What is DICE money?

Meet DICE money, a new decentralized cryptocurrency that is surprisingly not based on Blockchain technology. DICE is a made-up word abbreviated from the term ‘DIgital CErtificate’ and consists of data blocks of 1024 bits that are generated using intensive computational power. The cryptocurrency works on a cluster model, where nodes in the network called operators are surrounded by ‘clusters’ of miners. The role of each miner is to contribute his or her computational resources to bundle relevant data into a DICE block. The operator’s role is to set some parameters in which this DICE block is considered valid, so that the miners have to use their computational resources to create blocks that meet this criteria. Because of the difficulty involved in making a valid DICE block, each DICE unit carries its own intrinsic monetary value. This value is similar to how coins and notes carry intrinsic value from the backing of the central bank.

So besides being a currency in itself, what else is DICE money useful for? One other useful purpose that DICE has is to facilitate effective crowdfunding. This is because when miners generate new DICE blocks, the operator’s overall value also increases. This rise in operator value occurs in a couple of different ways.

Firstly, operators can gain DICE units from ‘scraping’. Valid DICE units have to fulfill a local difficulty criterion as well as a global difficulty criterion. The local difficulty is set by individual operators and has a range that is either smaller than or equal to the global difficulty. Thus, for miners, blocks that lie between the global difficulty and local difficulty are considered to be invalid and rejected. However, for the operators, these rejected units still fulfill the global difficulty criterion and are still considered to be valid in the network. Hence, operators can ‘scrape’ and claim these DICE units for themselves. This raises the overall value of DICE that the operator has.

Secondly, another way in which operator value can be raised is through donation mining. In this case, all mined units go directly to the operator and none goes to the miner. This method is preferred by charitable organizations or organizations that offer loyalty benefits as compensation.

Another unique aspect of DICE is that it has completely fee-free transactions. As seen previously, the miners are incentivized to constantly generate new DICE units and operators are incentivized to attract miners to join them. Hence, a transaction fee is not needed as miners and operators will naturally help to facilitate transactions.

Lastly, DICE can even be used in physical, offline form. One is able to store DICE in email, QR codes, USB drives, and even in paper form. This makes DICE very appealing as it can reach out to non-tech savvy people in a way that other cryptocurrencies cannot.

As you can see, with these aspects, DICE has the potential to replace real-world currency in a way that even popular cryptocurrencies like Bitcoin have not. The benefits covered in the article only scratch the surface of the advantages that DICE brings to the table. Take a look at DICE’s white paper, website and social media links to find out more about this innovative cryptocurrency!

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