Undoubtedly, cryptocurrencies are sailing high on the popularity channel in the current financial world. But, it can undoubtedly be said that currently these blockchain based cryptocurrencies are merely taken as an investment tool and are in no way considered and preferred as an alternative method of doing daily financial transactions. As such, these blockchain based cryptocurrencies don’t display much potential to become more preferable over fiat currency. However, there is a new player in the field. The name of the player is Dagcoin which is developed by Dagcoin, a software company co-founded by Nils Grossberg. Nils Grossberg laid stress on developing a cryptocurrency which is high on the usability factor so Dagcoin is developed keeping his intention in clear focus.
Dagcoin has an entire system built around it in the form of Dagpay, DagWallet, Merchant Finder and SwipeX. It is being adopted by various online businesses as an alternative mode of payment as, gradually, the user base of Dagcoin is growing. The difference between Dagcoin and other blockchain based cryptocurrencies is that Dagcoin, instead of the blockchain, works on the DAG-chain.
Nils Grossberg wanted to develop a cryptocurrency which is high on usability, and cryptocurrencies developed over the DAG-chain are exactly in line with his approach and thinking. This is because the DAG-chain completely terminates the problem of rising transaction costs and elevating confirmation times which is happening in the case of blockchain based cryptocurrencies.
For a transaction to get confirmed over DAG-chain, no role is played by an external miner. Instead, the transaction gets confirmed by the transaction which was done before that. Hence, even if a number of users are added to the equation, the transaction confirmation time, rather than incrementing, will become even better. Therefore, DAG-chain completely solves the problem of scalability which the developers working on blockchain are finding difficult to contain.
Moreover, the cost of a transaction done in Dagcoin or any other DAG-chain based cryptocurrency is extremely low as compared to the transaction cost involved in the case of blockchain based cryptocurrencies. Therefore, Dagcoin possesses more scope of getting accepted by the cryptocurrency users worldwide as the users don’t require waiting for hours to get their transaction confirmed and neither need to pay exorbitant transaction costs. The entire comfort and convenience which comes with the usage of Dagcoin are extremely superior and unmatchable. The areas where centrally administered banking services don’t exist can benefit tremendously by adopting Dagcoin as it will provide them the medium to perform online financial transactions.
As of now, the community around Dagcoin is booming and prospering. With the user base of Dagcoin increasing on a daily basis it may render blockchain as an obsolete technology in near future.
Published by Lavismichel Inkel