With technology ushering into the modern economy, we continue to find ways to turn traditional currencies into digital ones. Bitcoin in 2009, for the first time, introduced its source code that brought about a revolution in the micropayments industry. While plastic money in the form of debit/credit cards and digital wallets have been widely adopted, cryptocurrencies received mainstream acceptance as they offered an economical and quick solution for fund transfers across the globe. Although the crypto space saw several digital currencies trying to solve different problems, their technology faced several inefficiencies that held back the potential of such tokens being adopted globally.
DICE Money, a new-age cryptocurrency, introduces a digital economy that does not run on a traditional blockchain platform but at the same time retains the features and benefits of cryptocurrencies. Eliminating drawbacks from the existing ICO model of fundraising, DICE offers a self-supporting model wherein users mine digital tokens to support individuals, businesses and/or social organizations raise funds. There’s remains noise about fiat currency and digital tokens, so, let’s decode how these stores of value differ and further explore how DICE Money stands out while integrating the best features of both.
Difference between Traditional Money and Other Cryptocurrencies
In simple terms, money can be used to purchase goods or services and also be saved or invested. It’s able to perform all these functions because of it trivial virtues like ‘store of value,’ ‘medium of exchange,’ ‘unit of account’ and ‘standard of deferred payment.’
It further has always been backed by a central authority with its supply fixed by this high-power entity. It can take one of the following forms-
Tangible or intangible assets that have an intrinsic value, for instance, gold, copper, silver, stock shares. These assets possess value based on specific measurement methods and rates.
The most commonly used form of money is fiat. Unlike real currency, it’s not backed by a tangible or intangible asset and is most commonly a paper note or a non-precious metal coin. It derives value as governments declare it as a legal tender to be accepted as a mode of payment ‘for all debts public and private.’ Examples include USD, EUR, GBP, and JPY among multiple other currencies. Such currency typically circulates within a particular national economy and is regulated by a central bank to acts as a promissory note issued by respective government authorities.
Digital currencies are similar to fiat currency, and the critical difference is that while fiat currencies are tangible, digital currencies are intangible and have a digital existence. Examples include money in the form of debit/credit cards, digital wallets such as Paypal and the likes.
Cryptocurrencies are digital assets and have gained popularity in recent times with examples that include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple. They have been designed to be used as a medium of exchange and eventually replace traditional money. There is no central authority controlling cryptocurrencies; instead, they are secured by cryptographic algorithms across a distributed ledger. The technology that empowers such currencies is blockchain- a public financial transaction database.
DICE Money– Integrating the Best Features of Traditional Money and Cryptocurrencies:
DICE Money is a new-age cryptocurrency that is developed to integrate the best features of both cryptocurrencies and fiat currency. Similar to cryptocurrencies, DICE tokens get mined (or created) without a central authority or trusted third-parties. Additionally, DICE tokens can be used to purchase goods or services or even be donated for social causes or transferred to friends and family. Like cryptocurrencies, DICE platform is also decentralized. However, it differs by being more efficient, faster and less costly by utilizing multiple ledgers, instead of a single ledger.
Similar to a fiat currency, owners on the platform can transact in DICE tokens even offline, seamlessly at the stores that accept such digital assets.
With similar features integrating the traditional money and digital cryptocurrencies, DICE stands apart from conventional cryptocurrencies on various grounds. Unlike cryptocurrencies that require specialized wallet to store, DICE tokens do not need such wallets and can be stored online in the form of a binary file, email or offline as a printed note or USB flash drive.
Additionally, for the first time in the cryptoverse, DICE allows users to mine DICE tokens offline enabling many exciting fintech opportunities. With offline mining, users will have renewed security with safer options without the fear of crypto-jacking where someone else secretly uses your resources to mine cryptocurrencies.
Well suited for a shock-free adoption as the everyday money, users can participate on the revolutionary platform that simplifies fund-raising most economically while offering a gateway for millions to connect on the platform socially. Combining the best features of crypto and traditional currencies. DICE has the potential to evolve as a universally accepted digital currency secured by cryptography.
Name: Dilip Chandar
Email: [email protected]