Blockchain

100% Decentralized

Dimecoin Blockchain

Dimecoin is a global currency built on blockchain that empowers people with the freedom to transact. We set out to construct a payment ecosystem that has the power to liberate human potentiality by eliminating the barriers that exist in the market today. As a fully decentralized public blockchain, we are building a payment ecosystem that is both innovative and accessible and one that will change the way we view and measure the value of money.

The Dimecoin project was announced on December 23rd, 2013 on the Bitcoin Forum as “Based on Quark”, “Only better”. The motivation for its release? The logical and speculated reason, wealth accumulation of coin assets.

Similar to Bitcoin and Quarkcoin, Dimecoin is a proof-of-work consensus and mineable on the blockchain. Dimecoin’s software foundation is that of Bitcoin-qt, and eventually that of Bitcoin to support its’ protocol.

Did you know?The Dimecoin Blockchain now has controls that will prevent a majority hash rate attack.Otherwise known as a 51% Attack.

Around the same time, Quark had found popularity and maintained its’ ASIC resistance. This made it the perfect selection for an algorithm specifically for a new blockchain that aimed to be open source and community maintained. The selection allowed for and supported the desire for a mineable coin using budget-conscious computing resources.

Initially, the Bitcoin forum community dismissed the Dimecoin project, claiming it to be “pre-mined” garbage and considered the project dead on arrival. Despite the negative comments, the project did attract some early participants, miners and node operators, who took the task to propagate the network. The network still is operating today.

The outcome was a huge win for the decentralized blockchain project. With new controls that prevent a majority hash rate attack, or 51% attack, users of the blockchain, including holders of Dimecoin, are protected from someone or an entity being able to control the majority of network hash rate to revise transaction history and prevent new transactions from occurring. This was an important step in securing the blockchain and signaling to the community that their holdings would remain secure. It also was a big signal that the Dimecoin project was in good hands.

Continued interest and a new Network.

In 2018, a group of Dimecoin community members decided to take on the Dimecoin project and try to revitalize the now dormant project. Shortly thereafter, Dimecoin Network was formed and thought to be a new steward of the blockchain and coin project. As a signal to the community that this group would care for the project, the original founder of the Network, Ryan Downey, invested his personal capital to have a team of developers begin to assess the blockchain. In 2019, after learning of a security breach on the blockchain, Ryan and his team worked endlessly to upgrade the security on the chain.

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The Future

The Dimecoin Blockchain remains fully decentralized. The Network continues to innovate solutions that will make accessing the chain simple and secure. We will be introducing many new upgrades to the Chain as well as a host of products in the coming months and years.

We remain committed to keep the Dimecoin Blockchain fully decentralized for the public.

Dimecoin has had an interesting past and certainly will have a spirited future. What was once abandoned and tossed aside, now with the right team setting the sails, Dimecoin is sailing into freshwaters. Dimecoin was developed initially with solid tech and that tech continues to be superior today. The speed and volume of transactions that can be processed per second remain impressive and certainly towers over Bitcoin. One day we can envision smart contracts and nodes, micro-payment processing, and remittances all happening and all benefitting from the power of the Dimecoin blockchain.

What is a blockchain?

A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.

 

What is a decentralized blockchain?

Decentralization is the process of distributing and dispersing power away from a central authority. Most financial and governmental systems, which are currently in existence, are centralized, meaning that there is a single highest authority in charge of managing them, such as a central bank or state apparatus. There are several crucial disadvantages to this approach, stemming from the fact that any central authority also plays the role of a single point of failure in the system: any malfunction at the top of the hierarchy, whether unintentional or deliberate, inevitably has a negative effect on the entire system. Dimecoin was designed as a decentralized alternative to government money and therefore doesn’t have any single point of failure, making it more resilient, efficient and democratic. Its underlying technology, the Blockchain, is what allows for this decentralization, as it offers every single user an opportunity to become one of the network’s many payment processors.

What is a hash rate?

Hash rate (sometimes called the hash power) is the speed at which a cryptocurrency mining device operates. To be successful at mining, speed is of the essence since the miner is trying to solve a question, add a block the the chain and reap the rewards before anyone else.

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