Dcoin, a distributed network cryptocurrency, has passed a few milestones in its bid to become a widely-used currency that could someday replace national currencies. The project, after nearly five years of planning, has received external funding, has published its app on Play Store, and is seeking input from users.
Dcoin allows users to earn money by creating new coins, engage in decentralized crowdfunding, utilize an integrated, decentralized currency exchange, make purchases with cryptocurrency, and if necessary, engage in arbitration. The network has a unique system of node messaging.
The cryptocurrency has options to allow users to create credit agreements (contracts) and execute them automatically.
Cash In Offline
Dcoins can be cashed in offline with any miner. Users pinpoint their location on the world map and the amount of cash they want to exchange for Dcoins. The rate is always one to one. The maximum amount at the present time is $100 USD.
Users willing to exchange cash for Dcoins earn bonus coins. Should coin volume reach a level where there is not enough cash for Dcoins, coin volume automatically decreases. This ensures the one-to-one exchange rate.
Users Give Accolades
Users have called Dcoin the wave of the future.
Yuliya Bagriy of Geodesist characterized Dcoin as a self-sufficient financial mechanism, and the user’s voice is left unheard.
Businessman Petukhov Anton said Dcoin has the advantages of other decentralized cryptocurrencies along with some that are unique like arbitration and crowdfunding.
Mining with Dcoin is effortless. Dcoins are created with every new block and shared among all participants. For anonymous users, coin volume growth is approximately 0.0004% per block. The percentage value is determined by voting of identified users.
One identified user can create a limited number of coins from nothing. In other words, users who prove their authenticity are responsible for creating a primary amount of coins. Every user becomes an offline exchange “point” to change cash for coins. Identified users are called miners.
If the amount of coins becomes too high for market demand, the coin supply declines. The reduction is based on the data from the blockchain. The network can forecast the reduction based on the number of miners, coins and promised amounts. As the number of miners grows, coin reduction becomes less feasible.
Create Credit Agreements
There are options to allow users to create credit agreements and execute them automatically.
Those with a high credit liquidity who don’t want to wait for a credit repayment can sell it with a discount to someone who is willing to wait for it. Dcoin has a function to change the creditor’s user ID.
In its crowdfunding function, information about projects, backers and comments are copied to all nodes. No central servers are needed except for photo hostings like imgur.com to publish project descriptions. A 0.1% commission of 0.1% goes to nodes that sign the block. No one can block any crowdfunding project, which can be published in up to 10 languages.
In addition to the unique system of node messaging, Dcoin has developed its own policy of economic and financial regulation.
For arbitration, DCoin provides an option to involve up to five arbitrators per deal. In the case of a “moneyback” request, any of five trusted arbitrators can address it. After the transaction is entered to the blockchain, the list of involved arbitrators can’t change. Every arbitrator involved in the transaction receives a commission.
Dcoin is currently targeting social networks and technical blogs. Since March, the team has been popularizing the currency in the North American market.
Special $100 Offer
Dcoin has offered users a chance to receive $100 for being a miner on its platform. The offer is valid under particular conditions. An applicant has to have more than 500 friends on social media sites. The applicant must also promise an amount for the equivalent cost. One condition is applicants have to share their experience on social media; Facebook, Twitter, etc. Applicants also have to be from the following countries: the U.S., Canada, Great Britain or Australia.
“Promised amount” is a specific term on the Dcoin platform. It refers to the amount of cash a miner promises to exchange for the similar amount of Dcoin coins. To add a new promised amount, the miner sends it to the Dcoin network. As soon as this transaction enters the network, the other miners with similar currency in their promised amounts vote to allow or disallow the added amount.
The Dcoin app works on Win (64 / 32), OS X, Linux (64 / 32), FreeBSD (64 / 32),Android, IOS
There are about 73k code lines. A few hundred lines for various OS:
• 40k— block/ trajectory processing/generation
• 17.5k— interface controllers
• 15.5k— templates.
• PostgreSQL, MySQL, SQLite are supported
The development team is interested in user feedback. Users can email comments to [email protected] or PM. Any advice and concerns raised are welcome.
This is a sponsored story.
Featured image from Shutterstock.
Last modified (UTC): September 13, 2019 8:39 AM