In the crypto sphere, there are many people who see cryptocurrency as a place where they can hide their assets, avoid taxes and stay anonymous.
At the same time, many of us lack trust in our governments because they have spent millions or even billions on expensive or needless projects. Even worse than that are the all too common news stories of politicians embezzling public money or taking bribes.
What we all want is a system where criminals cannot avoid detection and where all public money can be checked to ensure it is being spent on what was promised and none is being lost unjustly. And more than that - give billions without access to a bank account, the ability to create a credit history for themselves.
Dagcoin is a cryptocurrency that offers just this transparency — the transparency that builds trust between both users and governments.
Let’s find out how…
Transparency for Governments
It is fair to say that most of us do not trust our governments. Right?! And that lack of trust is absolutely understandable. Not only do they not fulfil their election promises, but they also squander millions or even billions on pointless projects or projects that never even see the light of day.
But, even worse than that, it is believed that corrupt politicians steal over $1 trillion each year from the world’s poorest countries. But it isn’t just in the developing world where this occurs. It happens much closer to home too.
Public funds are also not just stolen by the politicians directly, but by the owners, family and friends of companies who receive this money. One example of this was when a local government gave Northampton Town Football Club a £10 million loan to expand their stadium. And then, the vast majority of this money mysteriously vanished, and the improvement works promised for the stadium, although started, were never completed.
It was believed that the owner of the club transferred this sum to various subsidiary companies owned by himself and family members in exchange for bogus services. Eventually, the owner of the club was ordered to pay the local government £2.1 million as a result of this theft. Despite that, many millions are still believed to have been lost for good, despite the efforts of the police and banks to track down this money.
But just how could Dagcoin prevent this from happening? And ensure that money promised for individuals and projects goes where it is intended and is not lost unjustly or illegally?
Full transparency of transactions is possible with Dagcoin using the Chain Explorer. This means that it is possible to see if your local government has spent the $10 million they promised on the local roads project or $10,000 on the books they promised for your children’s school.
Of course, we don't need to see exactly what a certain government department is doing with their money, but having access to this information ensures that public funds and those companies that receive them have an extra incentive to use them for the decided projects and services.
Because if they don’t or money goes missing, there is a traceable sequence of transactions that can be followed by aware individuals, a chosen independent authority or the police.
Transparency for You
Although there are many who see cryptocurrencies as a way to avoid taxes. The vast majority of us pay them diligently because we know that without them we would not have doctors when we are sick, school places for our children or police to keep our streets safe.
Because of the Chain Explorer, we are all, as individuals - and businesses - able to keep a full history of transactions - just like with your bank statement.
This may not seem like a big thing for those of you with a bank account. But for the 2.5 billion people worldwide without a bank account, this creates a world of possibilities. For these people opening a bank account is not possible usually because they earn too little to open an account ($1-2 a day or less).
For the banks, these people cost them more than they can earn from their deposits. This means that these people are restricted to cash and have no means of creating a credit history to borrow.
By using Dagcoin, to receive a salary, buy food, pay bills, etc., these people can create a credit history. This can be used to show not just their income and expenditure, but also what they can afford to pay back a bank or other lender.
The minute you can borrow, you can invest, whether that is in new equipment or stock for your business, your or your children’s education, etc., the possibilities and opportunities are only limited by your imagination.
Imagine a world where you can use crypto not just to receive your wages, pay for bills and buy goods. But one where you can also build a credit history and borrow money? It sounds amazing, right?
Now imagine that your government uses this currency too and it is possible to see their transaction history. The police can also find criminals much more easily, gone are the days of criminals thinking they can use crypto to hide money.
We all want a future where our governments are more transparent and open with us because we feel they have this information about us already.
Dagcoin doesn’t just provide solutions to the usability of crypto and transparency for governments and individuals. But, it gives the poorest people in the world without bank accounts the chance to build a credit history, and potentially borrow money to grow as individuals.