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RE: What is DAG Technology? An Alternative Ledger System for Cryptocurrencies | Coinpickings Podcast #2
Excellent explanation. Thanks. The thing I can't wrap my head around is "no mining." So how are coins created and what gives them value? Also, "Bob correcting the occasional error" seems like it could introduce its own kind of scaling problem at some point.
Anyway. Interesting article.
Here's one I wrote about the blockchain... not that it will tell you anything you don't already know.
https://steemit.com/blockchain/@chucklinart/what-the-hell-is-the-blockchain-anyway
I appreciate the kind words, thanks for tuning in! I'll definitely check out your article and let you know what I think!
Coins aren't actually created, they are simply "defined" at the inception of the network. The value of the coins are derived from usage/demand of the network just as bitcoin is defined by the number of people who buy bitcoin as well as what they're willing to pay for bitcoin. I included a short passage from the DagCoin whitepaper that will help explain this below.
If you're interested in reading more about this check out the DagCoin whitepaper, it's packed with really good info about DAG-chains. Here's the link: https://dagcoin.org/whitepaper/
Bob = "witnesses". Witnesses are elected by the network. Ark is a good functioning example of how witnesses can function in a network, even though it's unrelated to DAG (or even consider how steem witnesses keep the network in order).
(from the dagcoin whitepaper)