Put a stop to “dicey” situations with DICE money
DICE money refers to DIgital CErtificates, which are blocks made out of 1024 bits that conform to certain criteria. Instead of blockchain technology, the DICE ecosystem uses a cluster model that consists of many nodes in the network called operators. Each of these operators has a hub of miners that are connected to them. Blocks of DICE units are generated when miners use computational power to bundle relevant data like the operator and miner addresses, the threshold level(validation condition to generate DICE set by the operator), the timestamp(Real-time current time and date expressed in Swatch Internet Time) and payload(data that is adjusted by the miner and is unknown to the operator). This process of generating new DICE units is known as mining.
You may be wondering: is DICE secure if it doesn’t rely on Blockchain technology? To answer that, we will need to find out what concepts DICE uses. Unlike Blockchain technology, DICE operates on an ownership model rather than keeping track of transactions. This is because there is no public ledger in the network so it is not possible to track all of the transactions that occur. Each operator has a record of the DICE units that each of their miners own. When a transaction occurs, the current owner of the DICE unit has to place a claim for new ownership to the operator by providing the hash of the unit. The new owner then verifies the DICE unit and also places a claim for ownership by supplying the hash of the unit. After verifying the two claims, the operator stores in its private database the address of the new owner of the DICE unit. By ensuring that a DICE unit has an associated owner at all times, the operator is able to keep track of transactions that occur without actually recording them in a ledger. This provides transparency and security to prevent fraudulent transactions.
The only time where the ownership of DICE units are not tracked are when transactions are conducted offline. The old owner has to relinquish ownership over the DICE unit such that it becomes ‘ownerless’, effectively converting it into a bearer bond. After receiving the DICE unit in an offline transaction, the new owner then submits a claim of ownership to the operator. Since the operator knows that there is no current owner associated with the DICE unit, it can automatically assign the claimer as the new owner. Offline trade is somewhat risky as the parties involved doesn’t know if the DICE unit is actually ‘ownerless’ or not. Thus, DICE recommends users to conduct their transactions online for additional security.
As you can see, even without Blockchain technology, DICE is able to facilitate transactions and trade without compromising security. With the ownership of every DICE unit being accounted for by all operators, this helps to deter fraud. Furthermore, DICE has the advantage over other cryptocurrencies in that it can be used in a similar fashion to real-world money like coins and banknotes. Put a stop to “dicey” situations with DICE money today!
