DasCoin: A 5-Minute Guide to How It Works

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DasCoin: A 5-Minute Guide to How It Works

You might like that DasCoin operates in a similar way as Bitcoin—to some extent. That would mean you do not have to learn the entire DasCoin concept from the ground up. But, that also means DasCoin has a couple more offerings you might want to know about—even if you have just five minutes.

So let’s get you up to date, shall we?

What is DasCoin?

DasCoin is a convertible store of value unit at the center of DasEcosystem. A DasCoin is produced and distributed in exchange for Cycles that have been submitted to DasNet.

DasCoins are not “mined”, rather they are “minted” following a central authority ‘s better judgment of when it should be done to avoid oversupply or undersupply that can cause a DasCoin inflation.

Initially, there were 8.5 billion units in their private, permissioned blockchain that are projected to last for the next 12 or so years. There are just under 7.9 billion now, according to their official website.  

What is a Cycle and a DasNet?

The DasNet is simply the whole high-speed node where the DasEcosystem exists. And DasEcosystem is simply DasCoin’s entire network of services powered by the digital currency, DasCoin. The ecosystem includes e-wallet and DasFinancial services (their financial institution), DasExchange, DasPay and a network of partnering merchants across the globe.  

Cycles make DasCoin acquisition quite different from mining Bitcoins.

A cycle is “a closed-loop, single currency” that’s only accessible to users who purchase a NetLeaders License using either Bitcoin or euros.

Cycles bought must be submitted to the DasNet network for DasCoins to be released to the buyer.

You are basically buying DasCoins directly from the DasCoin blockchain. And when you submit your cycles, you are providing value to the DasCoin system.

The blockchain technology then creates a queue. After 10 minutes a definite number of DasCoins are released from the DasCoin blockchain following some secret algorithm math (like in mining).

But, there are no expert developers to pre-mine DasCoins and sell them to you later as it happens in Bitcoin mining. Even more interesting, not even DasCoin’s senior staff can pre-mint or pre-mine DasCoins for their own accounts.  

Proof of Value and “Proof of License”

Proof of Value, as mentioned before, is simply about you buying a license to acquire your desired amount of DasCoins directly from its blockchain using Bitcoin or euros.

Now instead of the Proof of Work in Bitcoin mining, DasCoin minting allows users to receive “Proof of License”. Here, a consensus is reached when the inbuilt blockchain algorithm randomly defines a licensed node to make the next block.

But can the DasCoin central authority make things tough on everyone like in the banking system?

Here’s how DasCoin management comes in

In a DasEcosystem, minting is centralized. But the distribution is decentralized.

Their work is preserve the integrity of the DasEcosystem, ensuring things like funding terrorism, money-laundering and blatant extortion do not happen. Part of accomplishing that task involves ensuring everyone is a verified member.

Yet, they have to maintain your privacy while being transparent about your identity. No anonymity here, but you get added protection.

Because a peer you are transacting business with will also be verified, they are likely to only engage in genuine deals with you—which makes anonymity look like a bad thing now, huh?

Pretty much like any other cryptocurrency, you can transfer and buy stuff online and off using DasCoin. But your identity will be known by the system even if your peer doesn’t know you (DasCoin will).

That’s DasCoin for you on the go.

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