to get the staking rewards. Users will get a 10% reward from the amount of staked DDKoin every time after completing 4 times voting of the first year. After that, the rewards will decrease by 2% every 6 months. The only condition with this reward is to vote four times every 7 days. For more information on the rewards mechanism, please refer DDK Whitepaper V1.2, page 22.
To stake DDKoin, users need to have more than 1 DDKoin in their DDK mainnet account. Users may purchase DDKoin from any crypto exchange that listed DDKoin. The minimum amount of DDKoin can be staked is 1 DDKoin with fees 0.01% from the amount of staked DDKoin.
There is no risk in staking DDKoin. Users just need to perform voting after every 7 days until completing the 4 times voting to receive the staking rewards. The staked DDKoin will automatically be converted into liquid DDKoin after the 24 votes are completed and the DDKoin will automatically appear in the users account wallet as liquid DDKoin. However, since DDK is a decentralized platform there is a small percentage of decentralized risk that need to be considerate in a decentralized blockchain platform.
Based on the outcome of the voting process, a stakeholder can become a delegate. A delegate is a democratically-elected stakeholder who is given the trusted position to process and manage transactions on the DDK platform. In return for processing transactions, the delegate is rewarded DDKoin(s) because his participation, as delegate, provides the operation (validate and create block) and record of transactions. Delegates digitally sign the transactions on the network. They, (like default stakeholders) also provide security to the network by operating as trusted delegates to process transactions.
(1)A candidate willing to become a delegate must run a campaign through which they pitch their idea based on their creativity to gain voting from stakeholders.
(2) Delegate must keeping and maintaining their node(s) running.