What is Project Decorum?
Project Decorum is a decentralized platform for helping users to organize and manage all their digital social activities without worrying privately. As more people adopt the digital lifestyle, the need for related communication has become even more important today.
Project Decorum was initiated under the MaidSafe blockchain in 2016 and run as a research-based system under the leadership of Harmen Klink, an undergraduate at HU University of Applied Sciences Utrecht. The association with more established coin such as MaidSafe Coin gave Project Decorum a larger audience that helped to spread it faster to the crypto community. Despite this, the performance of its price was poor, especially in the first 12 months after launch.
- A closer look at project Decorum performance in the market
When Project Decorum hit the market in early June 2016, the value was $0.0089. About three weeks after, on June 25th June 2016, the value had dropped by 80% to $0.0056. The price remained between $0.0089 and $0.017 until April 2017 when the value took a bullish trend.
On June 21st, 2017, the price shot up to hit the first peak of $0.11. This was approximately 1250% growth from the starting price about one year earlier. The price continued with the upward trend and hit another peak of $0.244 on September 7th, 2017 before dropping to $0.088 in early December.
The coin’s price continued on an upward trend and hit $0.28 on January 13th, 2018. This was the highest mark in the coin’s history. Despite the positive show in the last two-quarters of 2017 and start of 2018, the value took a negative trend to hit a low of $0.02 by the close of March 22nd, 2018.
However, the coin ceased its operations from the market. The exit since May 2018 has resulted in speculation that it could have been a Ponzi scheme. But the development team of Project Decorum has not provided a reliable explanation about it. It will be interesting to see whether they will start trading in the market and restore the investor confidence.
What is the problem that Project Decorum solves?
When social media platforms entered the market, they made communication especially those targeted at specific groups easily and effective. However, they took away the control of user info and communication. Here is a closer look at the issues that Project Decorum solves.
- Control of personal data by multinationals
When you add personal info and run communication channels on channels such as Facebook and Instagram, you have no control over how it is used. Though your target might be communicating with a specific group of interest, personal data is still harvested and used for marketing and even political reasons.
Early in 2018, the Facebook community was shocked to realize that the bulk of its users’ details had been mined without personal consent. The data is believed to have been used to influence the performance of various companies and even political contests’ outcomes. Though other social media networks did not come out to indicate they run a similar model of harvesting personal info, it is expected that centralized data storage makes ‘stealing’ of user info easy.
Project Decorum targeted to take control of personal info from the hands of the multinationals and bestow it to users through decentralization.
- Centralization of data in social events management
If you are organizing an event on a public platform such as social media, the data is stored in centralized vaults. This makes it an easy target for cybercriminals. In the event of an attack, failure of centralized data centers, or mismanagement, you are likely to lose the info.
Think of a situation when Facebook servers go down for a few moments. For example, Facebook and WhatsApp went down on September 2018 leaving users in total confusion for about 20 minutes. If you were in the middle of organizing a crucial social event, your business could run into major losses. This is the problem that Project Decorum targets to address.
- Lack of privacy in social media and crypto networks
When you communicate on social media, there is no privacy. Your communication can easily be accessed by millions of people in the respective network. Even in the event that you use security features in various networks such as hiding profile details, the management can still pull out personal details. But it is not just the social media that lacks privacy.
The conventional banking system is also run in an open manner. This means that when you run a transaction, cashiers, bank management and political leadership of the time can easily access your financial details. Therefore, you can be an easy target by attackers or even though legal battles.
Interestingly, even the blockchain networks that were designed to guarantee optimal privacy are also proving to be less effective. If you take the case of Bitcoin, you will realize that many people are moving away to other privacy-oriented networks such as Zcash. It has been established that running transaction analysis and IP address analysis can help to uncover the identity of people making transactions on Bitcoin network.
How does Project Decorum solve the problem?
When Project Decorum was created in 2016, SAFE Network targeted to extend the concept of decentralization in the niche. Here are some of the methods it employed to solve the above problems.
- Proof of concept consensus model
The Project Decorum is created on the proof of concept model that targets to put people in greater control of their activities on digital platforms. Proof of Concept protocol allows users to Create Custom Categories that allow a user can only communicate with the targeted groups in a specific niche.
The protocol further allows users to post new topics and leave replies. This means that it runs like the standard social media profiles but with additional control. If you do not like the progress of a specific topic or its progress, the protocol also allows you to collapse the topic branches.
To maintain greater control over communications, the concept allows Project Decorum users to automatically check queries from clients. Note that all identities on the project use cryptography to sign their content so that personal info cannot be easily harvested without user consent.
Whether you want to facilitate the growth of a specific project, build on an idea or simply run a group under a specific brand, Project Decorum guarantees high efficiency. Note that the payments for services on the network are paid using the project’s native coin, PDC.
- Total decentralization
Unlike the current highly centralized platforms, Project Decorum operates as a completely decentralized network. The system runs as a network of nodes spread in the SAFE Network. This means that there is no centralized data center for storing data used in the network.
By using a system of nodes, it means that your data will always be available no matter the time of the day or night. There is no risk that the data can be attacked or mismanaged by a centralized authority. When a transaction is initiated on the network, it is taken by miners on the network who also help to mine new blocks.
- Project Decorum operates on the SAFE Network
To facilitate better control of personal communication, Project Decorum runs on the SAFE Network. This is a blockchain network that supports the development of decentralized applications. Because all transactions have to be processed on the network, it implies they are safer compared to running them individually.
This model was crucial in selling the platform especially in 2017 as more users appreciated the extra focus on anonymity and privacy. It is because of this association that Project Decorum has never been hacked as others such as Bitcoin Gold hold tags of attacks immediately after launch.
What makes Project Decorum better than it’s competitors?
When Project Decorum was initiated in mid-2016, it ventured into a wildly competitive niche. For example, the number of digital coins in the market had grown to more than 1600 by the third quarter of 2018. Here are some of the things that make Project Decorum better than competitors.
- The project targets a niche that has been less trodden. As more crypto networks target the financial niche, Project Decorum has targeted a path that is less explored. This means that it is likely to enjoy near monopoly status as more people start running their projects on digital platforms.
- It is based on a well established SAFE Network. Instead of developing its own network, the Project Decorum is based on the SAFE Network. This is one of the unique methods helping to keep the platform secure and popular.
- The network allows users to manage their digital social activities without risking their privacy. Unlike the common social media platforms that run projects in an open manner, the Project Decorum has provided users with an opportunity to take full control over their communication.
You can now create own communication groups, branch communication networks, and collapse/ upgrade them at will. Note that all your info remains encrypted so that no one can easily harvest it.
- The native coin allows users to join and send value on a peer2peer basis. The native coin on the Project Decorum enables users to send value on a peer2peer basis. It allows them to run just like other coins such as Bitcoin or Ripple. No matter where you want to send value, the transactions do not go through centralized organizations such as banks. Rather, they are completed on a peer2peer basis to make them faster and cheaper.
- It provides users with an opportunity to join and own the network through coin ownership. Unlike the banking system that makes users feel passive, Project Decorum is different. When you join the network, you become part of its governance system. This means that you will be called to vote when decisions about the project are being made.
How can Project Decorum’s be categorized?
Project Decorum can be categorized as a highly ambitious project that targets taking away the monopoly currently held by data companies especially social media platforms. As more people join the blockchain era, Project Decorum is offering them a reliable option to control all communications and advance their operations.
However, it will be interesting to see how the project plays in the highly competitive industry. For example, other platforms that support decentralized applications could release such apps and optimize competition.
What is Project Decorum’s vision on security?
The Project Decorum’s vision on security is to provide users with the most secure platform for managing their digital communication. Here are some of the methods used to keep Project Decorum and user info secure:
- The project is hooked on SAFE Network whose security has already been proven
- The system operates on a highly secure proof of concept
- The project runs as a completely decentralized network to facilitate even distribution of coins and reduce the danger of 51% attack.
Examples of Project Decorum use cases/ applications
To win more people into the crypto space, Project Decorum seeks to ensure that its native coins and and platform have diverse applications. Here are the main use cases of Project Decorum:
- You can use Project Decorum to manage your digital project communication system.
- The native coin, PDC, can be used to pay for products and services in stores that support it. You can also buy from stores that support different cryptos by converting the coin to the supported token.
- Project Decorum coin can also be used to pay for government services. If you stay in states that support digital currencies, it might be possible to pay for government services. For example, Arizona allows users to pay for taxes using cryptocurrencies.
- Project Decorum’s digital coin can be used as a store of value. Instead of saving your funds in a bank, consider buying PDC and holding them. Then, you can convert the coins when in need of cash or the value goes up.
NOTE: If you target to invest in Project Decorum, it is advisable to exercise caution because of its absence in the market since March 2018. Indeed, no exchange has listed it since then.
https://www.project-decorum.com/crowdsale/
https://coincheckup.com/coins/project-decorum/news
https://coincheckup.com/coins/project-decorum/predictions