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Trading Lessons

DasCoin: A 5-Minute Guide to How It Works

Currencies / BlockChain Mar 15, 2018 - 04:52 PM GMT

By: Anwar_Hossain

Currencies Anwar Hossain writes: The altcoin’s minting and overall usage are quite straightforward, except for a few changes. Here is how DasCoin works, if you are in a hurry.

You might like that DasCoin operates in a similar way as Bitcoin—to some extent. That would mean you do not have to learn the entire DasCoin concept from the ground up. But, that also means DasCoin has a couple more offerings you might want to know about—even if you have just five minutes.

So let’s get you up-to-date, shall we?

What is DasCoin?

DasCoin is a convertible store of value unit at the center of DasEcosystem. A DasCoin is produced and distributed in exchange for Cycles that have been submitted to DasNet.

DasCoins are not mined, rather they are minted, following a central authority’s better judgment of when it should be done. This avoids oversupply or undersupply, which can cause a DasCoin inflation.

Initially, there were 8.5 billion units in their private, permissioned blockchain that are projected to last for the next 12 or so years. There are just under 7.9 billion now, according to their official website.  

What is a Cycle and a DasNet?

The DasNet is simply the whole high-speed node where the DasEcosystem exists. And DasEcosystem is simply DasCoin’s entire network of services powered by their digital currency, DasCoin. The ecosystem includes e-wallet and DasFinancial services (their financial institution), DasExchange, DasPay, and a network of partnering merchants across the globe.  

Cycles make DasCoin acquisition quite different from mining bitcoin. A cycle is “a closed-loop, single currency” that’s only accessible to users who purchase a NetLeaders License using either bitcoin or euros. Cycles bought must be submitted to DasNet for DasCoins to be released to the owner.

You are basically buying DasCoins directly from the DasCoin blockchain. When you submit your cycles, you are providing value to the DasCoin system.

There are no expert developers to pre-mine DasCoin and sell them to you later, as it happens in the mining of bitcoin. Even more interesting, not even DasCoin’s senior staff can pre-mint or pre-mine DasCoins for their own accounts.  

Proof-of-Value and “Proof of License”

Proof-of-Value, as mentioned before, is simply about you buying a license to acquire your desired amount of DasCoins directly from its blockchain using Bitcoin or euros.

Now instead of the Proof-of-Work in Bitcoin mining, DasCoin minting allows users to receive “Proof of License”. Here, a consensus is reached when the inbuilt blockchain algorithm randomly defines a licensed node to make the next block.

Here’s how DasCoin management comes in.

In a DasEcosystem, minting is centralized, but the distribution is decentralized.

The management team works to preserve the integrity of the DasEcosystem, ensuring things like funding terrorism, money-laundering, and blatant extortion, do not happen. Part of accomplishing that task involves ensuring everyone is a verified member.

Yet, they have to maintain your privacy while being transparent about your identity. No anonymity here, but you get added protection. Because the peer you are transacting business with will also be verified, they are likely to only engage in genuine deals with you.

Like any other cryptocurrency, you can transfer and buy stuff online and in physical stores using DasPay. But your identity will be known by the system even if your peer doesn’t know you.

By Anwar Hossain

© 2018 Anwar Hossain - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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