Cryptocurrencies offer security, anonymity, and freedom of use to its owners. But the crypto enthusiasts are facing a churn with the ways they are storing the cryptocurrency. While most of the online wallets are under security threats, the cold wallets are charging heavy transaction fees to the users plus the additional cost of buying the cold wallets.
DICE economy is the new money that brings the advantages of cryptocurrencies as well as traditional money. The DICE economy is more about ownership rather than the proof of work and requires no single ledger to validate the transactions.
How is a DICE cryptocurrency used?
Well, unless you understand how the DICE economy works, it may not be possible to understand why DICE needs no wallet. Yes, you read it right, DICE requires no wallet. Each DICE unit is encoded with the owner’s public key. Whenever a DICE unit is exchanged, it is encrypted the public key of the new owner.
The current owner of DICE is required to claim the ownership of the new DICE. The hash of the new unit needs to be supplied to the operator. It is the task of the operator to validate the unit and then the unit is added to its capital. The operator sends a message of ownership transfer of DICE to both the previous and current owner.
The DICE unit is stored or transferred as a digital file in an email, USB or the paper note. A DICE unit becomes ownerless when the DICE unit is released as a paper note. This is the case when the unit has no owner and until it gets attached to an operator, no one can use these DICE units.
The ownerless DICE are secure because they remain full unencrypted 1024-bit data block. DICE is only one cryptocurrency that does not require any special type of digital wallet. A DICE can be stored in any digital form. It can be stored as a file in a USB, it can be stored as email in the inbox or can be printed on a paper. A DICE unit is a cryptocurrency but does not require any digital wallet to keep it safe as each DICE itself is encrypted. The DICE can be stored as a binary file, hex file, or as a physically printed note that may be a QR code.
DICE economy is an easy way to use a digitally signed currency. Right from helping raise the funds, the DICE economy helps cryptocurrency shun all the disadvantages of ICO and build a social economy that does not require investors to pool in money but just the computational power. The 1024-bit block of data that does on require a single ledger, the clusters of miners and operators run DICE global economy. As a digital certificate, the DICE units are a secure way to transact. These DICE units can be validated by the particular operator only. The independence of these units from wallets makes them easy to use just like traditional money but with the advantages of cryptocurrency.
To find out more, visit https://dice.money/
You can read the white paper at https://dice.money/docs/Dice_Money_Whitepaper.pdf
Name: Dilip Chandar