Dagcoin: A blockless cryptocurrency

in cryptocurrency •  8 months ago

Do you know about Byteball? It is the cryptocurrency which is currently valued at $686 per coin and Rank #30 in
coinmarketcap.com . Instead of blockchain, byteball uses a unique data structure called DAG (Direct Acyclic Graph) or known as "Cryptocurrency without blocks".

There are only 3 cryptocurrencies that uses DAG chain at present:

IOTA
In the end of 2015 a cryptotoken optimized for the Internet-of-Things (IoT)
industry called IOTA, was introduced. Instead of the global blockchain, the
main innovation behind IOTA is a DAG that they call Tangle – a blockless
distributed ledger which is scalable and lightweight. IOTA is currently still in Beta.

Byteball
Byteball was introduced in the middle of 2016. Byteball is a decentralized
system that allows tamper proof storage of arbitrary data, including data that
represents transferrable value such as currencies, property titles, debt, shares,
etc. There is an internal currency called ‘bytes’ that is used to pay for adding
data into the decentralized database. Other currencies (assets) can also be
freely issued by anyone to represent property rights, debt, shares, etc. Users
can send both bytes and other currencies to each other to pay for goods/services
or to exchange one currency for another.

and finally the new cryptocurrency that is built on top of Byteball, the manifestation of DAG itself.....

Dagcoin
Dagcoin is the first asset built on Byteball’s platform and network, apart from
Byteball’s internal currency bytes. Dagcoin and Byteball evolve hand-in-hand:
Dagcoin benefits from the developments of Byteball and vice versa. The
popularity of either one improves the network effect for the other one.

Dagcoin as a cryptocurrency

  1. 1 000 000 000 coins – suitable amount of coins for both big purchases and  also micropayments
  2. Decentralized – first external cryptocurrency on Byteball peer-to-peer network which gives you the control over your money
  3. Continuous development – huge community is developing the platform and the wallets
  4. Eco-friendly – no mining hence no heavy use of electricity
  5. 24/7 transactions - crossbank, crossborder, any time, anywhere
  6. Fast transactions – processing time of payments is only a few seconds
  7. Cheap transactions – low network running costs mean low transaction fees for users
  8. Secure – no risk of exposing your personal or card details
  9. Easy to use - everyday currency for paying everywhere with mobile phone
  10. Vast ecosystem – games, merchants, financial services, payment solutions
  11. Valuable – high demand for this next generation cryptocurrency
  12. Strong vision – DAG is the future of financial world and cryptocurrencies
  13. Multisignature – possibility of several signature requirement for payments
  14. Conditional payments – possible to set a condition when the payee receives the money, otherwise you can take the money back
  15. Mobile payments – no need to carry your cards or wallet, just your phone
  16. Fair Distribution – smaller amounts of coins are distributed to more people who have completed educational courses, no big speculators or traders


    ***Other important links and references

    https://dagcoin.org/en - official website

https://github.com/dagcoin/dagcoin - Dagcoin sourcecode

https://bitcointalk.org/index.php?topic=1177633.0 - Announcement page

https://github.com/dagcoin/dagcoin/releases  - Wallet (Beta)

Dagcoin will start their 3 month pre-launch period on the 1st of July 2017, and they are now open for private investors.

Instead of using the usual ICO/Crowdsale, where the only people who gets to buy and participate are cryptocurrency enthusiasts, Dagcoin uses a different approach. They aim to educate every regular people who does not know about cryptocurrency, and build trust as well. Thus, making a stronger demand with exponential growth potential versus their total and limited supply of 1 Billion Dagcoins.

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For those who wants to buy Dagcoins, just go to https://dagcoin.team/en/registration and use these affiliate numbers/links.
A.) 8486650
B.) 8219643
C.) 7404446
D.) 7202071

Or you can follow me and inbox me on Twitter for more details so we can further talk about this great million $$$ cryptopportunity @TsarBombaBoy (Twitter).

Come on and hurry! Buy your Dagcoins now before it gets into public exchangers (i.e Poloniex or Bittrex) within this year 2017.

Please follow me here on Steemit. Thanks.

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What is the benefit of having a cryptocurrency operating on top of... another cryptocurrency?
In other words, what problem is DAGCoin supposed to solve?

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@wekkel
It solves blockchain challenges.

The ever-growing size of the blockchain is a problem for storage and
synchronization. Bitcoin network can process 7 transactions per second and
the most capable blockchains could theoretically process a few thousand
transactions per second. VISA being the largest payments network is capable
of processing 56 000 transactions per second. As cryptocurrency should
help the unbanked, the need for transactions is much higher than even VISA
can handle.

Transaction fees
Transaction fees rise with the increase of transactions. Users can pay bigger
fees to the miners to motivate them to confirm transactions faster.
Blockchain is great for smart contracts and corporate bureaucracy, but not
for everyday currency.
Bitcoin is perfect as digital gold, but not as everyday currency.

While on DAG chain
A DAG chain unit includes
the signatures of one or more users who created the unit and references to
one or more previous units (parents )identified by their hashes.
Units are linked to each other such way that each unit includes one or more
hashes of earlier units, which serves both to confirm earlier units and
establish their partial order. The set of links among units forms a DAG
(directed acyclic graph). There is no single central entity that manages or
coordinates admission of new units into the database, everyone is allowed to
add a new unit provided that he signs it and pays a fee equal to the size of
added data in bytes. The fee is collected by other users who later confirm the
newly added unit by including its hash within their own units. As new units
are added, each earlier unit receives more and more confirmations by later
units that include its hash, directly or indirectly.
Unlike blockchains where issuing a block is a rare event and only a privileged
caste of users is in practice engaged in this activity, a new unit starts
accumulating confirmations immediately after it is released and
confirmations can come from anyone, every time another new unit is issued.
There is no two-tier system of ordinary users and miners. Instead, users help
each other: by adding a new unit its author also confirms all previous units.
References to parents is what establishes the order (only partial order so far)
of units and generalizes the blockchain structure. Since we are not confined
to one-parent–one-child relationships between consecutive blocks, we do
not have to strive for near-synchrony and can safely tolerate large latencies

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Thanks for your elaborate answer. But what does DAGCoin do what Byteball does not do?

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@wekkel
Thanks for the reply.
.
First, we should understand that Dagcoin is the first asset built on Byteball’s platform and network, apart from
Byteball’s internal currency bytes. Dagcoin and Byteball evolve hand-in-hand:
Dagcoin benefits from the developments of Byteball and vice versa. The
popularity of either one improves the network effect for the other one. So I'd like to consider Dagcoin is the "altcoin" of Byteball.

With regards to your question on what Dagcoin does, you can read that on my blog above. The one with "Dagcoin as a cryptocurrency.

They both use DAG (direct Acyclic graph) so technically they have many similarities.
The only difference is, unlike Byteball, Dagcoin is more focused on worldwide commercial and regular use for the people like mobile payments, games, merchants, financial services, payment solutions coz' as I've said it's the asset class buit on Byteball. The altcoin of Byteball.

Differences are also dependent on how far the development of both Byteball and Dagcoin would go in the future. Even though they use same DAG technoloy, the fact that development is a consistent process, many technical and practical differences will appear in the years to come considering that Byteball does not really focus on commercial and regular use for regular people unlike Dagcoin.

Thank's for the info on Dagcoin.

·

You're welcome bro. :)

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For those who wants to buy Dagcoins, just go to https://dagcoin.team/en/registration and use these affiliate numbers/links.
A.) 8486650
B.) 8219643
C.) 7404446
D.) 7202071

Is Dagcoin better than Onecoin? I notice they both sell educational package and the ex Onecoin European ambassador moved into Dagcoin.

There's another DAG chain cryptocurrency coming soon: Yobicash.

Yobicash is a cryptocurrency based on DAG chain so doesn't have the scalability issues associated with blockchains.

Yobicash is a cryptocurrency built to secure the storage and sharing of data by ensuring the main properties of information security: confidentiality, integrity and availability. To enforce these properties, Yobicash employs cryptographic protocols, data replication, economic incentives and a DAG chain of transactions.

The cryptographic primitives and design are described by project designer Christian Nyumbayire in the Yobicash whitepaper first published in October 2017: https://yobicash.org/whitepaper.pdf

In summary, Yobicash reinforces:

privacy through zero-knowledge proof and encryption
data integrity through cryptographic authentication
data availability through replication

To find out more, join the Yobicash chat: https://t.me/joinchat/AdtOLUQpI9uUG5bH326S2w