It is fair to say that there are a few pain points when it comes to the Blockchain technology. The first is speed. For example, on average it takes tens of minutes to be for a Bitcoin transaction to be confirmed and delivered via the blockchain. Although this sounds great compared to waiting days for an international bank transfer, when it comes to paying for a quick cup of coffee from a café on your way to work, it is just not feasible to wait that long – when cash and card transactions take seconds.

The other big pain point with Blockchain technology is the cost to use the service. Blockchain-based cryptocurrencies are expensive to use because users are rewarded with a small amount of the currency as a reward for confirming the transactions of other users. It is this confirmation process that also makes these transactions so slow.

What the developers of DAG-chain set out to do was to build the technology needed to create a cryptocurrency that was not only faster and cheaper but built to be used just like money – so you can buy that quick coffee on the go with your cryptocurrencies. But just what did they create, and how?

Let’s find out in this week’s blog…

The DAG-chain Solution

The biggest bottleneck when it comes to how long it takes for Blockchain cryptocurrency transactions to be delivered is the confirmation process. As stated above, this is the process where other users of the currency confirm your transaction in a process known as mining. If you search online you will find streams of articles, posts, questions, etc. about the 10 minute Bitcoin confirmation barrier. This is the time it takes to receive just one confirmation. With 6 being widely accepted as the safest and most secure, a transaction time of 1 hour or longer is normal.

It’s fair to say that this doesn’t work when it comes to businesses or users. You cannot wait in the supermarket for 1 hour for the payment of your weekly shop to go through (imagine the queues!), at the same time even for online businesses this is not tenable as it delays dispatch and delivery. Choosing Bitcoin over debit/credit card could be the difference between getting next day delivery and not.

This is why DAG-chain was built in a way that every new transaction on it validates the previous one. And, by doing so, transactions happen instantly, and they are validated in 30 seconds on average – making it possible to use it anywhere, at any time, and to buy anything.

Removing the confirmation process also reduces the cost too. On average, the fee is around 0.0005 DAG.

Removing the confirmation process doesn’t just make it faster and cheaper, it makes it more reliable too, Bitcoin has seen transaction times up to a week and huge swings in transaction fees. With DAG-chain technology, this remains constant, so you know just how long it will take and how much it will cost.

The Most Usable Cryptocurrency Technology

DAG-chain technology was developed by the creators of Dagcoin to enable their dream of creating the most useable cryptocurrency. A crypto that you could use just like money. And it isn’t just the increased speed and lower cost making it more useable. It is scalability too.

One of the big problems with the blockchain is that the more users it has the slower it becomes, so those slow transaction times we see today, are only set to get slower. With DAG-chain if anything the transaction times will only get better. This means that the DAG-chain could be used by everybody in the world and it would still be just as efficient if not more so than today.

One great feature of the DAG-chain is the record that is kept of transactions. This means that not only can people be paid in dags but pay their bills and buy all the things they need, and there is a record of this, not too dissimilar to a bank statement. This gives billions of people without access to a bank account a safe and secure place to store their money, save, and potentially borrow. And this is just the tip of the iceberg, to read more about the benefits of DAG-chain click here.

By also being the developer of DAG-chain, this means that not only can we create and update features quickly, but also develop the custom solutions that will benefit our community the most. The DAG-chain is already so successful that a number of companies and even other cryptocurrencies have begun using the technology.

The Future

It is important to understand that technology is just one part of building up the most usable cryptocurrency ever. The concept and approach play a very big role as well. Fundamental steps such as not making the currency available on any trading platform, make its price more stable (and in turn more user-friendly) than any other cryptocurrency.

Despite all these great innovations and a growing community of more than 350,000 users, there is still room for improvement. This is why in the second half of 2020 we hope to release a major update that will increase the reliability and capability of the DAG-chain, advanced identity management, as well as add further compliance layers and transparency.

Conclusion

DAG-chain technology cuts out the confirmation process, making cryptocurrency transactions using the technology super fast, and cutting down the average cost of a transaction to just 0.0005 DAG.

This makes it possible to go into a cafe, grab a coffee to go, pay with your Dagcoin and carry on with your journey to work – without delay.

Not only that, DAG-chain is scalable, meaning that even if everyone in the world were to use it, it would remain just as fast, cheap and secure.

Being the developer of Dag-chain technology as well as Dagcoin, gives us the possibility to create and upgrade features that best meet the needs of you as a user. Making Dagcoin the most usable cryptocurrency available today.

Join a growing community of more than 350,000 people using Dagcoin.