Driven by debt and unpopular taxation, the American and French revolutions changed the course of human history. Today, a quieter but nonetheless equally transformative revolution is taking place as more people around the world are starting to use digital cryptocurrencies. But while cryptos let you hedge against the value of traditional money, they don’t necessarily make you any wealthier.
To become wealthier, financial advisors say you should invest 10% of your income on an ongoing basis. Most people find this hard to do because they have less than a $1,000 in the bank or are in debt. An alternative strategy is to launch your own business, but most of those fail due to a lack of capital.
Now computer scientist Konstantin Dimitrov has invented a better way to increase personal wealth and business success. His new cryptocurrency lets you print your own money. I spoke with him about how DICE Money will solve many of the world’s financial problems. Our discussion included what inspired him to create it, why it’s better than bitcoin and how to print your own digital cash.
What is DICE Money?
DICE Money is a new form of cryptocurrency that doesn’t use blockchain. The name “DICE” comes from combining the first two letters of the words “Digital and “Certificate.” Think of DICE Money as a global financial ecosystem built from independent digital notes that trade with other valid units. Each unit of DICE Money carries data for identification and its value is equal to the amount of time and energy it took to create.
To mine a single unit of DICE you’ll need to mine continuously for 10 days. So, it’s not like everyone can mine DICE Money and suddenly become rich. It’s takes time and effort, just like mining for gold. But unlike gold, you don’t have to destroy the environment to create it. And unlike Bitcoin it doesn’t cost thousands of dollars in electricity to produce.
DICE Money is not limited in production to 21 million units like Bitcoin, either. Instead, it’s based on supply and demand. Since DICE Money is mathematically predictable, you can accurately estimate how much DICE are produced globally which enables tools for controlling inflation.
A person, business or government that accepts DICE Money is what we call an Operator. If your government is an Operator, you’d be able to pay your taxes in DICE Money. Your local school, council, hospital, or charitable organization can all be Operators, too.
Why Did You Create It?
The idea for DICE Money began with an earlier venture I was involved in. After three failed attempts to secure funding I started looking at the possibility of running an ICO. That was when I realized how much ICO marketing costs.
An ICO could easily spend a million dollars on marketing. There’s a whole industry built around marketing ICOs. Expenses like roadshows, a website, whitepaper, rating sites, telegram support or webchat support can make it difficult to get your ICO off the ground. It was then I decided to create an easier, cheaper way for startups to get funding.
You see, when the typical startup needs to raise money they usually end up turning to friends and family. Your friends may want to support your startup, but they don’t necessarily have the money. Instead, they could mine DICE Money and become an investor without risking their paycheck.
While a single person couldn’t raise much capital, an entire community of committed miners could raise a lot. And they’d be more likely to become committed long-term investors rather than speculators trying to make a quick buck.
What Are the Advantages?
The main advantage DICE Money has over Bitcoin is that it’s more sustainable. While Bitcoin is taking progressively longer to mine, you’ll be able to mine the same number of DICE in the same amount of time two years from now as you can today. And DICE is easier to integrate into the money system, too.
Our strategy is reach out to small local Operators interested in using DICE as a promotional tool. Instead of offering vouchers or giving away products, businesses could give away DICE Money instead. Or, they could accept DICE Money from consumers in place of regular money.
Anyone can set up as a DICE Operator or mine DICE Money using their mobile phone or home computer. And DICE can be mined offline, too. We are coming out with a memory chip called a DICE Card that will let you make payments and at the same time create DICE while it’s sitting in your pocket.
Besides investment, DICE Money can support social structures like education and transportation that often struggle for funding. Not only can people improve society by doing more mining, they can pay for their own education or medical bills. Even a homeless person could become an Operator and mine their own DICE Money.
DICE is not just for poor people though. Big companies like Apple can get in the game and become a DICE Operator. And they’d bring millions of people on board who are loyal to their product.
Probably the greatest advantage is that DICE Money can be made more effective with information gathered from Miners and Operators. This will show how much DICE there is in the market and how it’s performing.
What Gives DICE Money Its Value?
Like I already mentioned, DICE cannot be mass produced which gives it scarcity. Just as people value gold because it takes time and energy to produce, it’s the same with DICE. The real value in using DICE is bringing together a community to support a cause or startup.
DICE is the same as regular money except everyone can play a role in its creation, not just the government. At the same time, the quantity of DICE in production can be controlled by the same rules that apply to a global ecosystem. And DICE can be accurately measured for how much electrical energy it takes to produce. Since this is minimal, it’s environmentally friendly.
While blockchain is a great concept, it’s not well suited to be money. For example, anyone can go to Blockchain.info and see exactly how much Bitcoin is in your account. Besides security issues, there’s no one to turn to when you have problems. And the average person wanting to buy something won’t go through the hassle of figuring out blockchain.
DICE is a better form of money. It can be printed on a piece of paper, sent by email, stored on a flash drive or given it away, so it could gain widespread use.
How Secure is DICE?
There’s no point in trying to create counterfeit DICE because the amount of energy it would take to create fake DICE is the same as creating real DICE.
Each unit carries permanently embedded data that shows which Operator it’s associated with. The data also shows who mined it, who the current owner is and which Operator it’s associated with.
When you exchange DICE for goods you need to make a valid claim to your Operator using your private key. This tells them where your unit of DICE is going. The receiver of the DICE also needs to make a valid claim to the Operator showing they are now in its possession. The Operator then knows who the new valid owner is. You’ll still have your DICE file, it’ll just no longer be valid. The recipient of your DICE has the new valid file.
DICE Money can’t be stolen either. Each unit only has one official owner worldwide. For example, imagine someone stole your laptop loaded with DICE. While they may have your DICE, they can’t do anything with it. The thief needs to make a claim to the Operator telling them they’re transferring the DICE to buy something. And the Operator wouldn’t accept their claim as valid.
So, you can see that Bitcoin is far less secure than DICE. Once someone steals your Bitcoin it’s gone for good. For example, if I mistakenly sent you $10,000 Bitcoin but intended to only send $1,000, there’s no way I could get it back other than getting you to send it to me. A transfer from my bank is safer because I could phone them and have the transaction reversed.
With DICE money, it’s the same. If someone put a gun to your head and forced you to send them your DICE Money, the transaction could be reversible. What makes this possible is that all Operators in the global DICE ecosystem are known. A victim of fraud could always turn to an Operator to get their money back. To prevent Operator fraud, we have a charitable organization called the DICE Money Foundation that audits each Operator.
Bitcoin fraud is becoming common. Scammers are using fake websites known as phishing schemes to trick you into giving away your Bitcoin. Or, they use spyware to steal it from your computer. Let’s face it, blockchain-based cryptocurrency is a great invention, but it’s not practical as money. There will always be people out there coming up new ways to trick you out of your money. The DICE ecosystem is better equipped to deal with fraud and keep everyone honest.
How is DICE Money Progressing?
Visit our telegram group you’ll see we have 30,000 members, all holders of DICE tokens. After our ICO they’ll be able to start swapping and using them. Next, we’ll be releasing our mining software and activate our first valid Operators. We now have Operators setup and more expressing interest so we’re not actively looking for more, yet.
We’re treating our ICO as a secondary project because we’re already enjoying quite a bit of interest. People understand this is not just the next dollar crypto token but a better form of money. And that’s all it’s supposed to be, too – just money.
Our next major event will be on June 11th, 2018 in London, England. We’ll be presenting DICE Money to a handpicked group of journalists, experts and people from within the investment community. Then we’ll be releasing our software, so people can get started. It’s exciting!
How Does Someone Invest?
Anyone interested in DICE Money can take part in our ICO. Tokens can be bought through our website at DICE.Money. We call our tokens Dicets (pronounced “Dice-ets”). Before you can invest, there are terms and conditions and KYC (Know Your Customer) agreements you’ll need to complete.
I’m really looking forward to the seeing the next generation of ICOs using DICE Money to fund their projects. It’ll be easier for them to get investors because there’ll be less complexity for them go through so ICOs can launch their projects faster with less upfront cost.
Good projects will succeed through word-of-mouth and community mining rather than just marketing. And there’ll be more trust in the ICO community because scams will be a thing of the past. Investors will associate their DICE Money with projects they like the best.
The DICE Money vision is to create an ICO system based on trust and commitment. Everyone is welcome to visit our Website at www.dice.money to learn more.
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