In a recent Twitter thread, Jared Tate, the founder of DigiByte ( DGB ), shared what he thinks are the 3 most decentralized projects that aren’t bitcoin, ethereum or litecoin. His answer were “The Decentralized D’s,” DogeCoin (DOGE), Decred (DCR), and DigiByte (DGB).
Tate’s qualifications to join “The Decentralized D’s” were simple: the projects had to have launched their cryptocurrencies without a premine, having secured the network with Proof-Of-Work (PoW), and refused to pay “bribes” to be listed on crypto exchange Binance . Jared stated:
People need to know none of the #3DFamily had a massive premine or "reserve" to even pay bribes. And none of the 3 D's have ever paid to be on any other exchange. People need to wake up. The point of #blockchain tech is #decentralization.
The thread came as a follow-up to DigiByte’s recent clash with Binance CEO, Changpeng Zhao (CZ). In a previously shared Twitter thread, Jared showed how DigiByte allegedly wrestled with legal hurdles to get listed on Binance.
Exchange fees have become a hot topic. Binance, rumored for charging millions of dollars to list cryptocurrencies on its exchange, recently announced it will be donating all listing fees to charity. This saw critics question why listing fees exist in the first place. After warning investors about staying away from cryptocurrencies that fund Binance, Jared suggested that premines should be avoided:
New investors should always filter out "non-mineable" coins when evaluating their first top 20 projects. Most are real, true blockchains that have been around for 4+ years. Not ICO's with vaporware.
Backing up his statement Jared added a screenshot of the top cryptocurrencies by market cap, filtering out those that aren’t mineable. While the DGB founder didn’t explicitly explain why “non-mineable” coins should be avoided, he hinted that “ICOs with vaporware” should be avoided.
This could be because premined coins like the XRP token and EOS create massive amounts when they launch, and often see their creators keep most of it. EOS was centralized as of June of this year, as the top 1.6% of holders owned 90% of its supply.
The screenshot shows that the ‘Decentralized D’s” are top cryptocurrencies that refused to pay Binance, and as such weren’t listed on its platform.
Making it Without Binance
While these three cryptocurrencies haven’t been listed on Binance, they’ve still managed to capture investor interest. By market cap, the biggest success out of the 3 D’s is Dogecoin.
Launched in 2013, DogeCoin is currently the 21st cryptocurrency by market cap, and ranks as the 26th by daily direct volume . It’s still listed on top crypto exchanges like Bittrex, Cryptopia, and Poloniex. In a Reddit post , Doge’s developers explained their situation with Binance:
They need our lead to sign paperwork that binds him to them in manners, and fashions we do not support nor do we endorse in any form. As such, no Binance. Even outside of the insane fee.
This quote allegedly proved its developers refused to sign paperwork and pay Binance’s listing fee, cementing its membership in “The Decentralized D’s.”