DICE was conceived as a proof-of-work solution to resolve the various fallacies of our current monetary system. It not only replaces blockchain based cryptocurrencies and solves their problems, but also provides an effective way to create a financial denomination that is exponentially more secure and powerful. It was created with the aim to replace the everyday money we use.
Instead of a single ledger like in a blockchain architecture, DICE has multiple ledgers that are present in the same amount as operators. (both private and public).
Just like Dollar is for the USA or the Pound is for the UK, each DICE unit is associated with a certain entity. This entity unites all the units that are mined for it and for it only. The entity- a school, any organization, an individual- is called an OPERATOR.
The operator serves as a validator and witness for the various units associated with it.
A ledger is maintained by each operator that contains digital addresses with the help of which it verifies if someone owns a DICE. Since the operator verifies the signature without actually owning the DICE, the DICE system is decentralized.
This decentralized structure of operators and miners is called a Cluster.
With the help of SHA3-512 encryption, mining creates a 1024 bit block of data that is secured with both a private and a public key. This makes it virtually impossible to hack or counterfeit. It also doesn’t require a special wallet to use, like Bitcoin or Ethereum. Any storage device can contain a DICE- a USB, a hard drive, or a phone’s memory. This makes it more like the money we use every day, making it more like and extremely secure digital cash than a cryptocurrency. Also, since it can be stored anywhere, DICE is not prone to loss if the exchange or wallet is hacked.
If the owner of a DICE wishes to give it to someone in the form of a banknote (cash), then like money, its owner is not known in advance. Then the current owner releases it from ownership and the operator marks it as ownerless. So, if you give this ownerless DICE to any recipient, then the operator will assign ownership to him. This way, a cryptocurrency has the convenience of cash and the security of digital encryption.
Instead of active transactions, the trading in the DICE economy is based on claims of ownership and thus no ledger of transactions exist anywhere on the network. The process is quite simple:
A. The transaction takes place from current to new owner, either in the form of a digital file or a paper note.
B. The current owner places a request for new ownership to the operator associated with that particular DICE, providing the hash of the unit.
C. The new owner then verifies the dice and places a claim for new ownership to the operator of the DICE by providing the hash of the supplied unit.
D. The operator, after verifying the two claims, sends a message to both the donor and receiver informing them about the change of ownership.
This ensures a two-way transaction takes place, with the help of a mediator that locally stores the transaction record in a ledger. Since the DICE is not blockchain based, it takes exponentially lesser time to process a transaction.
DICE facilitates what is called an IDO (Initial DICE offering). A business executes an IDO by essentially becoming an operator. The costs for an IDO are only limited to the respective costs for the server and supporting software, unlike more expensive ICO and IPO.
When the business becomes an operator, initially there is no DICE associated with the operator. The business, to raise funds then encourages users to start mining and generate value. This can be done with the help of word of mouth and marketing. The user, if he/she sees value in the business, mines and starts generating DICEs. Every mined DICE that enters the economy is added to the valuation of the business. In return, the miner has been given equity in that business/production/service (operator).
Thus, it helps to both raise funds (for the business) and enables investment (for the miner).
In conclusion, DICE is an extremely flexible system of transactions- from being used as a daily currency for buying commodities, to facilitating investment in businesses; all while being secure and fast.
Name: Dilip Chandar
This is a press release. Trustnodes has not undertaken any verification of any of the above statements and any statement or project contained therein is not necessarily endorsed by Trustnodes. Readers are strongly urged to do your own research.