DasCoin launched a much-publicizedpublic exchange in London almost exactly a month ago. But is it a mere addition to the cryptocurrency boom or a worthy digital asset worthy your time and money?
As of May 30, 2018, there were 1,874 cryptocurrency alternatives to Bitcoin with a combined market capitalization of more than $328 billion, according to cryptocurrencieswatch site. The figure indicates a 216-spot jump from the number of altcoins listed on the afternoon of March 16, 2018—a Thursday just 75 days prior.
Even more interesting, the number of cryptocurrencies on Monday, March 13,2018, was 30 less at 1,638 altcoins. This is according to cryptocurrency website, Investing.
CoinMarketCap, another industry watch site, lists over 1,040 cryptocurrencies. According to the site, over 626 Bitcoin alternatives have a market cap of over $100,000. And 39 have a market capitalization beyond $1 billion.
In fact, the top 10 cryptocurrencies host over a $100 billion in market capitalization.
But why do these cryptocurrency statistics matter?
Here is why:
With the surge of altcoins expected to run grow further, faster and rather furious, even morecryptocurrency investors are going to want to invest in producing even more altcoins and pumping money into already minted ones.
However, the main issues could be underlying.
According to BitWise Asset Management Co-founder, Hunter Horsley, people are still experimenting with what seems to work better than the rest. Chloe Cornish in the Financial Times emphasizes that by adding the “experimentation” could lead investors into “pump and dump schemes”.
That raises the question about whether it is worth pump money into, with its newly minted public exchange, unique blockchain technology and distribution concept.
What’s unique about DasCoin?
- Decentralized and Centralized
Perhaps the biggest surprise is the centralized management and decentralized coins distribution combo the company is implementing.
The best cryptocurrency signals have a central entity or a corporate board to help run things. According to the firm, the main purpose they had in mind when coming up with the structure was to ensure accountability and transparency so as to inspire more trust among investors.
The management team, comprising of current company founders and former financial, digital technology and marketing professionals, have “Trusted Roles”. Their job is to provide both leadership and management including:
- Ensuring the DasEcosystem is not prey to money launders and other cyber crimes
- Assuring users of timely updates such as security, scaling and valuation updates
- Ensuring all members are authenticated, and more
That would help explain the next unique DasCoin feature
- Permissioned Blockchain
Users interested in investing inthe company will need to become authenticated. The company reported it was becoming compliant with international financial laws requiring users’ authentication.
The cryptocurrency platform uses Know Your Customer (KYC) to verify the identity of its network users. However, the company maintains all user details are confidential and protected from third-parties hence safe from hacking and phishing attacks.
However, unlike Bitcoin, users are not anonymous, a feature many cryptocurrency enthusiasts continue to demand despite others feeling anonymity could be counterproductive to the industry going forward.
With Bitcoin, miners lead the mining process to help circulate newly-produced Bitcoins into the market.
However, with the DasEcosystem based digital currency, investors will have to buy a NetLeaders license—the parent company. The license lets users gain Cycles, which can be converted to digital coins for peer-to-peer transfers, buying, andselling, as well as valuestorage.
The licensing protocol eliminates the need for technical cryptocurrency mining that most people find tough to understand and profit from. Prospective investors can simply use Bitcoin or euros to buy the license directly from the firm.
- Referral Program
NetLeaders has stated before including in its 2016 white paper that its aim is to become a mainstream cryptocurrency. That, by attracting widespread adoption while maintaining the digital currency’s scarcity to assure sustained value.
Incentive marketing is the other way the company is using to attract even more active users to power mass adoption.
The affiliate program empowers members to invite people in their social circles and beyond and earn a commission from every successful signee’s package fees.
With new regulations aimed squarely at the cryptocurrency industry catching on globally, permissioned blockchain and anti-money laundering compliance could become the new standard for operating legitimate cryptocurrencies and related exchanges.
Without the hassle of mining and anonymity-bred cybercrimes, DasCoin might as well be well-worth considering as a legitimate cryptocurrency.
However, it is imperative that investors carry out due diligence to ensure they understand what they are getting into beforehand.