Press release, Ignite OÜ
The Estonian software developer Ignite OÜ is creating cryptocurrency for new innovative platform. Created cryptocurrency enables faster and cheaper transactions and is more convenient to use than current alternatives. Up to now cryptocurrency is foremost associated with Bitcoins, energy intensive digital mining and blockchain technology. The cryptocurrencies based on blockchain are in the need of an alternative, as the expanding amount of users will be limited to technical details.
For example, some weeks ago it was possible to make up to 7 transactions in a second with Bitcoin and due to the recent changes this increased to 56, the transfer takes 10-20 minutes or even up to an hour and the commissions for moving cryptocurrency can reach hundreds of euros in case of bigger transactions. The cryptocurrencies based on DAG-chain are free of these problems without compromising security in the process.
"In case of Dagcoin, that is being developed for Dagcoin OÜ, the limit of transactions to be made in a second grows together with the number of users, the transaction will be made instantly and the transaction fees are tens of times lower at the current exchange rate than for example in case of Bitcoin,“ Dea Oja, the manager of Ignite OÜ responsible for technical development of new cryptocurrency, said. According to her two cryptocurrencies (Byteball and IOTA) have been created up to now for the technology based on innovative DAG-chain. By developing the new cryptocurrency the aim is to take a technical step forward from its predecessors.
"Our solution designs the future of cryptocurrency. Its use becomes continuously more user friendly through technical innovation.
Foremost I see cryptocurrency as a necessary alternative for the people having no access to the classical centrally managed banking system“, Oja referred to the problem dominant in several Asian countries. The first development stage of Dagcoin cryptocurrency is in the final phase. The terms of cryptocurrency exchanges are currently being fulfilled to make the created currency available to all interested parties. The code of the created cryptocurrency is public and open source which means that anyone can take a look.
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