Dagcoin is a unique new cryptocurrency that moves digital tokens away from the blockchain for faster speed and better scalability. Here’s our Dagcoin review.
What is Dagcoin?
Dagcoin is a cryptocurrency that offers a new type of blockchain technology. With Dagcoin, data is stored and organized using a Directed Acyclic Graph (DAG) system instead of blockchain technology. This allows all users to secure one anothers data by referencing earlier data units created by other users (similar to blockchain). However, it also removes scalability limits commonly encountered on blockchains – like blocksize issues.
What does that mean for users? It means Dagcoin is 300 times faster than bitcoin and has 30 times cheaper transaction fees.
Another unique feature of Dagcoin is that you can earn coins through educational programs. Dagcoin has an educational partner called DAG Corporation that rewards you with free Dagcoins in exchange for completing courses.
Benefits of Dagcoin
Dagcoin sees itself as a superior cryptocurrency with many important advantages over bitcoin. Here are some of the major advantages of Dagcoin:
Blockchain transactions are taking more and more time to confirm. In contract, transactions on the “DAG chain” take less and less time as the network of users grows.
Low Transaction Fees:
Regular transactions have a small fixed fee regardless of the amount that is sent. More complex transactions like conditional payments have bigger transaction fees.
Both Dagcoin and the platform it’s built on, Byteball, are open source. The code is available for anybody to see and check.
The process of mining is old and requires tremendous amounts of computing power. As the Dagcoin.org website explains, that “means huge electricity consumption.” Therefore, Dagcoins are generated without physical mining.
Easy to Use:
Dagcoin emphasizes ease of use, regardless of your experience with cryptocurrencies or blockchain technology. It starts with a user-friendly payment solution available for users and merchants, as well as easy ways to send/receive coins. As the website explains, sending Dagcoin “is as easy as sending an e-mail.”
The Dagcoin website claims that the coins are a great investment because the “overall market is rallying towards a trillion dollar market cap and Dagcoin with new technology has huge growth potential.”
The History of Dagcoin
If you’re like most people in the cryptocurrency community, then you’ve never heard of Dagcoin. Here’s how the digital token came to exist.
The idea first formed in December 2016. By March 2017, the Dagcoin development team begun coding the platform. In June 2017, they launched on a testnet, created the tokens, issued Dagcoins, begun distribution, and issued beta releases for the wallets. They also launched the Dag Explorer platform.
In July, Dagcoin published its whitepaper online and began a digital marketing campaign. By August, Dagcoin plans to implement an automatic fee system, multi-signature support, multi-wallet, and a chatbot.
Future planned features include P2P payments in chat, conditional payments, prediction markets, along with a full merchant API launch before October 2017.
In 2018, Dagcoin plans to go mainstream.
Who Created Dagcoin?
Dagcoin is led by Founder and CEO Nils Grossberg. The company is based in Estonia.
Dagcoin Educational Organization
One of the unique things about Dagcoin is that the organization has partnered with some type of educational platform where you can earn Dagcoins in exchange for completing various courses. You pay a fee (in USD), then complete the course, learn about cryptocurrency, and earn Dagcoins in return.
There are six different packages available online through Dagcoin.pro, including:
Starter ($100 USD): Learn about the fundamentals of cryptocurrencies, then receive 100 Dagcoins upon completion.
Explorer ($500 USD): Gives deeper insight into what cryptocurrency is and how to excel in the art of selling. Receive 500 Dagcoins upon completion.
Advanced ($1,000 USD): Advanced course that teaches the technical aspects of cryptocurrency and takes your sales skills to an advanced level. You receive 1000 Dagcoins upon completion.
Expert ($2,500 USD): Teaches you how to be an outstanding public speaker and how to present your ideas. You receive 3000 Dagcoins upon completion.
Pro ($5,000 USD): Explains how to become a professional in sales while providing a thorough guide to psychology and human behavior. You receive 6000 Dagcoins on completion.
Mentor ($12,500 USD): This is an intensive course for becoming a top level leader and mentor. You receive 17,500 Dagcoins upon completion.
Ultimately, Dagcoin is a non-blockchain cryptocurrency based on Byteball. The currency has a fixed total supply of 1,000,000,000 Dagcoins. It emphasizes faster transaction speeds and lower transaction costs than blockchain-based cryptocurrencies like bitcoin. Chatbots, conditional payments, decentralized exchanges, and P2P payments are all available with Dagcoin
Dagcoin also has a unique educational program where you can pay a fee in USD in exchange for receiving a cryptocurrency education. On the completion of the program, you receive payment in Dagcoins. It’s unclear how these programs are connected to Dagcoin (if at all). You can find the educational programs at Dagcoin.pro, while the main Dagcoin website is found at Dagcoin.org. You can also find the digital token’s extensive and detailed whitepaper here.
Dagcoin’s developers are based in Estonia. The developers are preparing to roll out the platform over trhe remainder of 2017 and beginning of 2018.