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Exclusive: Divi ecosystem makes cryptocurrency more accessible

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Divi Nick Saponaro
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Divi is working on making cryptocurrency easier for the world. The project aims to advance the adoption of digital assets. With stunning goals, it is carving the financial solutions of the future for every individual. Ultimately the project consolidates the complete financial services and delivers one mythical package. Users can witness industry-leading experience on the platform as the applications by Divi align with our lives. Moreover, the Proof-of-Stake network powered the ecosystem that provides users with some of the most competitive rates of return in the industry.

Recently, Harsh Vardhan Kushwaha of The Coin Republic has interviewed Nick Saponaro, the CEO of the Divi project. The session covered some insights about the Divi project. Moreover, Saponaro demonstrated what he believes is more thrilling about the Divi project.

How did Nick Saponaro enter the Divi ecosystem?

The Divi project is essentially a cryptocurrency and blockchain startup that has had the goal of creating a more accessible, easy-to-use decentralized finance system. We launched back in 2017 with our token sale, and we launched our first products in 2018. And we actually created the first and still only one-click masternodes, which allow people to earn cryptocurrency at the click of a button.

And much like a lot of others, I was just a speculator. At first, I had heard about Bitcoin, long before I invested in it, of course, just like many others, and a friend of mine actually got me into Ethereum. So I was fortunate enough to get into that pretty early. But getting Ethereum initially was pretty interesting. I had to meet someone out at a mall near my house, trade them actual cash for Bitcoin, and then went and used that Bitcoin to buy my first Ethereum. So pretty interesting way of jumping into this space, of course, after being speculated for a while. 

I wanted to learn more about technology. I’m a developer by trade. And that’s kind of where I began to dive deeper into what the technology can be, what it can do, and all the powerful things afforded by this technology. And eventually, I was brought on to the Ruby project, actually, as the lead web developer. And overtime over the past four years, I’ve now become the CEO.

What is the Divi ecosystem all about?

We really have and have had one philosophy in mind from the beginning. And that’s to make crypto easy, which is easy to say but it’s much harder actually to do. So the first thing that we saw as a major pain point, a major point of friction in the space, was actually beginning to earn cryptocurrency. 

So we thought, let’s start there. Suppose we can make earning cryptocurrency easy and accessible. In that case, we can probably build a big network and start to make the other aspects of cryptocurrency easy. So in 2018, we launched our masternode one-click cloud installer, which we call “Mochi” for short, and it’s still to this day regarded as the easiest way to set up a masternode and start earning crypto. You can do it at the click of a button from a computer and now a cell phone, and you can also stake with Divi. 

So you have two ways of earning that have a shallow barrier to entry because we set up our masternodes to have multiple tiers. So you have five different layers or points. Points of entry at varying levels of income. And that allows more people to get in at varying levels. From there, we started to see opportunities throughout FinTech. You see, the whole financial ecosystem is really fragmented. And the value chain of not just crypto but traditional finance, as well, is just scattered all over the place, you end up with ten different apps in a folder, and you have to use all of them in different ways. 

We thought, let’s consolidate all these things in one easy to use package that’s familiar, that can allow people of any background, any demographic, to jump in and start taking control of their money quickly. And that’s what we’ve done. So last year, we launched our mobile wallet, which allows people to stake and earn rewards with masternodes as well as send and receive multiple coins. So we’re not just Divi maximalists. We believe that many coins will exist in the future. And right now, we support Bitcoin, Ethereum, Litecoin. 

Of course, we will be adding a lot more coins here in the near future. So that’s kind of the philosophy behind what a lot of companies are starting to lose sight of, is that we 100% keep everything decentralized. So in the wallet, your keys or your coins belong to you. We never custody them. We never touch them. They’re 100% you.

What makes the ecosystem easy in FinTech?

If you check out our mobile wallet, which is just released in the US right now, and it’s coming to India soon, as well as Europe and some other places, there’s a lot of what we call the quality of life features. So when you log into the wallet when you first onboard, you’re not met with a, you know, a long seed phrase, you’re not met with a lot of jargon right away feels like an app that you’ve probably signed up and logged on to before you have biometrics to secure the wallet, you can force set a pin. You also see usernames, avatars. You can search by phone number, by email, those types of things. 

If people enable those features, the beautiful thing is that you don’t have to allow those features to those who prefer to remain anonymous and private, completely private. You can. But this familiar experience gets people into the ecosystem without feeling daunting like they’re met with a lot of challenges. From there, you can go in and start staking or earning with your masternodes you can send and receive as I said, in the very near future, you’ll be able to swap your coins at the click of a button as well as purchase cryptocurrency and sell it with your credit-debit card or bank account.

How will blockchain hold credibility as an unbreakable code?

The PolyNetwork hack exposes something that is probably something that a lot of people don’t want to talk about in this space, which is that there are multiple layers to each blockchain, right. So you have the layer one protocols, which are like Ethereum or, or DIVI or Bitcoin. Those are layer one protocols, and they are at the blockchain layer. Those are what really are the most secure. Once you start adding additional layers of which smart contracts are an additional layer on top of a blockchain, you’re met with additional security and attack vectors. 

So what we saw with PolyNetwork was insecure code being exploited by a bad actor. We don’t even know who the bad actor was. And really, the story here is about how we can work to protect the user. How do we secure our smart contracts? This was a smart contract that’s not published on ether scan or anywhere that can be audited. It probably wasn’t audited before it was deployed, although that’s speculation. And so, of course, it was exploited by a single party. So it actually defeats the purpose of decentralized finance, even though it was a DeFi contract. Because you end up seeing a single key is able to drain this entire thing. 

It definitely does hurt the credibility of crypto overall, especially because most people don’t understand the deeper fundamental basis of how this technology works. But ultimately, it’s up to the developers, of course, to ensure that their users are safe. That’s why I said initially that, you know, with Divi, we ensure that everything’s decentralized. We never touch your coins, there is no central key that I can just unlock everyone’s money and take away a right, and that’s all auditable. Externalized, and it is audited by third parties all the time.

How does Divi’s ecosystem implement security?

Security is absolutely paramount, in my opinion, to the success of any technology. And, you know, these things happen, even in the traditional tech world, hacks happen on a daily basis, due to insecure systems, lack of auditing, everything, you know, that’s been mentioned throughout this chat, it’s really a matter of making the concerted effort toward creating technology that is safe and secure because that’s really what’s going to build that consumer confidence and bring more users into the space. 

So what we do is quarterly, we have security audits by a third party. You know, most of our code is fully open-sourced. And we ensure that before anything goes out to the public, especially when it comes to money, it is seen and tested thoroughly. And any security flaws or vulnerabilities are resolved.

To dive a little bit deeper, we use, of course, all the standard military-grade security and cryptographic methodologies to secure any information that goes to and from the app. All of our apps work in this way. Of course, you’re running on top of a blockchain that is inherently cryptographically secure, and we have a coin allocation to our network that far exceeds 51%. So the risk of a 51% attack is quite low, if not impossible. 

Other security professionals look upon our standard security practices to ensure that we’re correctly implementing them. You know, it’s just about being as, like I said, pragmatic as possible, trying to be proactive about your strategy, your security strategy, and implementing the best practices. We have biometrics, of course, pin codes that secure your account. Of course, everything’s backed up by your seed phrase, which is probably the most relevant or contemporary cryptographic security method that we have, at least in the modern age.

United States fired its policy for crypto tax

This was an interesting event that happened here in the United States. You know, for those that don’t know, if you weren’t following, basically, there was a big bill, a big law that was looking to be passed by the Congress of our country, almost a company, which kind of is sometimes that basically, they call it an infrastructure bill, they want to generate a bunch of money and put it into roads and schools and things like that. In that bill, they wrote, and it was about a 2000 page bill, they wrote a small little provision that would allow for the definition of a broker to extend across basically, anyone participating in crypto, and that includes people mining Bitcoin, that provides for people running staking nodes. It also includes software developers, and of course, the exchanges and things like that. 

This was a dangerous provision because, in many cases, or basically all cases, almost none of those people are actually brokers. And in this definition, they would have basically forced all of those individuals and companies to begin collecting data on their customers and reporting that data to the IRS, which is our tax body here in the United States. That was a dangerous thing. Because first of all, in many cases, it’s literally impossible. If you’re mining Bitcoin, and people are contributing transactions to a block you mine, you have no ability to know who was participating in those blocks. And this law would basically make you go out and find those people and report their tax liabilities. 

It does make sense for centralized exchanges, like Coinbase, Kraken, and things like that. And those companies are already doing that. So that’s kind of what was happening. And that’s why it’s dangerous. But what’s interesting about this was that the debate held up all of the proceedings in our Congress for like dates. It was pretty incredible because, for the first time in history, cryptocurrency was taken so seriously, and there was so much support for actually writing the law and the proper way that the entire bill, the law process as a whole was halted for days, which was a great monumental moment for us. Unfortunately, the bill did pass with the language we prefer not to pass with, but that’s okay. Because there now are years that have to pass before all of that, all of those laws actually come into effect. So we have time to fight back and change that before it actually goes forth. But really importantly, this bill, in my opinion, is actually kind of good for Bitcoin and good for crypto overall. Because they, being the government, want to essentially print a trillion dollars out of thin air to pump into our economy and pump into infrastructure and things like that. And once the bill passed, the very next day, they wanted to introduce a new bill that would also print an additional $3.5 trillion. 

So up to four and a half-trillion dollars that this country does not actually have, that’s going to be printed, literally out of the printer that causes inflation.

Divi’s team is trying to build a hybrid ecosystem

That’s kind of what has to happen, sort of a hybrid ecosystem. That’s what we’re trying to build with Divi is a hybrid ecosystem that enables the traditional and digital worlds to fuse. And by doing this, I think we move in the direction of ultimately the world we want to see with digital assets, where we can use digital assets, just like we used our cash in our bank or in our hand. It’s going to take time, though. 

And I think that we have to kind of work in lockstep with the traditional world in order to make this happen if we’re constantly fighting them. And we’re not taking an approach to our compliance strategy and looking at the laws in each country that we operate in, and it’s only going to extend that process and make it harder for us to operate and get to the point where we want to be. 

So I mean, that’s my philosophy. I’m sure others disagree and would just go against the grain. I don’t trust these banks, and I don’t trust the government to federate finance anymore. I don’t think a lot of people do, but I think that they’re still going to be there. They still do control everything. So if we don’t work kind of side by side, it’s just going to be we’re just going to be pushing uphill against a big behind this.

Cryptocurrency gives financial freedom

I encourage learning a lot first, especially if you’re young, you know, there’s a lot of opportunities there. And there’s a lot of things that you could lose money on. You know, not every coin, not every NFT, not every DeFi protocol will make you money. So it’s essential to understand what you’re investing in first. Getting that knowledge is so important. 

I jumped into crypto without really knowing what it was. And I saw it go up and down. And I didn’t know why. But then, when I started reading, I started to understand the impact that this technology could have. You don’t mean, for us, right? I’m 28, and I’m almost 30 years old. I’m building stuff in this space, but the kids that will come into this space. Next, they’re going to build things that we couldn’t even possibly imagine. They’re going to be built in the future. 

So I think it’s just important that while it’s fun to jump into some of the leading coins and things like that, it’s more important to understand how meme coins are built. How does the smart contract work? You know how blockchains operate from a fundamental level starting there, you can definitely make life-changing gains, but you’ve got a start with the books.

The team behind the Divi ecosystem understands the requirements of the world and the significance of the transformational crypto industry. The highly experienced team behind the project is helping to adopt cryptocurrencies easily. Moreover, the ecosystem makes everything centralized with high security.

To know more about the blockchain and cryptocurrencies ecosystem, do check out our podcasts streaming from all the popular apps. To learn more, you can check out our community page.

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