DICE (Digital Certificates) is a new revolutionary cryptocurrency having simple features and operates differently as compared to the other renowned cryptocurrencies.
Please Note: This is a Press Release
It is different because the DICE economy is not based on a blockchain. It functions in a new type of economy known as ‘cluster economy’ involving small clusters of miners gathered around the entities known as the operators. The operators are in fact, IT hubs whose principal responsibility is to validate the DICE units and maintain the database of DICE units associated with the specific operator.
Let us look at the features of DICE
- It is a sequence of 1024 bits conforming to a specific set of rules.
- It is possible to store DICE and later exchange it for physical goods or digital content. The process is known as trading.
- The process of creating the DICE units is called mining.
- Any individual can become a miner and mine for more than one operator.
What does DICE do?
- It solves the critical weaknesses of Blockchain. The significant problems associated with Blockchain are the time taken for mining, processing transactions, the transaction costs, and the energy consumed to create the Blockchain. By using a cluster approach, DICE does away with the Blockchain usage while bringing in the concept of the operator to validate the transactions. It eliminates the use of the public ledger thereby solving the major problem of synchronization. Instead, it has as many ledgers as there are operators.
- Blockchain has a problem with accessibility. Only 0.5% of the world population owns Bitcoins. These cryptocurrencies are not readily accessible because of their complexity, price fluctuations, and cost to either mine or purchase. DICE does not need any online exchanges to work. You can store your DICE on a USB pen drive. You can also print the DICE and store it in its physical form in your regular wallet.
- DICE solves the problem of inequality as the average individual does not have enough disposable income to invest in companies. DICE does not require individuals to invest capital. They can download software that generates DICE locally through mining. You can convert these mined DICEs into equity.
- DICE is more secure than any other cryptocurrency because it does not have a specific wallet. The problem with having a wallet is that one can trace transactions if they have the wallet address. The DICE cluster chains are not connected with each other. No one can fake, steal, or create DICE out of thin air. The owner has to confirm the transaction for the transfer to take place. There is no exchange of personal details and owners know,only what the other party chooses to reveal. It is like ‘cash.’
Understand the mining and trading of DICE units
Mining of DICE units
A DICE unit is a binary block consisting of 1024 bits. It comprises of two parts, the DICE header (360 bits) and the 664-bit payload created by the miner.
The header consists of the operator’s address, miner’s address, a threshold level, and a real-time Timestamp.
While generating the DICE, the miner has to produce the 664-bit payload at a specific time (Timestamp) to successfully hash the 1024-bit data block. The second step is to send it to the operator to confirm it. The operator sets a threshold limit ‘N’ thereby entailing that the DICE protocol can be valued in the (N-10 to N+10) range alone.
Once the operator validates the DICE, it becomes operational for the miner to trade it on the platform
Trading of DICE units
There are no active transactions in DICE. The ownership claims form the basis of trading in DICE. There is no maintenance of any ledger. Let us look at the process in brief. It will explain why you do not require wallet to store DICE.
- a) The present owner provides DICE units to the beneficiary. It could be in digital or physical form. The units are encoded with the beneficiary’s public key.
- b) The current owner places a claim for ownership to the operator by providing the hash of the DICE unit.
- c) The beneficiary verifies the DICE and places a claim for new ownership to the operator, again by providing the hash unit.
- d) The operator verifies the validity of both the claim and stores in its private database by providing the address of the new owner as the registered one.
- e) Both the parties get a message from the operator that the change of ownership is complete.
Thus, you see there is no need for storing the DICE units in any wallet.
To find out more, visit https://dice.money/
Media Contact
- Name: Dilip Chandar
- Email: contact@dice.money
- Website: www.dice.money
- Telegram: https://t.me/DICEMon
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