DasCoin functions quite similarly to Bitcoin, which you may find appealing. This would imply that you do not need to become an expert on every aspect of DasCoin. However, that also implies that, even if you just have five minutes, DasCoin offers a few more products you could find interesting.
Alright, how about we get you up to speed?
How does DasCoin work?
At the heart of the DasEcosystem is DasCoin, a convertible store of wealth. Cycles uploaded to DasNet are rewarded with the production and distribution of DasCoin. Instead of being “mined,” DasCoins are “minted” when a central authority determines it is best to do so in order to prevent an excess or shortage that may lead to DasCoin inflation.
Their private, authorized blockchain started off with 8.5 billion units, and it is expected to have that many for the next twelve years or so. Their official website states that as of right now, there are just under 7.9 billion.
What are DasNets and Cycles?
The whole high-speed node that houses the DasEcosystem is known as the DasNet. Furthermore, DasEcosystem is just DasCoin’s entire network of services, all of which are fueled by DasCoin, which is virtual money. The ecosystem includes DasExchange, DasPay, DasFinancial services (their financial institution), e-wallets, and a global network of partnered merchants.
The ecosystem includes several key components:
DasExchange – A platform where users can trade and exchange the currency with other digital assets, offering liquidity to the system.
DasPay – A mobile payment solution that allows users to make real-time transactions using the digital currency at partnered merchants.
DasFinancial Services – This aspect functions as the financial institution within the network, offering banking-like services to users, such as loans, savings, and investments, all powered by the virtual currency.
E-Wallets – Secure digital wallets that store the currency and enable seamless transfers, payments, and storage.
Global Network of Merchants – A wide array of partnered merchants who accept the currency as a form of payment, thus expanding its real-world utility.
Cycles set DasCoin acquisition apart from Bitcoin mining.
A cycle is “a closed-loop, single currency” accessible only to those who use euros or Bitcoin to pay for a NetLeaders License.
For these coins to be distributed, purchased cycles must be reported to the network. In essence, you are acquiring them directly from the source, and when you submit your cycles, you also add value to the system.
A queue is then formed via blockchain technology. After some arithmetic using a secret procedure, a certain amount of coins are released from the blockchain after ten minutes, similar to mining.
However, unlike Bitcoin mining, there are no developers who can pre-mine coins and sell them to you. What’s even more intriguing is that not even senior personnel can pre-mine or pre-mint coins for their own use.
“Proof of License” and Proof of Value
As previously mentioned, Proof of Value involves purchasing a license to use Bitcoin or euros to acquire the necessary coins directly from the blockchain.
Minting now allows users to obtain “Proof of License” instead of the Proof of Work required for Bitcoin mining. When the built-in blockchain algorithm randomly selects a licensed node to create the next block, consensus is achieved in this system.
However, the central authority overseeing this process can impose strict rules on all participants, similar to regulations seen in the banking system.
This is the role that DasCoin management plays
Minting is centralized in a DasEcosystem. It is a decentralized distribution, though.
Their job is to safeguard the integrity of the DasEcosystem by preventing activities such as money laundering, terrorism financing, and outright extortion. Completing the assignment involves ensuring that each person is a verified member.
However, they must protect your privacy and disclose your identification openly. There is no anonymity here, but there is more protection.
A peer you transact business with will also be verified, so, probably, they will only do real business with you. This makes anonymity seem like a terrible thing today, doesn’t it?
Conclusion
Using DasCoin, you may send and receive money both online and offline, just as with any other cryptocurrency. However, even if your peer doesn’t know who you are, DasCoin will know since the system knows.
You can access DasCoin on the fly with that.
