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Published On: Thu, Oct 18th, 2018

Conceived by Nils Grossberg: Dagcoin Set to Revolutionize the Cryptocurrency Sector

The feeling of admiration, curiosity, and wonderment associated with cryptocurrency refuses to go low. We are witnessing a tremendous upsurge in the popularity of cryptocurrency. With each passing day, the cryptocurrency cosmos is adding more individuals under its hood. These individuals include developers, investors as well as users. However, there are three primary issues with the current blockchain based cryptocurrencies.

photo/ Gerd Altmann

First, with a growing number of users, the count of cryptocurrency transactions is also increasing. Hence, it is becoming increasingly difficult for the external miners to execute the confirmation process, in time, for each transaction as the same requires more processing power. As an upshot of this; cryptocurrency investors and users have to wait for some time, even hours, to receive the confirmation that the transaction done by them has been processed.

Second, with more number of users, the entire blockchain management process requires and is utilizing more processing power. Hence, the cost of cryptocurrency transactions is increasing with each passing day. Cryptocurrency holders are facing the twin blow of increasing costs as well as elevating confirmation times.

The third issue lies in the entire view for cryptocurrency which has developed among the entire population. Cryptocurrency is regarded more as an investment rather than an alternative for the current currencies. People are holding cryptocurrency tokens in an endeavor to make big profits rather than utilizing the same in their daily financial transactions.

Taking into account these three basal issues; Nils Grossberg founded Dagcoin OÜ in May 2017, the software company behind the development of the Dagcoin cryptocurrency and the entire system around it including DagWallet, SwipeX, Merchant Finder, and Dagpay. Nils Grossberg’s idea behind the development of Dagcoin is to create a cryptocurrency that apart from being good on value, is more importantly high on usability too. This is because for a cryptocurrency to acquire global acceptance, usability is one of the primary factors. According to Nils, a good cryptocurrency is the one which can be efficaciously and effectively utilized as a means of payment for our daily financial transactions.

In order to make the vision of Nils Grossberg come in motion, Dagcoin required solving the two primary problems of transaction cost and confirmation time associated with the blockchain based cryptocurrencies. Dagcoin, which is based on DAG-chain, successfully solves the two. First of all, in the case of Dagcoin, there is no need for an external miner to confirm the transactions as a transaction get confirmed from the transaction done prior to it and the chain continues. As of now the confirmation time for Dagcoin is merely a few minutes. The beauty of DAG-chain confirmation process is that as the number of users increase, the confirmation time will become even better. Regarding cost, for Dagcoin a transaction cost is around 0.0005 USD with no scope of increasing to barbaric, frustrating or higher levels.

The entire functionality of Dagcoin is based on providing an alternative method to the users for performing financial transactions. DAG-chain and Dagcoin are already proving to be a great impact on the global cryptocurrency scenario. With the user base of Dagcoin increasing on a daily basis it may render blockchain as an obsolete technology in near future.

Author: Ruchi Gupta

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- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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