The anonymity many cryptocurrencies offer is one of the biggest reasons many people have embraced digital currencies. So, will DasCoin’s modus operandi work?
DasCoin only allows verified members to make transactions in its ledger system. So everyone gets to be identified by the company although the privacy of individuals making the transactions is maintained.
The latter is possible because the DasCoin blockchain is made such that it obfuscates the identity of participants as transactions are recorded on it. This means while transaction details are transparent and easy to follow-through, the participant’s identity is confidential.
So how does DasCoin go about doing this?
- Through the Know Your Customer Procedure
Know Your Customer (KYC) is a banking-level procedure of authenticating people looking to join their network, DasNet. Everyone must provide a way to be identified or verified as a genuine DasCoin participant. That means the network comprises of only authenticated members who are likely to add more integrity and reduce security concerns within the system.
- Full Compliance with Anti-Trafficking Policy
Recently, a few countries and regions across the globe have introduced sanctions against cryptocurrencies that ignore set rules to strangle support for criminal activities happening across various cryptocurrency networks. Two such policies are the Anti-Money Laundering (AML) and Combat Funding for Terrorism (CFT).
Seeing how Bitcoin’s anonymity-approach has been abused by drug and human traffickers, DasCoin is looking to avoid turning into yet another support structure for illegal transactions by becoming fully-compliant with these policies.
- System of Governance
DasCoin has instituted a central authority to supervise operations across their ecosystem. The top management is clearly identified on the website as well. This puts a face to the DasEcosystem. The management team is charged with making decisions, such as when to mint new DasCoins. That is meant to help avoid volatility as well as increase the value of DasCoins held by participants over time.
This also means the central entity can change rules to solve emerging issues, unlike Bitcoin where a blunder is left unresolved.
One of the major advantages of DasCoin’s centralized management structure is that the leading team ensures system upgrades happen on a regular basis. The result is a less chaotic cryptocurrency platform where integrity reigns supreme.
- DasCoin’s Referral Program
The DasCoin affiliate program is heavily reliant on identifying who has referred which new community member to the DasCoin ecosystem. The referral program is central to how a DasCoin participant earns money. DasCoin has multiple packages for this. The higher the price of the package you refer people to, the higher your commission will be when they buy NetLeaders Licenses.
Besides, it is tough to anonymously refer people to a platform they have to spend money to get in. Who trusts a stranger like that?
These are the major reasons and benefits DasCoin fronts for making their private network permitted.