Revolutionizing Transactions with DICE

2017 was a year where the crypto-community was primarily occupied in making fortunes while investing in the digital asset. While the experts could never believe the surge in valuations, they were overwhelmed by the sheer volumes and capitalization that the cryptocurrency market held.

Even right now the crypto-market is roughly estimated to be a $350 billion industry, when the prices as compared to 2017 are dirt cheap. The dip in the market took off the glowing interest of crypto-enthusiasts and the focus quickly shifted towards blockchain technology and the innovations it could bring to the industry.

Lauded as a disruptive technology, blockchain has held its long-standing reputation while bringing significant implications for many sectors. However, blockchain is still unable to change the industries that deal in physical goods. Such industries could never capitalize on the ICO model of fundraising and the sector till now remained mostly untouched. This is mainly because of the blockchain's features that renders inefficiencies during the fundraising proposals of such industry.

DICE Money, a revolutionary cryptocurrency, eliminates these limitations using the crowd-mining model that helps raise funds for any given industry whether they deal in physical goods or intangible services. Embedded with all the features of the blockchain technology such as ubiquitous reliability, speed, scalability, no involvement of middlemen that most companies seek, DICE uses a cluster system, unlike the traditional blockchain platforms that use a single ledger making it a truly decentralized platform.

It allows businesses, social organizations and individual entities ready to launch a new project with raise money by having users on the community mine DICE that supports the respective entities. With a new cluster economy model where miners are clustered around the operators, any person or company who sets up a project becomes an operator while anyone supporting the project becomes a miner that mines DICE tokens in connection with them. The authority of valid DICE unit holders remains with the miners to choose how much DICE units they want to donate to the project.

In addition, while businesses can raise money, DICE unit holders can use them to purchase goods and services which uses limited trust parties to confirm payments. DICE can be used in online or offline transactions as it can be held in digital as well as physical form through printed notes. This helps DICE holders practically spend it in offline transactions while forgetting all the worries of having your cryptocurrency tokens at the risk of getting stolen.

Trading in DICE Economy:

Rather than active transactions, trading within the DICE economy is based on ownership claims. The ledger never exists on the network but is held by the operator that holds the authority over the operations of such ledger. The process of trading can be explained through simplified steps mentioned below:

1. Once a valid DICE unit is transferred to a new owner whether digitally or in physical form, the units so transferred are encoded with the new owner's public key.
2. The new ownership claim by present DICE holder is placed to the operator operating the ledger that will handle the particular DICE unit/s used in the trade. This generates the hash of the unit.
3. New owner also places the claim for new ownership while verifying the DICE units received and provides the hash of the supplied units.
4. Operator verifies the validity of the unit. Both the claims from new and existing owner is stored in a private database along with the hash provided.
5. Operator sends a response message to both parties confirming the change of ownership of the unit and its validity.

This is repeated for every DICE unit involved in the trade.

The cluster model of the DICE concept helps maintain different ledgers and every ledger is operated single-handed by a single operator. Furthermore, the concept of transaction fees is absolutely absent in the DICE model.

Incentives to miners and operators don't come through fees but originates elsewhere. In addition, the absence of middlemen makes DICE a true peer-to-peer model that doesn't need any exchanges or special wallets eliminating its cost factor.

The revolutionary cryptocurrency is currently in the Wave 3 of its ICO and once through, the last phase of WAVE 4 will be initiated. With such highlights at the core of the cryptocurrency, it's expected to change the way traditional transactions take place in the real world economy.

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Dilip Chandar

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