In order to achieve a more accessible currency globally, the cryptocurrency sector needs a serious change of direction. It is right and natural for each country to have its own currency based on crypto technology and transparent solutions. Currencies and money that aren’t nationally issued, can exist alongside cryptos. These can be “people’s money” that is based on community and people’s trust.
These alternative currencies, i.e. cryptocurrencies, however, will not be anonymous Wild West-type payment methods. They have to be transparent, providing assurance to the country that its people cannot use these monies for participating in or supporting criminal activities, avoiding taxes and hiding assets.
Individuals’ transactions, as well as governments’ transactions using national cryptocurrency, need to be transparent. In this way, we can move towards a society in which we can talk about having trust in government and monetary policies, as the technology behind cryptocurrency can offer the necessary transparency.
Today, even legendary Estonian banking and finance experts have publicly admitted that if sooner or later, an alternative to money will be found and a cryptocurrency with the right goals will be taken into use, then it’s better to be the one to take the bull by the horns.
Estonia has the capability to take the initiative as the interest in developing different versions of cryptocurrency in a digital country like Estonia is enormous.
What might be the solution?
Dagcoin’s community is mainly in developing countries where the need for cryptocurrency is greater. We’ve been guided by the principle of smaller amounts of crypto to larger numbers of people, in order to avoid the accumulation of capital to only a few individuals. To avoid price fluctuations caused by a volatile market, we’ve also created a new way of pricing cryptocurrency.
The price is based on fundamental values, which are the number of users and the number of vendors. The more or fewer there are users and vendors, the higher or lower the value of Dagcoin. As a result, the currency will have a more transparent value and users and vendors needn’t worry about the price fluctuating from hour to hour, day to day or week to week.
Unlike Bitcoin and other cryptocurrencies, Dagcoin is not after anonymity. This is best shown by the analytics we’re currently developing, which will, in the future, provide regulatory bodies the opportunity to check that the currency is not being used for unlawful transactions.
At the moment, the cryptocurrency world is like traffic without traffic lights and traffic signs. Dagcoin wishes to change this, but still maintain people’s right for making transactions freely and comfortably.
In order to achieve this, Dagcoin is using directed acyclic graph technology (DAG). The operating principle of DAG-chains differs from blockchains, as validating transactions doesn’t require expensive mining, instead each new transaction helps validate previous transactions.
Thanks to our technology, Dagcoin is faster, has inexpensive (almost non-existent) transaction fees, and is more environmentally friendly than Bitcoin.
Thanks to affordable transaction fees and accessibility, Dagcoin is going to make digital currency and banking available to nearly 2 billion people, who have, so far, not had these opportunities. Dagcoin has the largest number of users in developing countries like India, Indonesia and Columbia.
Today, we’re already changing the way in which these countries’ communities trade with the rest of the world and how they sell their products and services.
For example, it is now also possible for an Estonian to buy Columbian design services using dagcoins. A Columbian design company can then use those same dagcoins to pay their employees, who can go on to use dagcoins to buy food from the local café or shop. The food vendors can, in turn, buy produce like meat and cheese from local farmers using dagcoins. Farmers can then pay their employees in dagcoins. Building similar payment chains, we’re changing the economic system of the world.
It is undeniable that the cryptocurrency market still needs a lot of work to achieve the goal for which the currency was initially created – usability. It is important for people to notice the problem and not see cryptocurrency as just a financial instrument.