Dagcoin is the first cryptocurrency designed for using, not trading – exactly the way money is supposed to be!
Dagcoin and the future of currencies
We believe that cryptocurrencies are here to be a step up from regular money. This means improving the speed of transactions while reducing the cost, giving access to money to more people with lesser restrictions and limitations, giving more freedom to transact. And at the same time preventing fraud and illegal activities. Dagcoin was created to fulfil all of these criterias – to become a digital version of money that people can use all around the world.
Near-zero transaction fees
Fixed transparent transaction fee without any hidden fees or exchange rates. Does not matter whether sending 10 or 10 000 dags, the cost will always be around 0.0005 dagcoins.
Almost instant transactions
Regular transactions can take from days to weeks, several cryptocurrencies can take from tens of minutes to hours. Dagcoin transactions are fully confirmed within 30 seconds on average.
Freedom to transact
People around the world have the freedom to make fast and cost-effective transactions with their Dagcoin wallets. No limits, no restrictions. You have control over your money.
Dagcoin is strictly following KYC and AML laws to reduce illegal or criminal transactions in the financial world.
Find merchants all around the world
Dagcoin is meant for using. Everything you do with regular currency, you will be able to do with dagcoins. This includes getting paid, going shopping, exchanging, taking loans, paying for services, travelling, and almost everything else that comes to your mind.
500 000+ members
The Dagcoin community is growing rapidly all around the world. Instead of creating a group of speculating traders who are chasing the price movement, we are building an educated community of cryptocurrency supporters who understand the long-term vision and are passionate about the true value of cryptos – the reasons they were created and how people worldwide can benefit.
Quick specs and the whitepaper
|Transaction fee:||Around 0.0005 DAG|
|Avg transaction time:||30 seconds on average|
|Total supply:||9 000 000 000 dags|
|Coin distribution:||5% – team, founders, advisors 95% – community|
|Distributed coins:||3B dags|
|Available in (exchange)||LBank|
The 3-step strategy for growth
Create an ecosystem
The biggest innovators are flexible and can adapt to changes faster than the industry giants. It takes a while for the biggest companies to start accepting cryptocurrency. The best way to start is by creating an ecosystem and build the main products and services ourselves.
Build the community
Once the ecosystem has been developed, we will grow the community and integrate the products and services into our everyday lives. A currency becomes strong once people and businesses start trusting and using it. We can show the world how cryptocurrency is truly meant to be used.
Scale & co-operate
Scaling the community to millions of people assures that the ecosystem is working and gives insight for perfecting the products. This is required in order to begin cooperating with the biggest brands in the world, eventually leading to mass adoption.
With Dagcoin, transaction delays are a thing of the past
One of the things the information age has taught us is that everything can always be done faster. We all expect bank transactions to be immediate, however with current banking systems, that is not the case. There are often long confirmation times even for local transactions but with Dagcoin, you can enjoy the DAG advantage. Here are 5 common reasons why your bank transactions could be delayed: Bank holidays and weekends As banks require a large number of manual processing for transactions, when bankers rest, the transactions stop. This means transfers can only be processed during specific timeframes. For instance, when doing business with the MENA region, weeks are from Sunday to Thursday, and the rest of the world works from Monday to Friday. This means there are only four common working days, from Monday to Thursday. In countries like UAE during Eid, or China during the Golden Week, banks are closed for a little more than one week, and transactions can take up to two weeks or longer to be approved. Time differences The length of time it takes for an international bank transfer to be fully processed might greatly depend on the time zones involved. Your bank transfer will take considerably longer if you send money to a location with a big time difference. The transaction can start being processed up to 24 hours after you send it and it will take a few working days to receive confirmation. However, even for a local bank transfer, timing is crucial. Payments processed at the close of business are usually sent the following business day. DAG advantage: Our DAG-chain technology enables our users to make transactions within 30 seconds on average. No matter the time, date, or season, you can enjoy fast transactions with Dagcoin. Currency exchange When making international transfers in different currencies, there are more transaction touchpoints. The transfer is often processed by multiple banks before it reaches the final destination. With the backlog of other transactions, international transfers can be anything from a few days to weeks. DAG advantage: When it comes to international transfers, there is no need for currency exchange, you can purchase the goods and services in dags so there is no need for extra touchpoints in the transaction. The dags will be transferred in less than a minute. Incorrect payment details One of the most common delays in money transfers originates from human error in entering transaction details. The bank will not approve a transaction with even one wrong letter or number. This leads to the rejection of the transaction and the money being sent back to the sender’s account, and they will have to start the transaction all over again. This is an expensive and time-consuming exercise. Missing paperwork When making international transfers there are different monetary laws for each country and there should be paperwork that needs to be processed for the transfer. Failure to submit one document could lead to severe delays. DAG advantage: With Dagcoin, there is also no need to worry about paperwork, countless documents, monetary laws, human errors in entering details, and so much more because Dagcoin uses Know Your Customer (KYC) to verify users on the Verify Once platform. KYC validates the identity of the user who is associated with a certain wallet. You can transfer dags to the verified user by clicking a link they send to you or scanning their wallet barcode. Once you approve the transfer, they will receive your funds in under a minute. To learn more about Dagcoin, visit https://dagcoin.org/
Ethereum successfully completes their final test run before the highly anticipated “Merge”
Since approximately ten years ago, when it was first created, Ethereum has been mined via a model known as proof-of-work (PoW). It involves challenging math equations that several machines compete to solve and was heavily criticized for its high consumption of energy, and subsequent environmental impact. Ethereum has been working on the “Merge” which will join the existing layer of the Ethereum Mainnet to a consensus proof-of-stake (PoS) layer, the Beacon Chain. The new PoS method will use staked ETH to authenticate transactions and mint tokens. PoS uses a lot less energy and is expected to speed up transactions. On the 11th of August, Ethereum successfully completed its third and final test environmental network (testnet) before the long awaited “Merge” with the Beacon Chain. The “Merge”, which is expected to happen sometime in this month, is being hailed as one of the most significant developments in the history of cryptocurrencies. Although the “Merge” has been praised by many for its advantages, there have been some community members that have been advocating for a fork in the Ethereum block-chain that will keep some of the transactions on the PoW system because abandoning it altogether will heavily impact people who make their living as crypto miners. The success of the final testnet boosted the value of ETH, the token native of the Ethereum blockchain, by more than 12.5% to around $1,900 on the 11th of August.
Beginners Crypto Abbreviation Lexicon
The crypto world is not easy for beginners to navigate. The moment one decides to dive into the world of cryptocurrencies, they are often bombarded with terms and abbreviations that are both unrecognisable and difficult to understand out of context. It is advisable to create a lexicon or a glossary/vocabulary list that can help you navigate through blogs, chats, articles, and social media posts. If you don’t know where to start, don’t worry, we’ve got you covered. In a previous blog we featured crypto terms you should know, today we cover 15 crypto abbreviations that are important for every crypto beginner. DAG and DLT - The DAG or Directed Acyclic Graph is an alternative to the better-known blockchain. It is also a type of Distributed Ledger Technology (DLT). DAG structures are considered faster and more scalable alternatives to blockchains. ATH - All Time High. This is in reference to the highest market value of a cryptocurrency. ATL - All Time Low. This refers to the lowest market value of a cryptocurrency. FUD - Fear, Uncertainty, Doubt. It is a tactic used to sway public opinion about certain cryptocurrencies or the cryptocurrency market in general by disseminating unfactual, inaccurate, or biased information. HODL - Hold On for Dear Life. This refers to purchasing and holding cryptocurrencies like Bitcoin and other cryptocurrencies. BTD - Buy the Dip. It means that the optimum moment to purchase more coins is whenever the price of your preferred coin declines. CBDC - Central bank digital currencies (CBDCs) are digital forms of fiat currencies that are issued by central banks. DApps - Decentralized Applications. They are enabled by Blockchain platforms that support smart contracts. DeFi - Decentralized Finance. PoS and PoW - Proof-of-Stake (PoS) mechanisms have been developed over recent years to mitigate the perceived problems and limitations associated with Proof-of-Work (PoW) — in particular, the resource-intensive nature of crypto mining at scale. DYOR - Do Your Own Research FOMO - Fear of Missing Out. This term is used in reference to the feeling of anxiety associated with a delay in making trading decisions. ICO - Initial Coin Offering. It is widely regarded as the crypto world’s version of initial public offering (IPOs) — and they were particularly popular during the 2017 crypto bubble. NFT - Non Fungible Token TX - Transaction. The act of exchanging cryptocurrencies on the blockchain Dagcoin is changing the cryptocurrency field into something more open and freely accessible to all, meaning less fuss about abbreviations as well. If you want to find out more, check out how to get dagcoins.
Iran completes its first $10 million cryptocurrency import.
The semi-official Tasnim agency in Iran said on Tuesday the 9th of August that Iran placed its first official import order using Cryptocurrency this week. This could allow the Islamic Republic to get around economic restrictions imposed by the United States. The $10 million import order was a first step toward enabling the nation to conduct business through digital assets that do not rely on the dollar with other nations similarly constrained by U.S. sanctions, such as Russia. The agency however did not clarify which cryptocurrency was utilized in the transaction. An official from the Ministry of Industry, Mine and Trade tweeted "By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,". Iran is subject to an almost complete economic embargo by the United States, which includes a prohibition on all imports, including those from its banking, shipping, and oil industries. The use of cryptocurrency could free their economy from the crippling effects of the economic sanctions. According to a research conducted last year, Iran accounted for 4.5% of all bitcoin mining activity, in part due to the cost-effective electricity there. Hundreds of millions of dollars could be made by Iran through cryptocurrency mining, which could be used to pay for imports and lessen the effects of sanctions.
What’s the Difference Between Dagcoin & Ethereum?
Many people assume that the different cryptocurrencies and the technology they’re backed by are all more or less the same, but this is far from the truth. In this article, we will look at the key differences between Ethereum and Dagchain, along with their pros and cons. What Is Ethereum? Ethereum was created in 2015. Like Bitcoin, Ethereum is based on blockchain technology. However, Ethereum uses this technology for different purposes. Bitcoin uses blockchain technology to facilitate person-to-person payments and to keep track of the ownership of its currency. As mentioned, Ethereum does host a cryptocurrency called Ether, but it is probably best known for hosting smart contracts. Smart contracts rely on blockchain technology to enforce agreement terms. For example, a smart contract could be set up to automatically transfer currency to one party once another party has received a specified good or service. Problems with Ethereum Like any computing network, Ethereum is potentially vulnerable to attacks. And, because of the anonymous nature of blockchain technology, Ethereum is also vulnerable to misuse by bad actors. The technology has been allegedly abused repeatedly in order to create Ponzi schemes. In 2018 a dapp called 333 Eth – one of the most popular dapps at the time – was accused of being a Ponzi scheme. It promised its users a lifelong return on their investment and took an 11% cut from its investors, which it said would be used for marketing. 333 Eth isn’t the only dapp to be accused of running a Ponzi scheme on the Ethereum network. PoWH3D, Fomo 3D, and FOMO Short were also described as Ponzi schemes loosely masquerading as games. What Is Dagcoin? Dagcoin is substantially different from Ether, Bitcoin, and other cryptocurrencies. We launched it with the goal of creating a decentralized cryptocurrency for use in developing countries. The idea was to help remedy the problems caused by falling currency power and take back power from big banks. We acknowledged that the public had come to see cryptocurrency as a dangerous get-rich-quick scheme. That’s why we launched Dagcoin; its aim is not to act as a commodity for trading but to serve as an actual currency. Its value is protected from speculative fluctuations because it is based solely on the size of the DAG-chain network. How Is DAG-chain Different from Ethereum? DAG-chain attempts to address some of the problems that have come up with blockchain technology: Lack of scalability High cost of proof of work The need for miners DAG-chain was created to be faster, more easily scalable, and more egalitarian than blockchain technology. A blockchain is a series of “blocks” of data that are formed by bundling together many transactions. Those blocks are then joined together into a “chain.” In a DAG-chain, each separate transaction forms its own block. The blocks are linked to multiple previous transactions to form what’s known as a directed acyclic graph, or DAG. DAG-chain technology does not have a need for miners tasked with confirming transactions. Instead, DAG-chain makes each new network member responsible for confirming at least one previous transaction. This means that DAG-chain lacks the kind of two-tier systems found in many cryptocurrencies, which generally privilege certain groups (usually miners). It also means that there’s an incentive to keep the DAG-chain operating quickly since each new user needs to confirm a previous transaction in order to add their own transaction. The Takeaway DAG-chain and Ethereum differ significantly in their uses and purposes. Ethereum is very useful for creating smart contracts and running corporate bureaucracy. DAG-chain, on the other hand, is intended to host a normal currency, Dagcoin, which is intended for everyday use. It differs from Ethereum in its use of Dagchain technology and its compliance with government regulations. Because of the system’s speed, it is also scalable and unlimited in scope.
Reaction to US May CPI Summary wiped more than $200 billion off Crypto Market
On Thursday the 10th of June 2022, The US Bureau of labor and statistics released the Consumer Price Index (CPI) Summary that revealed that inflation in the US was 8.6% in the month of May 2022. In the simplest terms this means that the US dollar can buy 8.6% less than it did before. The announcement sent panic into the market almost immediately. The stock market started a downward spiral and subsequently the crypto market followed suit. Over the weekend of the 11th-12th of June over $200 billion was wiped off the crypto market. The downward spiral continued into the next week until Wednesday the 15th of June when the US Federal Reserve made their announcement of a 0.75 percentage point rate hike to curb inflation. The market reacted negatively for a brief moment then recovered slightly. Though the crypto market had been on a 12 week downward spiral by the time the CPI summary was announced, the mass dump of assets put added pressure on several exchanges. Some exchanges announced layoffs while others even stopped withdrawals. Binance froze Bitcoin withdrawals due to a stuck-in-chain transaction and Celsius, a crypto lending platform, faced a liquidity crunch so severe that they halted all withdrawals on the evening of Sunday the 12th of June. Celsius posted a memo on Medium: “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations…” Celsius was particularly affected because their DeFi business had been affected by the collapse of Terra and Luna. Over and above that they are heavily reliant on staked Ethereum investments. The price of Ethereum was already unstable and the market drop exacerbated an already present problem, and forced them to halt withdrawals. To put the crypto crash into perspective, the closing price of Bitcoin on the 10th of June was around $29,200. By the 15th of June Bitcoin had lost about 30% of its value with the price fluctuating between $20,200 and $22,100, around 70% less than its all time high of over $68 900. The price of Ethereum on the 10th of June was $1,788. By the 15th of June it had lost about 40% of its value with prices fluctuating between $1,017 and $1,190, around 80% less than its all time high of over $4 800. Bitcoin and Ethereum accounted for a large percentage of market losses, but a plethora of other coins followed suit. The market value fell below $1 trillion for the first time in over a year. No one factor can be blamed for the crash but the CPI report was definitely a trigger that activated an avalanche in what was already an unstable market. When the American markets panicked, the rest of the world caught on too and the market as a whole suffered a severe crash.
What is Verify Once and How Does It Work?
Fraud is a huge problem today. Each year, millions of people worldwide are thought to be a victim of identity theft each and every year, in addition to insurmountable amounts of profits lost by businesses for similar reasons. It is why many governments around the world have introduced various Know Your Customer (KYC) and Anti Money Laundering (AML) laws to counteract this. It is extremely likely that you have had to verify your identity - by providing a copy of your driving licence, passport or identity card – when applying for services or buying goods online (especially financial products and services). This process causes problems for both individuals and businesses. For individuals, it can take many hours or even days to become verified, by which time you may not need the product or service anymore or have found another quicker alternative. Likewise, for businesses to check the identity of all customers in such detail is very time consuming, costly and harms conversion rates. Verify Once has been built to solve these issues. We know it can be frustrating to keep verifying your identity with each new company you wish to buy products from or whose services you wish to use. Especially when this process can take many hours or even days, leaving you without the product or service you need - perhaps desperately. The reason why we created Verify Once was to reduce the time and need to go through the verification process with multiple companies online and keep providing the same documentation again and again. This is why Verify Once does exactly as its name indicates. All you have to do is verify once, and you will never have to verify again in the Dagcoin ecosystem. But what do you need to do to verify yourself once and for all, and how long does it take? Getting verified with Verify Once is a quick and easy process that takes just a couple of minutes. All you have to do is enter your personal details, and upload a copy of a valid identity document as well as proof of address. Hit submit and you will receive an answer in just 60 seconds. Once your documents have been verified, they will be connected to the email address you registered on the Verify Once platform. To ensure that you and you alone have access, your account will be password protected. Meaning that only you have access to your verification data, all approved accounts with different companies/websites, and the possibility to apply for verified accounts with new businesses whose products you wish to buy or whose services you wish to use. Verify once - and never go through verification again in the Dagcoin ecosystem with any merchant that accepts VerifyOnce. But it isn’t just individuals that are at risk. Ecommerce, online gaming, and even social media companies are at high risk. Anyone with an e-commerce shop will be all too aware of chargebacks and fraudulently used card details. The new wave of Know Your Customer (KYC) and Anti Money Laundering (AML) laws are therefore widely welcomed. However, understanding and meeting these legislations can be difficult. Some larger companies and even smaller ones have taken specialist legal, AML or fraud staff on board in an effort to meet these new laws. But staff are often not just needed to set up and update these processes, but also to monitor and verify customer applications and accounts on a daily basis. This can lead to all kinds of outcomes, businesses that can verify customers quickly and efficiently, while at the same time greatly reducing fraud, can grow significantly. While companies with a slow, inefficient or weak process can see far lower customer conversion rates, and increased cases of fraud, criminals see them as a weak link in the industry. Verify Once processes and verifies customers, so you don’t have to. Saving you both time and money. At the same time meeting, all necessary Know Your Customer regulations. This is done by using state of the art technology which is fast, secure, automated, and integrated with artificial intelligence. Meaning that as criminals adapt and improve, so will the system. Conclusion Fraud costs both individuals and businesses around the world billions each and every year. This is why governments around the world have introduced various Know Your Customer and Anti Money Laundering Laws. This means as individuals you are often asked to confirm your identity by providing a copy of your ID, driving licence or passport when buying products or applying for services online. Businesses ask for this information not just to meet these regulations, but to keep you safe and prevent revenue losses to fraud. However, for individuals, the verification process can be time-consuming and repetitive (having to submit the same information again and again to different companies). And, for businesses, it is costly in terms of hiring the staff to check through your data and hiring experts to set up these processes. Verify Once gives you the chance to verify just once and then buy any products or apply for any service without needing to verify again in the Dagcoin ecosystem (with any Verify Once partner) and for businesses the safety and security of a system that meets KYC regulations, while at the same time cutting costs dramatically. Visit https://verifyonce.com to learn more.
Samson Mow to Advise El Salvador Crypto Adoption
Samson Mow, a Chinese-Canadian cryptocurrency entrepreneur, said on Thursday that he has launched a new firm named Jan3 to promote bitcoin adoption. He stated that the company has inked a memorandum of understanding (MOU) with El Salvador to create digital infrastructure. Mow, who lives in Shanghai, advised Salvadoran President Nayib Bukele on a $1 billion bitcoin-backed bond offering that was postponed last month due to the invasion of Ukraine and cryptocurrency market turbulence. “It’s a general MOU that says we’ll work together to build digital infrastructure for the country and for Bitcoin City(...)” Bukele suggested a ‘Bitcoin City’ in November, which would offer tax benefits to investors and utilise geothermal energy supplied by a neighbouring volcano. According to Mow, it's too early to place a monetary figure on the arrangement. The name is a tribute to the birth of the bitcoin network on January 3, 2009. Last year, El Salvador made bitcoin legal tender. Following a significant drop in the token's price since hitting a high in November, the move has been met with widespread scepticism. Mow was formerly the chief operating officer of BTC China and the creator of Pixelmatic, a video game production studio.