How DasCoin Creates Equality in the Markets
For the uninitiated, digital currencies and their blockchain networks are somewhat intimidating. The ‘crypto-sphere’ retains its generally esoteric status to many folks out there. The technological gurus have not been as forthcoming about the inner mechanics of blockchain functionality as the mass market would like, but that’s all changing thanks to the introduction of DasCoin.
In the digital currency realm, events that occurred several years ago may as well have been eons ago in terms of the progress that has been made since the introduction of Bitcoin in 2007. The successes of Bitcoin as the first mainstream digital currency have also highlighted its shortcomings. For example, concepts like mining, cryptocurrency wallets, and cloak and dagger transactions are above most people’s paygrade. The mass market is interested in cryptocurrency, but the only way it will gain traction with users is if it is simplified and secured.
Equality is an interesting concept in the decentralized blockchain arena. Anyone who wishes to enter the ecosystem can do so by purchasing a license. This grants you entry into the community of authenticated and permissioned users. These concepts may appear somewhat complex, but they simplify the entire process. DasCoin is first and foremost a currency of trust. It is decentralized and it is permissioned. All stakeholders within the community must comply with know your customer protocols.
Know Your Customer (KYC) to Secure the DasEcosystem
KYC is intricately interwoven into the DasEcosystem – there’s no getting around it. Everyone who transacts and interacts within the system is known to the community which manages DasCoin. This group of ‘elders’ is responsible for the fair, secure and safe running of the entire DasEcosystem. Bitcoin has gone in the other direction – it functions as the Wild West of the digital currency world.
There are no oversight committees or institutions monitoring the activities of bad actors on the blockchain. The anonymity offered by the Bitcoin Blockchain is both a boon and a bane. Criminal elements usurp the community of trust within the Bitcoin blockchain and engage in nefarious activities, tax evasion, and terrorist funding, et al.
However, the DasEcosystem learned a valuable lesson from Bitcoin’s shortcomings – it has full security protocols in place to ensure that the network meets the highest safety standards on the planet. The permissioned blockchain requires identity verification of all members on the network.
That’s just one of the many ways that members can enjoy hassle-free interactions within the community. Every node on the authenticated blockchain is fully verified and licensed. A hardware device known as a Validator is used to access finds, and it is secured by way of secret words that only the user knows.
Fundamental Strengths of DasCoin
The concept of Bitcoin is a breath of fresh air, but it is hamstrung by its archaic, and limited functionality. DasCoin can process some 100,000+ transactions per second and it never slows down regardless. Further, blockchain transactions are confirmed in just 6 seconds. Bitcoin is hopelessly behind the 8 ball on this one and doesn’t even come into the reckoning. Besides speed, balance, scalability and security, DasCoin also has the ability to sustain itself and the DasEcosystem over the long term. It is created in compliance with regulatory constraints – not in defiance of them.
Cryptocurrencies in general are so fixated on flying in the face of regulation that they dig their own graves. Regulation creates the framework within which all transactions are processed. New-age digital currency is ahead of the curve, but laws are being crafted to rein in the runaway freight train. As such, DasCoin operates as a hybrid cryptocurrency that evolves with regulation and complies with AML and CFT standards.
I am interested in all things technology, especially automation, robotics and tech that helps change how society will live in the future.