It can be, undoubtedly, claimed that, in the current financial world, cryptocurrencies are a stentorian voice. The 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 on an immediate basis, that future might become aphotic and caliginous.
Cryptocurrencies and Blockchain are the two terms which are being used alternatively in the crypto universe till now and, almost, an entire lot of cryptocurrencies is based on the blockchain. As a consequence of this, 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 is decreasing and the confirmation time for a crypto transaction is increasing exponentially. Moreover, this also means that as compared with the initial period of cryptocurrencies; the users have to shell out more bucks for performing a transaction in the crypto universe.
Taking into account 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 DAG-chain is ideal and superior over the traditional blockchain?
While the process of confirmation in the traditional blockchain happens through 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 as compared to the same in the case of traditional blockchain based cryptocurrencies. Moreover, this clearly gives way to the fact that greater the number of users of a DAG-Chain based cryptocurrency, faster will be the confirmation time for a transaction. As of now, 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 the problem of rising commission costs thereby 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 as compared to the transaction costs involved in blockchain based cryptocurrencies; this is exponentially lower. If you are worrying that transactions costs with Dagcoin, similar to other cryptocurrencies, will increase in 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 the development of future cryptocurrencies. Moreover, we know that a bulk of the world’s population is facing 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 to bring the world of online finance to the percentage of world’s population that have got no access to central banking services.
Taking into account 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 all over the world.