would be a huge achievement. DICE looks to pull it off by allowing fundraisers to become an “Operator” of a cluster of miners. Each miner in the global DICE ecosystem is associated to at least one operator and requires each DICE unit it mines to be verified by an operator (subsequent to being verified by the miner itself) before it is deemed part of the global DICE ecosystem. The operator’s value increases as its cluster mines new DICE units. This means that DICE provides an opportunity for businesses (although operators can be any form of entity i.e. an organisation, a family or simply an individual) to generate value by creating their own form of money/DICE unit, which is how IDOs come about. HOW THE IDOS WORK Avoiding as much jargon as possible, let’s look at the IDO process from a simplified approach: an operator issues a currency (effectively a white-label DICE) and the clusters of miners associated with the operator are rewarded with this currency when they provide DICE units that are verified by the operator.
and there is no limit to how many operators a miner can invest in.
As imagined, this verification system makes the DICE ecosystem considerably tougher to penetrate than traditional blockchain ecosystems. Security is a big, big deal for DICE and their unique decentralised network.
DICE essentially turns every company into its own country — the cluster of miners being the citizens and the operators being the government. That’s perhaps an easier way to think FEES? about it. Each operator can even design the While the operator incurs expenses for supnote for their currency, how cool is that?! porting their cluster of miners, the users sending/spending or receiving DICE units TRANSACTIONS are not hit with any transaction fees. This is When a DICE unit is exchanged — either for a huge competitive edge over other cryptoservices, goods or other DICE units — the deal currencies and ecosystems. must be verified by the operator of which the unit was mined for. Slightly different to the £12 transaction fees Bitcoin is currently working to reduce, don’t Let’s see an example: you think? In this scenario, we’ll have a miner sending a DICE unit (let’s refer to these as coins) to a From the non-existent fees to the power user whom is providing a service to the miner. of investment mining and IDOs, this is all When the miner, who owns the original copy highly exciting stuff for the crypto world. of the data, sends the coin to the user, the op- I cannot wait to see what else 2018 has in erator oversees the transaction as a witness. store for us.
The operator and the miner both work collaboratively to update and verify that the user is now the new owner of the coin. Here, we should visualise the miner and user shaking The more DICE units that are mined on behalf hands and the operator acting as a witness. It of the operator, the dearer the capitalisation is only under this witness’ eyes that the deal of the operator becomes; the miners are gener- can go through as a verified transaction, leavating value for the business(es) of their choice. ing the coin in the user’s possession. The user Thus, the miners are investors in the operator is now the verified owner of the coin.
Information on DICE is limited at present during these early stages. The early bird catches the worm, though, so keep your eyes peeled for new information and updates. Hopefully we’ll get an ICO date soon. You’ll be able to find out more once the DICE website http://dice.foundation goes live. Stay tuned; stay decentralised! 59
Published on Dec 28, 2017