The Mining Process Behind DICE Tokens

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Mining is the process of releasing new units of a cryptocurrency by verifying transactions to be added to a distributed ledger. Such validation is achieved by solving cryptographic computational algorithms. DICE units are also mined similarly, however, instead of a single ledger, there are as many ledgers as operators in the clustered economy of miners and operators (IT-Hub). With computing power put to use, new DICE units as blocks of 1024 bits get generated.

DICE is a social economy where clusters of miners work in collaboration with multiple operators to mine new DICE units. The miners own the DICE they mine, and operators can earn these tokens as capital for their business. In this process, miners become a part of the operator’s business by exchanging the DICE money for equity or the commodity in which the operator deals.

Mining process

Mining process of most of the cryptocurrencies is proof-of-work where the miner who solves the cryptographic problem associated with the transaction gets incentivized with specific cryptocurrency units.

The process is little different for DICE as it uses the proof-of-ownership consensus to mine new DICE units.

A valid DICE would be a 1024-bit block of data that has valid segments of

  • Operator Address
  • Miner Address
  • Threshold Level
  • Timestamps
  • 664-Bit Payload

Primarily, a miner’s task is to produce a 664-bit payload so that it can achieve hashing of the 1024-bit newly mined DICE. SHA3-512(3) algorithm is executed to validate the DICE payload. The hash needs to be verified by the operator to approve the new unit.

The unvarying part of a DICE structure is operator and miner address. The threshold is set by an operator, and the hash gets generated by a miner

DICE offers Investment Mining

DICE mining doesn’t require an investor’s money. When an investor is ready to pool in his computational power, he becomes part of the DICE economy. A miner can put in his computational power into the ecosystem by connecting with multiple operators. A miner can trade tokens mined by him for the products, services, and equity of an operator and automatically become an investor. A miner can choose to stay connected with multiple operators.

Miners validate transactions to earn DICE money. This consensus is called proof-of-ownership where the investor is himself interested in propagating the economy as he will receive incentivization for that. This type of mining is known as investment mining and brings a social economy to thrive.

DICE also allows offline mining that eliminates the safety concerns of existing cryptocurrencies as online mining can be hacked and the units can be stolen.

Final Thoughts

DICE is pioneering a revolutionary idea of Initial Dice Offering to solve the issues of raising funds through venture capitalists and ICOs. It brings miners and operators together to work in collaboration with a self-propagating decentralized economy that provides investor’s security of investment as startups successfully raise capital with minimal investment. As a social economy, DICE is the future replacement of traditional money and cryptocurrencies that do not allow businesses with a more physical form of commodities to reap the benefits of digital currency.

To know more about DICE, visit their website or read the whitepaper.

Media Contact:
Name:   Dilip Chandar
Email:    [email protected]
Website: www.dice.money
Telegram: https://t.me/DICEMoney

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