The DasCoin ecosystem is a permissioned blockchain that authenticates all users before they can use the network. Find out how watertight security enhances adoption and success.
The DasCoin Authenticated Blockchain Network is Revealed
Various cryptocurrencies have started to take notice of the security considerations that are ailing the industry. Security is not only related to the theft of cryptocurrency from hackers, it is also a concern that relates directly to the identity of participants on the blockchain
network. If anyone is allowed to move funds around – fiduciary currency into cryptocurrency or vice versa at will, the integrity of the financial system can be severely undermined.
Bad actors can compromise the functionality of cryptocurrency networks, by engaging in sponsorship of terrorism, or money laundering activities. These actions have serious repercussions vis-à-vis criminal and terrorist activity, tax avoidance, and tax evasion. Various regulatory authorities including the SEC, and the IRS are among a handful of growing bodies now seriously looking into who is trading on cryptocurrency networks. By beefing up the security of the industry, new-age cryptocurrencies like DasCoin are essentially shoring up the credibility of the network.
How Is Authenticated Blockchain Changing the Network?
The DasCoin network is governed by a community of leaders known as NetLeader. Everything within the DasCoin community known as the DasEcosystem is fully authenticated. All nodes on the system are verified and licensed. Thanks to the KYC (Know Your Customer) policy of compliance, the highest safety standards are assured at all times. While security is a fundamental tenet of the DasCoin network, it is not unique to DasCoin.
Various other cryptocurrencies like Edge are also making inroads in this arena, although they are in their infancy stages. Blockchains require security protocols, owing to the devastating hacks that constantly take place. Recently, BitGrail – an Italian exchange – lost hundreds of millions of dollars after it was hacked. Such events degrade the trust that people place in cryptocurrency. DasCoin is having none of it, and has built an ironclad structure since inception on March 31, 2017.
Know Your Customer
The authenticated blockchain is protected by KYC authentication. Know your customer ensures compliance with regulatory standards, and guards against sponsorship of terrorism, and money laundering. In that vein, the regulatory compliance is fully aligned with CFT and AML standards. There are many other reasons why this cryptocurrency and the DasEcosystem are superior to existing technologies. These include the following overarching reasons:
- Speed and Scalability – transactions can be processed in just 6 seconds without slowing down. Additionally, some 100,000 transactions can be processed every second, regardless of capacity utilization.
- Security with WebWallet and Validator – security is sacrosanct. The KYC authentication ensures that this permissioned blockchain is only accessed by people who have been approved to be there. While anonymity is done away with, privacy controls are fully in place. The WebWallet and the Validator are designed to provide the necessary safety checks and balances.
- Adaptability and Sustainability – Since DasCoin is fully integrated with existing systems, it can continually evolve to meet the ever-changing needs of the marketplace and government regulation. This makes it sustainable. Further, the eco-friendly design ensures minimal energy usage, and maximum performance.
- Accountability – accountability refers to the authentication that must be complied with before a member is admitted to the community. Authentication ensures alignment with regulatory constraints.
Viewed holistically, the currency of trust requires each member to undergo a verification process to get into the community. The introduction of DasPay – a blockchain-based payment system – will allow some 60 million merchants worldwide to be connected to the DasEcosystem. And all of this will be conducted within the ambit of secure transactions processing for all vested stakeholders.