The Potential of a Blockchain-free Cryptocurrency

What exactly are Blockchain-based cryptocurrencies?

Cryptocurrencies are digital money built on Blockchain technology which facilitates secure and anonymous transactions. A Blockchain is an ever-growing set of data blocks that document a collection of transactions. Each block has its own copy of the updated blockchain transactions which helps to ensure transparency in the data set.

Is there a way to implement cryptocurrency without Blockchain technology?

Actually…yes! DICE(DIgital CErtificate) is a new form of digital currency that comprises of individual data blocks that does not use Blockchain technology. Instead, DICE uses a cluster model system that consists of a number of small networks that combines to form a larger network.

So, what is DICE Money?

Unlike the usual ICO blockchain model, the cluster model is an independent network of users (Miners) revolving around a single point (Operators). Miners contribute their computational power to bundle relevant data together to form a DICE block.

Newly mined DICE are initially owned by the miner who has mined them, and their value is added to the capitalization of the operator on whose behalf they have been mined.

Therefore, instead of a single public ledger as seen in Blockchain technology, there are multiple smaller ledgers encapsulating each cluster of operators and miners.

This cluster model has provided DICE with some unique advantages over other Blockchain-based cryptocurrencies.

Advantages of using DICE

• Increased transaction speed

Without a single public ledger, there exist numerous synchronization problems that slow down transaction processing time. With DICE, each node only handles a small amount of the overall network traffic, and this greatly increases the speed at which transactions are processed.

• Security

Unlike other cryptocurrencies, which mostly rely on Proof-of-Work, DICE uses the Proof-of-Ownership model, and that makes each transaction more secure and reliable.

Each DICE unit has an owner associated with it, and when the unit is spent, ownership of the unit is transferred from the payer to the payee. Users can send messages to operators during trade operations to inquire about the ownership of DICE units. This messaging protocol uses asymmetric encryption for the operator to accept any claims of ownership. The private key here refers to the DICE blocks that the users owns. A separate “challenge key” is generated from each DICE block and given to the operator. The operator then encodes a secret message with the challenge key, and this encrypted data block is passed on to the claimer. If the claimer truly owns the DICE unit, he or she would be able to decrypt the message using their private key. This helps the operator to identify the correct owner of any DICE units, making it very difficult for hackers to steal them.

• Free Transactions

For most cryptocurrencies, transactions often incur fees which are taken out of the amount transferred. This fee is used to reward miners for bundling the transactions into blocks. However, in the DICE economy, there are no transaction fees whatsoever.

Miners are intrinsically motivated to continue mining while keeping the new DICE units that are created. On the other hand, Operators are motivated to let miners mine for them since any value generated will be tacked on to their overall value. As both miners and operators are incentivized to perform their roles, this helps to ensure that transactions stay free of charge.

• Easy fund raising

Any new start-up or project is able to undergo Initial DICE Offerings(IDOs) to source for funds and investment. By becoming operators, interested investors can become miners to generate new DICE units for themselves and the operator. In comparison to other fundraising methods like ICOs and IPOs, the fees required are minuscule and most of the costs are attributed to the equipment and software needed. It provides an easy way for businesses to fund their operations.

• Offline capabilities

In contrast to other cryptocurrencies, DICE money can be mined offline. Mining equipment can store a large number of units and validate them with the operator when they go online. In addition, DICE is similar to real-world currency in that it can be converted to physical form. DICE units are just tiny blocks of data so it can be stamped or printed on some material. It can even be transferred vocally over the phone as well. These offline capabilities make DICE capable of replacing real-world money in the exchange of goods and services.

As you can see, DICE money has the potential to act as a currency alternative to traditional money while retaining the benefits of decentralized, Blockchain-based cryptocurrencies. It removes key problems faced by Blockchain technology and provides a platform for business owners that have intriguing business ideas but lack capital. Who knows, in the future, DICE may even become the dominant form of currency in our daily lives.

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