DasCoin Leads the Way with Innovative Solutions to Blockchain Conundrum
Digital currency got its big break from Bitcoin. This fully decentralized cryptocurrency offers anonymous trading on a blockchain network. However, Bitcoin suffers from many pitfalls. For starters, no medium of exchange or store of value exists in a vacuum. It is imperative to have a construct in place which is compliant with statutory requirements. Enter DasCoin – a novel way to exchange value, store value and transform the global financial landscape. This new cryptocurrency is so much more than another addition to the list of 1,500+ cryptocurrencies. It builds on all the strengths of existing cryptocurrencies without any of their weaknesses. In this vein, it can be considered a hybrid cryptocurrency.
What Makes the New Ecosystem So Much Better Than Anything Else We Have Ever Seen?
To be effective as a transmission mechanism, store of value, or unit of account, cryptocurrency must offer security and operate within a framework. The problems inherent in Bitcoin’s blockchain are evident in other digital currency blockchains as well. For starters, there is the issue of anonymity. While everyone appreciates strict privacy controls with transactions conducted over blockchain networks, anonymity presents problems. Criminal elements, perhaps even terrorist elements abuse the trust that exists on decentralized blockchain networks and use these systems for nefarious activities. The DasEcosystem avoids these problems by enforcing a policy based on KYC protocol.
Otherwise known as Know Your Customer, this system ensures that every new member in the blockchain community provides the necessary identification and is subject to verification. This may appear contrary to the ‘spirit’ of cryptocurrency’s raison d’être, but it isn’t. In the DasEcosystem, every new member is authenticated. This is a necessary precondition for the system to work. In the absence of KYC protocols, the ecosystem cannot exist. There are regulatory reasons for this. As the world watches with bated breath how cryptocurrency prices whipsaw wildly from one extreme to the next, one cannot help but focus on the underlying reason for this. The near-unanimous consensus among adopters of this technology is that government interference, involvement, or regulation could severely undermine the functionality of cryptocurrency technology.
That’s why DasCoin has made it a central tenet of its operations to be compliant with regulation. Compliance is necessary since the authorities have overarching control of all financial systems. Presently, we are seeing the IRS and other government authorities starting to crack down on people who do not declare their earnings or profits from activities related to Bitcoin, Ethereum, Litecoin, Ripple etc. The anonymity provided by these networks is a transient phenomenon. In time, the identities of all members will have to be disclosed. Regulatory compliance is coming, one way or another. The DasEcosystem offers privacy, but not anonymity. Everyone on the permissioned blockchain is known to the community that governs the functionality of the network. Every node is verified and licensed.
Protecting Members of the DasEcosystem
A unique hardware device known as a Validator is used to protect member funds. All partners on the network willingly joined this community, understanding these privacy issues vis-a-vis compliance with regulations. CFT standards and AML standards are in place within this new system. Besides for efficiency of operations, regulatory compliance and greater oversight within the broader blockchain community, DasCoin offers multiple other benefits. These include the following:
- The ability to confirm blockchain transactions in 6 seconds
- The ability to process 100,000 transactions per second without slowing the network down
- The ability to adapt to ever-changing regulatory needs, constraints and compliance issues
- The ability to be the most effective eco-friendly network in the world. Minimum energy consumption and maximum functionality are guaranteed.
For all of these reasons, and many others DasCoin’s new ecosystem is making waves in the global community.