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DasCoin Brings an Evolutionary Change to the Cryptocurrency Ecosystem

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.

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Lite.im Introduces Litecoin SMS Payments Globally

Lite.im is a very powerful service in the cryptocurrency industry, as it facilitates the use of Litecoin SMS payments on a global scale. Making cryptocurrencies easier to use will improve overall adoption in the long run. Mobile services will play an increasing role of importance in this regard. The Lite.im Concept To this day, it is nearly impossible to transact in cryptocurrencies using simple text messages. Although a few services exist for Bitcoin and Bitcoin Cash, most other cryptocurrencies are left in the cold. That situation is finally coming to change courtesy fo Lite.im, a service which has not gone live just yet. How Does it Work? It is evident from the start Lite.im serves one specific purpose. It introduces Litecoin SMS payments on a large scale, which can have a lot of interesting consequences moving forward. On the surface, it allows for anyone in the world to send and receive Litecoin transactions by just using a mobile phone number. There is no need to rely on the Internet, which is always a good sign. On the technical side of things, users can send messages through SMS or Telegram. Catering to both markets is a smart decision by the team, as it is evident not everyone has access to the internet, even in this day and age. The functionality users can enjoy include checking balances, receiving transactions, and so forth. As is always the case with services like these, one has to wonder how private keys are handled. The information will not be stored by Lite.im, as the user is the only one with access to this vital piece of information. That is an integral part of the service, as it needs to be a trustless service first and foremost. Lite.im can be a very powerful service moving forward, although it remains to be seen if it can boost Litecoin’s overall appeal. The Road Ahead Users who show an interest in this service can check out the Telegram version, or pre-register for the SMS version. The project’s code is also available on GitHub, which shows the developers are intent on being as transparent as possible. How the project will be received by the general public, will become more apparent in the months ahead. Improving overall Litecoin awareness and adoption is always a challenge, but services like these can make a real difference. The post Lite.im Introduces Litecoin SMS Payments Globally appeared first on NullTX.

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