A Blockchain-free Cryptocurrency Worth Looking At
You probably have heard of cryptocurrencies like Bitcoin, Ethereum, Litecoin and so on and so forth. The one thing that all these cryptocurrencies have in common is that they are all based on Blockchain technology. However, is it possible to create a cryptocurrency that doesn’t rely on this technology? The answer to that question is DICE money, a digital currency that is completely blockchain free.
DICE is an acronym abbreviated from DIgital CErtificates, and each DICE unit is comprised of a bundled data block consisting of 1024 bits. The data in the block includes the payload, timestamp, threshold level,miner address and the operator address. Each valid DICE unit can be used similarly to real-world fiat money by being stored and used later for the exchange of physical goods, services or digital content in a process known as trading.
Instead of a Blockchain model, DICE utilizes a cluster model. In this model, the nodes in the DICE network are known as operators and each operator is surrounded by miners. The job of the miners is to generate new DICE units in the ecosystem. To do this, miners compete with one another to contribute computational power to bundle relevant data together into a 1024-bit block. Each operator acts as a hub whose purpose is to validate new DICE units and to keep a record of the units that are associated with them.
So how does an operator verify the authenticity of a DICE unit? DICE executes a secure hash algorithm called SHA3–512 on the payload data in the DICE unit. This results in a 512-bit output which is then added to the DICE header(The operator address plus the timestamp). This creates a new 872-bit prototype block that has a certain number of its least significant bits set to 0. A DICE unit is valid when the number of 0 bits fulfills the condition of a minimum number of trailing zeros.
One advantage that DICE has from being blockchain-free is fee-free trade. Miners have an incentive to generate DICE because they are able to keep whatever DICE they mine. Similarly, operators have an incentive to get miners to mine for them as the DICE generated is added to their overall market capitalization. This helps to facilitate fee-free transactions as both the miners and the operators have the intrinsic motivation to perform their own individual roles.
Another key advantage of DICE is that DICE can be used both electronically and in physical form. DICE can be stored in either digital form (binary file, email, etc..) or physical form (paper note, file storage device). This makes it incredibly convenient for consumers to use DICE in their daily lives. As a result, DICE is one of the first cryptocurrencies to be a viable real-world money replacement.
Lastly, the cluster model allows for businesses to raise money in a convenient manner through Initial DICE Offerings(IDOs). Businesses can become operators and enlist potential investors as miners that help them generate DICE units. This presents a suitable alternative to conventional crowdfunding methods.
From the above advantages, you can see why DICE is a blockchain-free cryptocurrency that is making waves in the community. Its fee-free trade, similarity to physical money and ease of raising funds makes DICE such an exciting project. Check DICE out in their social media and website links below!
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
