DICE Money Combines Cryptocurrency with Fiat Currency
These days, there are over thousands of different cryptocurrencies, each with their own purpose. These cryptocurrencies generally use Blockchain technology and are decentralized in nature. Blockchain technology contains an immutable public ledger where all transactions in cryptocurrency are validated and recorded. Each node in the network contains a continuously updated copy of the ledger, and this helps to prevent any malicious activities. However, the problem with cryptocurrencies is that there is an issue with scalability. The larger the network grows, the longer the blockchain. This means that every transaction has to be validated by an increasingly larger network leading to longer processing and transaction times. This serves as an additional inconvenience over traditional fiat currency which can be transacted in an instant. As you can see, fiat currency has the advantage of speed but lacks security compared to its cryptocurrency counterpart. So how then can we figure out a way to have a currency that can provide both speed and security at an adequate level?
The answer to this may have finally arrived in the form of DICE money. DICE money is a new form of digital cryptocurrency that does not rely on Blockchain technology. Each DICE unit consists of a 1024-bit data block that is computationally difficult to create. DICE money uses the cluster model in place of Blockchain technology. In the cluster model, there are nodes with two roles, operators, and miners. Each miner works for a particular operator and contributes their computational power to bundle bits of relevant data into a single DICE unit. Computational power is required in this process as there are some difficulty criteria that is needed to be met by the miner in order for the DICE unit to be valid (For more information about this difficulty requirements, see DICE’s Litepaper). This power needed for valid DICE blocks give them their intrinsic monetary value, much like how coins and banknotes carry intrinsic value from a central bank. These DICE units can be stored and be used to exchange for goods and services in the same way as fiat currency. This means that there is no need for any fancy digital wallets and complicated wallet addresses for transactions with DICE money.
In addition, since DICE units do not require digital wallets, DICE can be stored and transacted in many forms. DICE units can be stored online in emails or cloud storage services, or offline in storage drives and even physical notes. As you can see, DICE money provides the same convenience as physical fiat currencies without compromising its position as a digital currency.
For the security aspect, instead of recording transactions in a ledger, DICE tracks the ownership of each and every DICE unit. It is possible to track the ownership as each operator in the network can keep a database of the owners of DICE units that are associated with them. DICE money uses private-public key encryption to verify ownership claims over DICE units. In each transaction, the ownership change of DICE units are taken note of by the involved operators. Thanks to this system, fraudulent claims of ownership are prevented, thus ensuring the security of the DICE money.
DICE money is able to blend the benefits of both cryptocurrencies as well as fiat currencies together. Because of their limitations, other blockchain-based cryptocurrencies like Bitcoin has not seen widespread adoption by the masses in replacing fiat currencies. I believe that DICE money may finally be the digital currency that can supplant fiat currencies and change the way we exchange goods and services.
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
