Article by Dagcoin
A new innovative platform for cryptocurrency is in development, with the aim of faster and cheaper transactions and far more convenient user experience than current alternatives. Dagcoin and the DAG-chain technology it is based on, seeks to be a solution to the issues that might be awaiting mainstream cryptocurrencies.
While cryptocurrency has so far been synonymous with blockchain-based technology of the likes of Bitcoin (and more recently, Ethereum), a need for an alternative has arisen. As this type of digital mining technology is energy intensive, the expanding amount of its users will face a new line of technical problems.
In the summer of 2017, it was possible to make up to 7 transactions in a second with Bitcoin. Within a few weeks, it was then changed to 56, bumping the transfer time to 20 minutes up to an hour. This also meant an increase in commissions for moving cryptocurrency up to hundreds of euros in case of bigger transactions. DAG-chain technology is built to fix any of these technical issues without compromising security.
For example, with Dagcoin, the limit of transactions that can be made in a second actually grows together with the amount of users. Not only do transactions move instantly, but the fees are exponentially lower – as of writing this, one can take the fee of one Bitcoin transaction and pay for all transaction fees of using Dagcoin as payment for 5 to 15 years. Besides Dagcoin, two cryptocurrencies currently exist (Byteball and IOTA) that are also based on the DAG-chain. The former also takes a technical step forward from its two predecessors.
The goal with Dagcoin is to design the future of cryptocurrency. User-friendliness is key here: not only within the cryptocurrency field, but in general banking and finance as well. For example, a large part of the population in Asia faces a crisis of inaccessibility to centrally managed banking systems and it’s a problem across the globe. Cryptocurrency that is user-friendly and convenient can be a solution in this case.
Dagcoin cryptocurrency has entered its final phase of its first development stage. Currently, the terms of cryptocurrency exchanges are being fulfilled in order to make it available to all interested parties. The code used in the development is open to the public and accessible in github.
Blockchain was the first platform that even enabled the use of cryptocurrency. It is a significant invention that virtually rocked the financial sector to its foundation. However, while constant improvements are given to it in order to make cryptocurrency exchange faster and more inexpensive, it is a challenge that’s becoming more difficult day by day. At the end of the day, it is important to recognize the signs of a technology becoming obsolete, and focus on innovation.