DICE: The Real Digital Money
By: Priscilla Chen
Tags: Dicemoney, Cryptocurrency, Bitcoin, Blockchain

When you think about digital money, you would normally think of cryptocurrencies such as Bitcoin and Ethereum. But in actual fact, they have very little in common with fiat money. The most obvious difference is that fiat money can be transacted physically offline while cryptocurrency transactions require an online connection. Another difference is that transferring fiat currency physically is free of charge but transferring cryptocurrencies incurs a transaction fee. So what is the true digital equivalent of money? The answer to this is DICE money.

To explain how DICE is just like physical money, we must first understand what DICE exactly is. DICE stands for DIgital CErtificates and basically consists of 1024-bit data blocks that are computationally difficult to generate. Instead of a blockchain model like in traditional cryptocurrencies, DICE uses a cluster model with nodes acting as one of two roles: an operator or a miner. Each operator in the network is surrounded by a cluster of miners. These miners contribute their computational resources to compile relevant data into a single DICE unit while meeting some specified difficulty criteria. Any value generated by the miners also raises the overall valuation of the associated operator. The computational power needed to create DICE provides it with its intrinsic value, similar to how physical currency derives its value from the backing of central banks.

DICE is similar to fiat currency as it too can be transacted completely offline. Unlike other cryptocurrencies which track all transactions in a single ledger, Operators in DICE track the ownership of every DICE unit. Hence, to conduct offline transactions, users have to simply renounce ownership over the DICE units and store it in an offline medium like a storage drive or a physical note. They can then pass on the DICE units to someone else who now physically owns the DICE units. For added security, the owner of the DICE can go online to claim him or herself as the new owner of the DICE units.

The other similarity that DICE has to money is that it has completely fee-free transactions. In other cryptocurrencies, miners have to solve complex math problems to compile transactions into data blocks. In reward for their work, a small percentage of the transaction goes to the miner for solving the problem. This ensures that miners stay motivated to continuously mine and add new blocks to the blockchain. In DICE, this incentive is not necessary. Because of the cluster model system, operators are intrinsically incentivized to recruit more miners to join them and miners are incentivized to generate new DICE units. As transactions are not recorded, there is no need for miners to bundle transactions to add onto the blockchain. This is how DICE money can have completely fee-free transactions.

With fee-free transactions and true offline transactions, DICE money has many similarities to fiat money. Bringing together the best of both worlds, DICE money can enjoy both the benefits of cryptocurrency and fiat money and negate some of their disadvantages. With these points, I truly believe that DICE is the real digital successor to fiat money.

Find out more about DICE at:

FB: https://www.facebook.com/DICEsup/

Twitter: https://twitter.com/dicesup

Medium: https://medium.com/@DICEsup

Telegram: https://t.me/DiceMoney