The mission of Dagcoin is and always will be to disrupt the financial world. Our aim, which is not a small one, is to become the leading cryptocurrency in the world. To make this almost impossible sounding task a possible one. We have not just created a currency that is easy to use, but money with lightning fast payments and transaction fees that are and will remain incredibly low. We have also created a coin that has been made to be used, not as an investment product to be bought and sold like other cryptocurrencies.
In this week’s blog, we will talk you through all the major choices we made while setting up and creating the currency, and why we made them.
Saving for your future
The current monetary system does not favour those who wish to save, because by printing more and more money, which regular fiat currencies like the dollar or the pound do, its value decreases. That is why if you talk to any of those in the older generation they will always tell you about how they used to earn £5 pounds a week or bought their first house for just $1000.
Pensions are another great example of this because the cost of money is different between the day you pay into the pension system and the day in the future when you withdraw from it. You can argue here that interest gained on the money will cover this. Although most of the time interest rates remain above the rate of inflation (how much the cost of things increases), in tough economic times, such as the past 10 years, the opposite is true. For example, since 2008 interest rates have stayed very close to 0% while inflation has been between 2-5%.
This is precisely why Dagcoin has been developed with a fixed number of coins. Because no one can print or make more in the future this makes the big devaluation of money over time, as described above not possible. Providing stability and security for those who wish to save. In fact, as the number of users of the currency increases, the value will also increase, along with its stability.
Perks of the DAG-chain
Because we know that saving money for the future is an essential part of life and business. That is why we created a currency that is based on DAG-chain technology. DAG-chain currencies do not need to be mined. Bitcoin mining farms and rigs take up a lot of power, so not only does a DAG-chain currency save energy, but it also has a lower carbon footprint. Making it a currency that is much better for the planet. With global warming and the effects of it causing more and more natural disasters each year, we want to play our part in making the world a greener and more sustainable place in the future.
Not only is a DAG-chain currency better for the environment, but it is also cheaper and faster. A normal Blockchain transaction requires other users in the chain to confirm it. This is why the average time for a Bitcoin transaction at the moment is 78 minutes and this is set to get longer over time. At Bitcoin’s height at the end of 2017, some transactions were even taking many days.
Because DAG-chain currencies do not require these confirmations, payments are lightning fast, taking just a couple of seconds. They are also set to get quicker over time. Making it as fast or faster than a debit or credit card payment. Having other users confirm payments – as is done with Blockchain currencies like Bitcoin – also costs money and sometimes a lot. Recently one Bitcoin user claimed they paid $16 dollars of fees on just a $25 dollar transaction. Because DAG-chain currencies do not use such confirmations their costs are much lower and will remain that way.
It is for these reasons that more and more people are turning to DAG-chain based currencies, and why we choose to create Dagcoin based on it too.
150,000 users and growing
Dagcoin has recently reached the milestone of 150,000 users. Not only does that mean that the currency now has a solid base of users, it is a great stepping stone to building something even bigger and better.
Not only are the numbers of users growing, but also the possibilities people have to use their dagcoins. Over 200 businesses are now accepting Dagcoin payments, and this number is growing. Many are now also accepting Dagcoin payments via their online stores. This has been made possible by creating a suite of free to download and use software for businesses. This software ranges from Point of Sale (POS) checkout systems for companies to use in shops, to downloadable plugins that can be easily integrated into to any webshop to allow payments via Dagcoin online, and invoicing software. This saves businesses a lot of time and money in producing custom-made software and solutions for the currency.
All this software not only makes it possible for businesses to begin accepting Dagcoin payments from users but also to buy and sell products and services from each other. To make this even easier for companies we created the Merchant Finder tool. This helps businesses to find and interact with others who accept dagcoins. Enabling them to interact and build trading partnerships with one another.
The focus for Dagcoin has always been on creating a currency that people can use every day for anything from buying a coffee on the way to work to a big multi-million dollar sale. That is why we have focused on creating the ecosystem of services to make this easy for both businesses and users. This is something we will continue to work on and improve in the future.
All in all, the vision and mission of Dagcoin is set – disrupt the financial world by becoming the leading global cryptocurrency, but this can only be done with a long-term vision, careful planning and patience. We have already created a user base of over 150,000 users and this will only continue to grow in the future. This is because we have put in place an ecosystem that makes it very easy not just to make payments with dagcoins, but also to use them as you would a regular currency.
Our choice to make a currency based on the DAG-chain also helps immensely, ensuring that payment times remain much faster and much cheaper than Blockchain currencies, such as Bitcoin.
We are excited with what Dagcoin has achieved so far and we hope you are too. Therefore, we encourage you to spread the word about Dagcoin and its ecosystem to your friends and families.
Nils Grossberg is an entrepreneur from Tartu, Estonia. Nils Grossberg graduated from the University of Tartu with a bachelor’s degree in History. He is the co-founder and former CEO of Dagcoin OÜ, the software company behind the development of Dagcoin cryptocurrency and its ecosystem.