With the advent of cryptocurrencies in the last couple of years, businesses have found new freedom in the ways that they can trade, generate, hold equity, and raise funds for their ventures. Raising funds in the form of ICOs has become the go-to approach for startups at the bleeding edge of technology.
But for companies who hope to manufacture goods or create physical products or provide services, cryptocurrencies still pose several inefficiencies. The process of launching an ICO is itself a costly endeavor, which doesn’t lend itself to be accessible to early-stage companies.
A key factor holding back cryptocurrencies and causing a deviation from mass adoption is that a majority of them still rely on ‘proof-of-work’ as a measure of verifying consensus. A better way to tackle this issue would be replacing ‘proof-of-work’ with ‘proof of ownership’ as the nature of offering is almost exclusive in shared equity as well.
Due to this issue, only a minority of non-IT/Fintech companies have been able to integrate the cryptocurrency model and have translated it into a successful ICO. This would explain their continued reliance on angel investors and venture capitalists in an age when other alternatives exist.
DICE, which is short for Digital Certificates, eliminates the use of a single ledger typically found in blockchain architectures and instead presents an ecosystem where every operator has a ledger which can either be private or public. This communication protocol renders DICE impervious to breaches and hacks and provides miners the well-being from knowing that no one can access or make use of their resources.
Unconnected small nodes enable the DICE model, allowing for the project to be scaled as each node only handles a tiny portion of the overall traffic on the network. DICE therefore also eliminates the concept of transaction fees.
DICE advances the idea of raising funds socially via ‘investment mining’ which raises capital towards specific causes or companies while simultaneously mining for oneself.
The ‘Initial DICE Offering’ allows businesses to raise funds while eliminating intermediaries and consultants, reducing upfront costs associated with other models. This has only been made possible by the fact that DICE is not meant to be a speculative asset but rather a replacement of traditional fiat currency.
Name: Dilip Chandar
Featured Image via DICEMoney