Press release, Ignite OÜ
The Estonian company Ignite OÜ has developed a new solution for DAG-chain based cryptocurrencies, solving a transaction fee problem faced by the users. The solution has a potential to become a part of the new as well as existing cryptocurrencies.
There are more than 800 different cryptocurrencies in the world and their number is constantly increasing. By transferring money one pays commission to the owner of the platform. “This situation can be compared to the market where people exchange different goods and pay immediate fee on each transaction to the owner of the market in the currency required by it. Thus the traders have to constantly exchange currency so that the market owner would enable to continue the goods exchange,” Dea Oja, the manager of Ignite OÜ, explained.
The solution created by the Estonian software developer makes the payment of commissions of cryptocurrencies based on DAG-chain automatic. This means that instead of keeping several cryptocurrencies in digital wallet, one can now just keep one. Such solution is unique in the world. According to Asse Sauga, the Estonian most well-known expert of cryptocurrency, the role of commissions in case of cryptocurrencies is to fight against spam transfers and create economic motivation for the parties taking care of security of the platform. “The commissions will become a bigger hindrance when the existing platform is required to be used as the basic platform for creating new digital assets or cryptocurrency. The hindrance is that if transfers are made with these new assets, the transfer fees are still accounted for in original currency of the platform and this sets major technical challenges for the whole solution,“ Sauga shed some light on the background.
This problem is addressed by Ignite with its software. The product of automation of transfer fees has been designed with open code and the external developers can test, complete and integrate it to their systems. “In the future this solution considerably simplifies the use of platforms based on DAG-chains and the creating of new asset classes on these,” Sauga summed up. According to Oja the innovative solution is born related to the development of new cryptocurrency Dagcoin. Similarly to Dagcoin the automatic solution of commissions will be made on Byteball platform which uses DAG-chain.
Compared to the system based on blockchain used by for example Bitcoin, the transactions based on DAG-chain are faster, have lower commission and it is possible to make more transactions in a second. Anthony Churyumov, the creator of Byteball platform, sees also perspective in an innovative automation of commissions and is impressed by the work of the development team. Dagcoin to be developed for Dagcoin OÜ will be launched in October this year. The development of cryptocurrency and adding of new functionalities continues also after launching.
Read more about the development of Dagcoin and automatic payment of commissions here: Automated transaction fee solution.
Download the digital wallet including the application here: Dagcoin wallet