A Beginner’s Guide to DICE Money

I’m here to tell you guys about an innovative new form of cryptocurrency called DICE money, or DIgital CErtificates. You probably know of popular cryptocurrencies like Bitcoin and Ethereum and how they function as completely digital currencies. However, DICE money is fundamentally different from these conventional cryptocurrencies. Here is a summarised explanation of these differences.

DICE money, unlike other cryptocurrencies, is not based on Blockchain technology. Instead, DICE money uses a cluster model system. DICE money refers to 1024-bit data blocks that are computationally difficult to create. Basically, the entire DICE networks consist of individuals with two roles: Operators and Miners. In the DICE ecosystem, each operator is surrounded by a cluster of miners. Each miner has to use computational resources to compile relevant data into a DICE unit under certain difficulty conditions. The operators have to set the local difficulty criteria and to maintain a database of the associated DICE units. Hence, rather than having a single public ledger as in Blockchain technology, there are now multiple public and private ledgers for each cluster in the entire DICE network.

So how does the mining process for new DICE units actually work? Miners have to fulfil both the local difficulty criterion and global difficulty criterion when bundling data into a DICE block. These difficulty levels determine the computational power needed to find a valid DICE unit. The new units generated can be claimed by the miners, and the value of the newly-mined dice is added to the overall market capitalization of the associated operator.

The way DICE works are fundamentally different from other cryptocurrencies. Normally, when a transaction is made, the cryptocurrency has to be transferred from one wallet address to the other. This transaction is recorded in the public ledger for validation by the rest of the network, ensuring legitimacy. For DICE, instead of recording the transactions, the operators keep track of the ownership of each and every single DICE unit in the network. When a transaction in DICE occurs, the ownership of the sold DICE unit is changed to reflect the sale. The operators are able to securely verify and authenticate each and every claim of ownership for DICE. This is because operators are able to generate a randomized challenge key from which only a valid DICE unit would be able to decrypt it. Thus, miners are able to prove their ownership of any DICE unit in this manner. Additionally, DICE can even be traded offline in this system. A payer can release DICE from his ownership making it ‘ownerless’. He can then pass the ownerless DICE to a payee using offline mediums such as thumb drives or paper notes. The payee can then claim the DICE from the appropriate operator under his ownership.

Because of the way DICE is created, it can give rise to a new form of crowdfunding called Initial DICE Offering(IDO). When a business initially executes an IDO and becomes an operator, there will be no DICE associated with that business. The business can then start attracting investors to come and mine on their behalf, and any new units created are added to the valuation of the operator. Miners that pay these DICE to the operator will be able to acquire some equity in the business. This allows businesses to raise funds through DICE money. The advantage of an IDO as compared to an Initial Public Offering(IPO) or Initial Coin Offering(ICO) is that the costs involved are minuscule, with the only costs being maintaining server equipment and purchasing the appropriate software.

With DICE money, the possibilities are endless. The cluster model used in DICE is able to achieve true decentralization with high scalability as a large number of unconnected clusters prevent congestion in the network. Imagine yourself using a currency that can be paid anywhere through almost any form: email, storage drives, QR codes, etc. That’s DICE. That’s the future of money.

Find out more about DICE at:

FB: https://www.facebook.com/DICEsup/
Twitter: https://twitter.com/dicesup
Medium: https://medium.com/@DICEsup
Telegram: https://t.me/DiceMoney