Undoubtedly, it can be claimed that cryptocurrencies are a stentorian voice in the current financial world. Digital currencies are flourishing and tremendously successful in establishing themselves as an outstanding and prominent part of the international financial sector. However, if we happen to ask the users of cryptocurrency the issues that they are facing while dealing in crypto, a unanimous voice will come forward stating two matters, which are an increase in transaction costs and incrementing confirmation times for a crypto transaction. No doubt, cryptocurrencies have a bright future ahead, but if these two matters are not taken care of immediately, that future might become aphotic and caliginous.
Cryptocurrencies and Blockchain are the two terms used alternatively in the till now and, almost an entire lot of cryuntilurrencies are based on the blockchain. Consequently, the process of mining is increasingly becoming characterized by a high degree of energy and intensity. Hence, as the users of cryptocurrency are growing, the number of crypto transactions that can be done on a per-second basis decreases. The confirmation time for a crypto transaction is increasing exponentially. Moreover, this also means that the users have to shell out more bucks for performing a transaction in the crypto universe than the initial period of cryptocurrencies.
Considering these limitations, a new name, Dagcoin, has come into play in the field of cryptocurrencies. Dagcoin, based on DAG-Chain, has figured out and resolved the problems of incrementing crypto transaction costs and confirmation times being faced by cryptocurrency users worldwide. As mentioned above, Dagcoin is not based on Blockchain but is supported by DAG-Chain. DAG-chain is a perfect improvement over the traditional blockchain as it has pretty much solved the problems of speed, cost, and confirmation time with the traditional blockchain.
How is DAG-chain ideal and superior to the traditional blockchain?
While the confirmation process in the traditional blockchain happens through an external mining procedure, this is not the way DAG-Chain works. The beauty of DAG-Chain is that confirmation happens through the transactions themselves. Hence, the confirmation times for a DAG-Chain-based cryptocurrency are exponentially lower than the same in traditional blockchain-based cryptocurrencies. Moreover, this clearly gives way to the fact that the greater the number of users of a DAG-Chain-based cryptocurrency, the faster will be the confirmation time for a transaction. If we see, the confirmation time for a transaction with Dagcoin is merely a few minutes, and as the number of users will increase, this can only go finer, fitter and healthier.
The traditional blockchain-based cryptocurrencies also face rising commission costs, increasing the total cost for a crypto transaction. However, this is not the case with Dagcoin. The fee for a transaction made with Dagcoin is approximately 0.0005 US Dollars. It is needless to the state over here that, compared to the transaction costs involved in blockchain-based cryptocurrencies, this is exponentially lower. If you are worrying that transaction costs with Dagcoin, similar to other cryptocurrencies, will increase in the future, then you require abandoning and discarding this thought immediately as Dagcoin transaction cost is almost impossible to increase because the commissions have been automated in the DAG-chain based platform.
How DAG-chain and Dagcoin are predicting a powerful and robust future for cryptocurrencies?
Having solved the two main problems with the blockchain-based cryptocurrencies, DAG-chain can be easily termed as the base for future cryptocurrencies. Moreover, we know that a bulk of the world’s population faces an exigency of unavailability of banking services that are handled centrally. The only answer to this problem can be a cryptocurrency that is user-friendly and convenient. It goes without saying here that Dagcoin and DAG-chain-based cryptocurrencies are exceedingly and extremely ideal for bringing the world of online finance to the percentage of the world’s population that have got no access to central banking services.
Considering the advancement and the progression being made by cryptocurrencies, the time is not far when cryptocurrencies will be recognized as a common and preferred medium of financial transactions worldwide.