Many of us might not know, but today there exist more that 700 different cryptocurrencies that are available for purchase all around the globe. A vast majority of these digital assets are based exclusively on the blockchain, a technology that came into existence in the year 2009. Since its first incarnation, this technology has been constantly refined, and has been made to undergo a wide variety of improvements including:
- Use of a POS (Proof of stake) mechanism
- Application of different mining algorithms
However, with that being said, it should be understood that there are still quite a few issues that remain prevalent within the blockchain. For starters, there is the challenge of scalability that needs to be addressed. Similarly, another major issue is that of POW costs (Proof of Work) which cause crypto transactions to cost way more than they actually should.
What Is DagCoin?
Simply put, Dagcoin can be thought of as a “decentralized cryptocurrency” that is designed primarily for the Asian economic markets, but can still be used all across the globe. From a more technical standpoint, we can see that this currency has been built upon the “byteball network” which was first conceived by Anton Churyumov in 2015 (and has been live since September 2016). Some of the key aspects of this network include:
According to the company’s official whitepaper, Byteball data is “stored and ordered” via the use of a technology called the directed acyclic graph (DAG) rather than blockchain. As a result of this, users are able to secure each others transactions by invoking reference to earlier transfers that were done by other users.
Another aspect of the Byteball network is its ability to scale up, as and when required. This helps get rid of problems pertaining to ‘blocksize’ that are common within blockchain systems.
No issue Of Double Spending:
Though the use of a “consensus algorithm”, Dagcoin is able to protect itself from the issue of “double-spends”.
According to statistical crypto data, it can be seen that monetary transactions done via the use of DagCoins are some of the cheapest within the market today.
Why Choose The Most Common Cryptocurrency DagCoin?
Some of the key aspects of Dagcoin that separate it from other alt currencies include:
As is clear for most of us to see by now, almost every cryptocurrency that is available on the market is either based on the Bitcoin or Ethereum blockchain. As a result of this, most of these coins are plagued with issues related to scalability. However, Dagcoin is built on the DAG network, and is thus able to provide users with easy scaling possibilities without any problems of system slowdowns etc.
New Distribution Model:
While other crypto assets depend upon the use of miners to complete/ verify transactions and earn coins, Dagcoin is independent of such issues. It is able to completely eliminate problems related to transaction fees and slow transfers.
As mentioned earlier, most cryptocurrencies are based either upon the ethereum or bitcoin blockchain. However, Dagcoin uses its own ecosystem that is easy to use, and can serve as an effective payment solution where one can “feel secure about their money”.
DagCoin Key Features
As with all major cryptocurrencies, transactions that occur within the DAG network are confirmed instantly. Not only that, payments can be sent and received from any part of the globe within a matter of seconds.
No Charge Backs:
As mentioned earlier, once dags are sent, there is no possibility to reverse the transaction chain.
Though the use of patented safety protocols, all transactions are performed in a completely anonymous fashion, and can never be traced back to any one individual.
Sending and receiving this currency is extremely simple, and can be one via the simple click of a button.
Minimal Processing Fee:
Even when compared to other crypto payment platforms, the processing fee for transferring sums as large as 1,000,000 USD via the DAG network is a mere 0.0005 dagcoins.
Other Important Aspects To Consider
No Hassle Laden Paperwork:
Users from any country, irrespective of their age can send/ receive dags without having to fill out countless forms.
Since this asset is still in its infancy, dag can be a worthwhile investment option for people looking to invest in cryptocurrencies.
The company is currently offering all of its users with the option to procure a ‘DagWallet’ absolutely free of cost. This digital wallet can be downloaded from the company's website for a multitude of different platforms (iOS, android etc). Not only that, it can be used on smartphones, tablets, PC’s and laptops without any performance issues.
As mentioned earlier, this currency does not require any miners to help execute transactions. As a result of this, a lot of electricity can be saved.
Diverse Backup Options:
Another key facet of this platform is its ability to “backup and sync” our DagWallet with a wide array of digital devices so that we can recover our wallet in case something goes wrong with our phone.
How Do I Get On Board With DagCoin Wallet?
Dagcoins can be purchased from many different online exchanges at stable rates. Additionally, there are other means of procuring the currency that have been outlined on the official company website. For any further details or queries regarding this platform, customers have been encouraged to write to the company by visiting the “contact us” page. According to the official website, all questions will be answered within a time frame of 24-72 hours.