Executive Education

Does Dagcoin have the capability to render Blockchain obsolete in future?

Dagcoin and Dagchain are the two new buzz terms in the cryptocurrency sector. While blockchain and cryptocurrency have, almost, become synonymous with each other, Dagchain has got all the capability to break this relationship. We all know that blockchain is reeling with two primary issues of escalating transaction costs and increasing transaction confirmation times.

These two issues have come up as blockchain is not that flexible in terms of scalability. Users of cryptocurrencies are increasing day by day and blockchain is finding it exceedingly tough to handle the large volume of transactions. Developers are all up and working to find a perfect solution, however, nothing concrete has come up so far.

Here comes into the picture, Dagcoin & Dagchain, which have got all the potential to render blockchain obsolete in near future, if blockchain is unable to find a working solution for the above-mentioned issues. The cool thing is Dagcoin and all other cryptocurrencies, based on Dagchain, are immune to the issues which blockchain is facing. Continue reading ahead of the cryptocurrency how.

How Dagcoin Works?

Dagcoin, unlike a majority of cryptocurrencies, relies on Dagchain for its operations. There is no concept of blockchain involved with Dagcoin. Moreover, Dagcoin comes with its own financial ecosystem including DagPay, DagWallet, and Merchant Finder. This makes Dagcoin extremely convenient to use. It is highly user-friendly as well and doesn’t involve any sort of complex operations thereby making it exceedingly ideal for the population living in areas where there are no centrally managed banking services.

Dagcoin works on directed-acyclic-graph-chain or Dagchain. Unlike blockchain, which utilizes external miners for the transaction confirmation process, Dagchain references the transaction done prior to the current transaction for confirmation. Hence, external miners are not even present in the equation. This solves the problem of transaction confirmation time. Transaction confirmation in Dagcoin, usually, happens within a few minutes.

If we speak about transaction costs then as you can see that Dagcoin doesn’t involve much of processing power as there are no external miners involved, the transaction cost is simply negligible. The current cost for a transaction done in Dagcoin is simply 0.0005 USD.

Now, if you are thinking that with the increase in the number of users the statistics about Dagcoin might change then you must know that Dagchain, as it relies on directed-acyclic-graph, is completely scalable in nature. Even if the number of users increases, which is happening each day, there is no impact on the performance of Dagchain. In fact, with more number of users, the performance gets even better.

Not to miss here, users, when transacting in various cryptocurrencies have to pay a certain amount as a commission to the platform holder of the cryptocurrency there are interested to transact in. Each platform holder accepts a commission in the cryptocurrencies associated with the platform they hold. This becomes extremely tedious for the user. Moreover, bigger transaction means more transaction costs and much more commission. To eliminate this issue, Dagcoin has made the commission system based on DAG-chain automatic. This means the users require holding only one cryptocurrency for making commission payments.

Above, we have mentioned that Dagcoin is extremely beneficial for people who don’t have centrally managed banking services in their area. This makes Dagcoin high on usability. For a cryptocurrency to be successful, apart from being one of the major investment products, it requires being high on usability as well and Dagcoin scores really well in this.

Dagcoin is a stable cryptocurrency

As mentioned above, the primary purpose behind the development of Dagcoin is to create something that brings out the actual benefits of a cryptocurrency. The major benefit of a cryptocurrency is that people can use it whenever and wherever they want at any given moment of time. However, the current blockchain based cryptocurrencies are unable to achieve this feat as they are merely investment products and their price is not at all stable.

The developers of Dagcoin knew that if they want Dagcoin and Dagchain to excel and surpass all cryptocurrencies their digital currency needs to be usable and for that stability in price is of utmost importance. So, for the price to be stable, just like fiat currency, the cryptocurrency needs to be connected with something that is measurable, understandable and logical. Keeping this in mind, the following factors determine the value of a Dagcoin.

  • People utilizingDagcoin forming a community.
  • Merchants who have registered themselves on the Merchant Finder portal of Dagcoin. This is of utmost importance as if we desire to utilize Dagcoin daily; we need to have merchants who are accepting payments in Dagcoin. Gladly, the number of merchants associated with Dagcoin is increasing on a daily basis.
  • Ecosystem surroundingDagcoin. With Dagcoin cryptocurrency you can do, almost, all the tasks for which you use fiat currency like investing, traveling, going about our daily spending etc.

All these factors determine the value of Dagcoin and cryptocurrency in general. Later on, the usability factor of Dagcoin kicks in.

If blockchain is not able to solve the primary issues which it is facing, there are exceedingly high chances that Dagcoin and Dagchain might render blockchain obsolete. The trend has already begun with major e-commerce players registering themselves on the Merchant Finder portal of Dagcoin and accepting payments in the new digital currency for their products or services. The way Dagcoin works, makes it stable on the volatility aspect as well. Lately, the price of bitcoin has undergone a big slump and cryptocurrency enthusiasts are already looking for Altcoins with potential. Speaking about Altcoins with potential, Dagcoin, certainly, makes to the top of the list with its impressive attributes.

As of now the ecosystem and the community around Dagcoin are evolving. However, considering the rate at which Dagcoin is progressing, it is not incorrect to say that if blockchain based cryptocurrencies don’t take the cryptocurrency their issues fast, time is not far when becoming synonymous and Dagchain will surpass the blockchain based cryptocurrencies. Cryptocurrencies, indeed, have an in the near future whether blockchain will exist in the future or not; the answer to of scalability cannot be provided as of now. All we can do is waiting and watch how the events unfold themselves in the cryptocurrency sphere.

Please note that this post doesn’t express any sort of investment advice and is merely written for educational purposes. The post expresses a personal opinion and no financial decision must be taken without considering all the pros and cons and putting in the due amount of your own research.

Being a true digital marketing expert, Ruchi Gupta has advance knowledge in the field of social media marketing. become synonymous in the field due to the informative nature along with the friendliness of her writing. She is an avid blogger.

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Anna Papadopoulos
Anna Papadopoulos is a senior money, wealth, and asset management reporter at CEOWORLD magazine, covering consumer issues, investing and financial communities + author of the CEOWORLD magazine newsletter, writing about money with an enthusiasm unknown to mankind. You can follow CEOWORLD magazine on Twitter, Facebook, Instagram, or connect on LinkedIn for musings on money, wealth, asset management, millionaires, and billionaires. Email her at info@ceoworld.biz.