FAQS – Frequently Asked Questions About Dascoin Blockchain, Webwallet and Netleaders.

Frequently Asked Questions (FAQ) About Dascoin Blockchain, Webwallet and Netleaders.

Welcome to the frequently asked questions page about Dascoin blockchain, Netleaders, DasEcosystem, Marketing System, and Educational System.

Q: What will happen, when the frequency finally drop to zero level for license purchasers?

A: Nothing, the total number of coins that would be issued based on the license purchased would just continue to decrease based on the frequency changes.

Take note: Time is coming when you may get 0.001 DSC (Dascoin) for the standard license of €100 that many people are getting about 155 DSC for as at today.

Remember that this same thing happened to Bitcoin and other notable cryptocurrencies out there. The frequency lock was introduced to appreciate the early adopters.

Q: Hope I haven’t missed out on Dascoin? Though, it is still on my mind.

Ans: But I won’t be pleased if you eventually get on board after the whole thing has gone public and people are now rushing. Although the choice is yours to make.

Q: When Dascoin goes to the exchange market, how do we go about selling it, especially for starters in crypto currency space?

Ans: Selling Dascoin won’t be the focus in DASCOIN because unlike other coin Dascoin have a app called daspay that allows you to spend your dascoin like your local currency (naira) anywhere in the world.

Q: What is blockchain?

A: A blockchain is a public ledger, shared across a network of computers. The ledger has a record of every transaction that has ever occurred on the blockchain and whenever a new one occurs in the world, it’s added to a pool of other new transactions. At an equal interval the pool is gathered up, converted into a block and added to the chain. Additions to the blockchain are impossible to fake but easy to verify.

Q: How do they work?

A: A blockchain is a digital record of information. You can store virtually any kind of information on the blockchain ranging from monetary transactions to political records or other national documents.

Traditionally, valuable information like this would be stored in one place, by a bank or government. For example, a bank keeps a list of every transaction that is made with its customers’ money, so it can accurately keep track of how much money each customer has.

Instead of keeping your vital information in one central location such as in the bank, blockchain technology stores this information remotely on hundreds of thousands of computers around the world. Each computer unanimously has a copy of the blockchain data – a list of every transaction (each events and activities recorded over a period of time on the blockchain are referred to as transaction) ever made in exact time and date order. Once a transaction is added to the blockchain it can’t be edited or deleted. Immediately a transaction has been inputed successfully on to the block chain, it can never be edited or deleted. It is verifiable for life.

There are diverse use cases of blockchain technology that many people haven’t been aware of late. With blockchain, you can store land registry database of a country and do a seamless transfer of assets from one person to another effortlessly. Instead of having to hire a third-party firm or lawyer, you can easily get your legal documents by the use of smart contract. The blockchain allows this to happen securely by sending a record of the transaction to every computer in the network.

If anyone without the right permission and authorization tries to change a copy of the data on the blockchain, all the other computers on the network would know and such change could not be made.

For example:

Mr. John Bolton (point A) wants to send some money to Mrs. Ellen Richard (point B). The block chain has a detailed and current record of how much money both Mr. John and Mrs. Ellen have. All the computers in the network check whether Mr. John has enough money to pay Mrs. Ellen. They do this by verifying their own copy of the blockchain which is a record of all previous transactions as regards to the client. If they come to a consensus that Mr. John has enough funds to carry out the transaction, it will be recorded and given a timestamp. And in the event of insufficient fund, the network would reject the transaction.

Q: How secure is blockchain against attacks?

A: In a traditional network where information is only stored in one centralized location, fraud or hacking is inevitable and very simple for perpetrators. But when computer records are automatically replicated on thousands computers as they are processed, the network will easily detects a change made on a single computer and hence, fraud won’t be able to take place. The changed record on the altered machine would no longer matches the records held by the other machines and the fraud is detected.

And for fraud to really take place on the blockchain, a very larg computing power would be required to enable a simultaneous altering of the data on the network of computers at the same instances. And it is very obvious that this is nearly possible.

Q: Is there more than one blockchain?

A: Yes, different blockchains hold records of different types of information.

Q: How does blockchain affect me?

A: In the future, the transfer of any secure digital information will be handled instantly without the need of a third party, saving huge fees and time.

It would be of note that blockchain technology currently powers hundreds of digital currencies such as our own Dascoin, and the first baby known as Bitcoin and host of other altcoins out there. It can as well be used to store/record any form of valuable data that needs state-of-the-art protection/security from hacking or fraud.