Looks like big news has been released today, as the Darkcoin developer Evan Duffield proposed to merge DRK with ShadowCash (SDC). As both coins are working towards the same goal, proposing a merger is not as outrageous as one might think. Unfortunately, ShadowCash rejected the offer. Oh what a horrible day! Although, come to think of it, today is not September 24th 2014 is it?
Original Merger Proposal Date
Before we go any further into detail about what the merger offer between Darkcoin and ShadowCash is all about, a major correction needs to be made. Everyone seems to assume this merger was offered over the past 24 hours, which is absolutely false.
The original offer made by Evan Duffield to merge Darkcoin with SDC was made on September 24th of this year. As the ShadowCash team denied the offer, both parties kept this offer under wraps, as nothing would come of the proposal anyway. You want proof, you say? Look at the below screenshot (provided by the SDC team) between Rynomster(SDC developer) and eduffield (DRK developer) :
As you can see from the date of these conversations, this merger between both coins was originally proposed September 24th 2014, and not November 6th 2014. All of a sudden it gained media attention as of yesterday, but that doesn’t mean it was proposed yesterday.
SDC & DRK Merger – What was the proposal about?
With all of these different altcoins around, of which many are working towards the same goal, the community is continually fracturing more and more. Instead of competing with one another, we need more collaboration in this competitive space.
All SDC holders would receive a stake in Darkcoin equal to their current stake in ShadowCash, which would be done by undertaking the very first “coin-merge”. More details on the how and when were to follow at a later date.
The entire SDC coin supply was to be summarized at a specific date in the future, and the total value of addresses would be recorded. After that, the total market cap would be calculated , at which point that amount as a percentage of DRK’s market cap would be created. At the merging date, Darkcoin’s market cap would be extended by that percentage to give the ShadowCash users the same value as they had when holding SDC.
A lot more technical details about the proposal, as well as whether or not this would lead to an inflation of Darkcoin’s overall supply, can be found in the proposal document here. It makes for a very interest read and is well worth checking out.
So why did the merger not go through?
The community played a big role in the decision making. As the ShadowCash developers brought the potential Darkcoin merger up to the community, the community members were quite clear in saying they were not in favor of merging with DRK at that given time. As a result,the SDC developers respectfully declined the offer.
However, an open invitation was extended to Darkcoin and the general cryptocurrency community to explore the SDC platform and see what it has to offer. The SDC team would be open to a future collaboration between projects, but when this story originally took place on September 24th, the primary focus was the development of ShadowCash.