Controlled traditional economies experienced a massive setback with the introduction of decentralized currencies like Bitcoin. These channels of a distributed digital store of value bring along freedom, privacy, and anonymity for traders and users. With no single point of failure, decentralized technology is a grand move forward.
For any peer to peer transactions, the decentralized economy eliminates the need for any ‘trusted’ third party involvement of entities like PayPal, VISA, MasterCard, and banks. The financial landscape has witnessed a gradual shift in the way transactions are carried out today. Several functions of intermediaries and banking channels are turning obsolete.
Intermediaries have controlled the transactions fees and speed for long, making it difficult for enterprises and traders to grow. Decentralization is not just about replacing traditional money but also about digitizing the contractual exchange of commodities and services with the implementation of smart contracts to create a trustless environment.
A new path-breaking concept of decentralization that can thrive without the limitations of blockchains is the cluster economy model pioneered by DICE. Clusters of miners work with operators to create a unified economy with seamless transactions. The DICE miners cluster their computational power together to help operators validate the DICE transactions and in return get incentivized with DICE units. This is investment mining where a social-economy is set up, and miners help the economy to self-propagate. With no or negligible capital investment, miners can become investors, and the startups can raise funds to build their business model.
A miner owns the DICE units that he/she mines and these can then be exchanged with the operator for commodities or services. The cluster economy of DICE is a decentralized approach that is closer to the way the real world works. Secure and private exchange of DICE is facilitated by the platform that brings miners and operators together. Each operator can customize the DICE model to digitize his assets.
Further, mining can be done both online and offline within fully transparent and private channels. DICE is decentralized as the operators are independent of each other and the miners can work with multiple operators to mine DICE. It is a union of blockchain based cryptocurrencies and traditional money, making it possible to trade with the benefits of both and complications of none. While the operators work independently, DICE units are globally accepted by all who are part of the DICE network.
Decentralization has been taken to a whole new level without the complexities stemming from the ICO and IPO method of fundraising, making it impractical to be used for the startups who do not have enough capital. Edging closer to the real world, decentralization on the DICE platform is changing the way we deal with money and commodities today. Instead of a single distributed ledger on a network, DICE uses a clustered approach where a social-economy is set-up for all the operators and miners who work with a proof-of-ownership consensus to keep the economy self-propagating. There are as many ledgers as operators, and this drives the economy forward.
Name: Dilip Chandar