Interview with Konstantin Dimitrov, CEO Dice Money
Driven by debt and unpopular taxation, the American and French revolutions changed the course of human history. Today, a quieter, larger revolution is taking place as people all over the world are starting to use digital cryptocurrencies. But while cryptos let you hedge against the value of traditional money, they don’t necessarily increase your wealth.
Financial advisors say you should set aside 10% of your income for investment to get wealthy. Most people find this hard to do because they have less than a $1,000 in the bank or are in debt. An ultra-modern wealth strategy is to launch your own ICO, but many fail due to a lack of funds for marketing.
Now computer scientist Konstantin Dimitrov has invented a better cryptocurrency. He says Dice Money will grow the economy by letting investors create more digital certificates to invest with. I spoke with him about why his crypto is better than bitcoin and how it helps ICOs succeed.
What is Dice Money?
Dice Money is a new form of cryptocurrency people can easily mine themselves that doesn’t use blockchain. The name “Dice” comes from combining the first two letters of the words “Digital and “Certificate”. Think of Dice Money as a global financial ecosystem built from independent digital notes that trade with other valid units. Each unit of Dice Money carries data for identification and its value is equal to the amount of time and energy it took to create.
To mine a single unit of dice, you’d need to mine continuously for 10 days. So, it’s not like everyone can mine Dice Money and suddenly become rich. It takes time and effort, just like mining for gold. But unlike gold, you don’t have to destroy the environment to create it. And unlike Bitcoin it doesn’t cost thousands of dollars in electricity to produce.
Dice Money is not limited to 21 million units like Bitcoin is, either. Instead, it’s production is based on supply and demand. Since Dice Money is mathematically predictable, the quantity of Dice being produced globally can be accurately calculated. This enables tools for controlling inflation.
A person, business or government that accepts Dice Money is what we call an Operator. If your government is an Operator, you’d be able to pay your taxes in Dice Money. Your local school, council, hospital, or charitable organization can all be Operators, too.
Why Did You Create It?
The idea for Dice Money began with an earlier venture I was involved in. After three failed attempts to secure funding I started looking at the possibility of running an ICO. That’s when I realized how much ICO marketing costs.
An ICO could easily spend a million dollars on marketing. There’s a whole industry built around marketing ICOs. Expenses like road shows, a website, whitepaper, rating sites, telegram support or web chat support can make it difficult to get your ICO off the ground. It was then I decided to create an easier, cheaper way for startups to get funding.
You see, when the typical startup needs to raise money they usually end up turning to friends and family. Your friends may want to support your startup, but they don’t necessarily have the money. Instead, they could mine Dice Money and become an investor without risking their paycheck.
While a single person couldn’t raise much capital, an entire community of miners could raise plenty. And they’d be more likely to become committed long-term investors rather than speculators trying to make a quick buck.
What Are the Advantages?
The main advantage Dice Money has over Bitcoin is that it’s sustainable. While Bitcoins will become progressively more difficult and costlier to mine, you’ll be able to mine the same amount of Dice two years from now using the same amount of time and effort as you would today. And Dice is easier to integrate into the money system, too.
Our strategy is to reach out to small local Operators interested in using Dice as a promotional tool. Instead of offering vouchers or giving away products, businesses could give away Dice Money. Or, they could accept Dice Money from consumers in place of regular money.
Anyone can become a Dice Operator or mine Dice Money using their mobile phone or home computer. And Dice can be mined offline, too. We’re coming out with a memory chip called a Dice Card that lets you create Dice while it’s sitting in your pocket.
Besides investment, Dice Money can be used to support social structures like education and transportation that often struggle for funding. Not only can people improve society by doing more mining, they can use their Dice to pay for their own education or medical bills. Even a homeless person could become an Operator and mine their own Dice Money.
Dice is not just for poor people though. Big companies like Apple can get in the game and become a Dice Operator. And they’d bring millions of people on board who are loyal to their product.
Probably the greatest advantage is that Dice Money can be made more effective with information gathered from miners and Operators. This will show how much Dice there is in the market and how it’s performing.
What Gives Dice Money Its Value?
Like I already mentioned, Dice cannot be mass produced. This gives it scarcity. Just as people value gold because it takes time and energy to produce, it’s the same with Dice. The greatest value in using Dice is bringing together a community to support a cause or startup.
Dice is the same as regular money except everyone can play a role in its creation, not just the government. At the same time, the quantity of Dice in production can be controlled by the same rules that apply to a global ecosystem. And Dice can be accurately measured for how much electrical energy it takes to produce. Since this is minimal, Dice is the most environmentally friendly type of money.
While blockchain is a great technology, it’s not well suited for use as money. For example, anyone can go to Blockchain.info and see exactly how much Bitcoin is in your account. Besides security issues, there’s no one to turn to when you have problems. The average person wanting to buy something won’t go through the hassle of figuring out blockchain, either.
Dice is a better form of money. It can be printed on a piece of paper, sent by email, stored on a flash drive or given away, so it could easily gain widespread acceptance.
How Secure is Dice?
There’s no point in trying to create counterfeit Dice because the amount of energy it would take to create fake Dice is the same as creating real Dice. Each unit carries permanently embedded data that shows which Operator it’s associated with. The data also shows who mined it and who the current owner is.
When you exchange Dice for goods you need to make a valid claim to your Operator using your private key. This tells them where your unit of Dice is going. The receiver of the Dice also needs to make a valid claim to the Operator to become the new owner. The Operator then knows who the new valid owner should be. You’ll still have your Dice file, it just won’t be valid. The recipient of your Dice will have the new valid file.
Dice Money can’t be stolen either. Each unit has only one official owner worldwide. For example, imagine someone stole your laptop loaded with Dice. While they may have your Dice, they can’t do anything with them. The thief needs to make a claim to the Operator telling them they’re transferring the Dice to buy something. And the Operator could invalidate their claim.
So, you can see that Bitcoin is far less secure than Dice. Once someone steals your Bitcoin it’s gone for good. For example, if you mistakenly sent someone $10,000 in Bitcoin but intended to send only $1,000, there’s no way you could get your Bitcoin back other than getting them to send it to you. A bank transfer is safer because you could phone your bank and have the transaction reversed.
With Dice money, it’s the same but without the bank fee. If someone pointed a gun at you and forced you to send them your Dice Money, the transaction could be reversed. What makes this possible is that all Operators in the global Dice ecosystem are known. A victim of fraud could always turn to an Operator to get their money back. To prevent Operator fraud, we have a charitable organization called the Dice Money Foundation that audits each Operator.
Bitcoin fraud is becoming more common. Scammers are using fake websites known as phishing schemes to trick you into giving away your Bitcoin. Or, they use spyware to steal it from your computer. Let’s face it, blockchain-based cryptocurrency is a great invention, but it’s not practical as money. There will always be people out there coming up new ways to trick you out of your money. The Dice ecosystem is better equipped to deal with fraud and keep everyone honest.
How is Dice Money Progressing?
Visit our telegram group and you’ll see we have 30,000 members, all holders of Dice tokens. After our ICO they’ll be able to start swapping and using them. Next, we’ll be releasing our mining software and activating our first valid Operators. We now have Operators setup and others expressing interest so we’re not looking for more, yet.
We’re treating our ICO as a secondary project because we’re already enjoying quite a bit of interest. People understand this is not just the next dollar crypto token but a better form of money. And that’s all it’s supposed to be, too – just money.
Our next major event will be on June 11th, 2018 in London, England. We’ll be presenting Dice Money to a handpicked group of journalists, experts and people from within the investment community. Then we’ll be releasing our software, so people can get started. It’s exciting!
How Does Someone Invest?
Anyone interested in Dice Money can take part in our ICO. Tokens can be bought through our website at www.Dice.Money. We call our tokens Dicets (pronounced “Dice-etts”). Before you can invest, there are terms and conditions and KYC (Know Your Customer) agreements you’ll need to complete.
I’m really looking forward to seeing the next generation of ICOs using Dice Money to fund their projects. ICOs will be able to launch their projects with less upfront cost and they’ll get more investment because there’ll be less complexity for investors to go through.
Good projects will succeed through word-of-mouth and community mining rather than just marketing. There’ll be more trust in the ICO community because scams will be a thing of the past. And investors will associate their Dice Money with projects they believe in.
The Dice Money vision is to create an ICO system based on trust and commitment. Everyone is welcome to visit our Website at www.Dice.Money to learn more.