Concept Of DriipChain (2)
Driipchain can serve a unique role in cloning most conventional activities of the world, Just Like Community Wants It Te Be.
A Virtual Nation Built To Serve As The Strongest Backup Version For The Physical Nation.
Its technology offers a singular combination of permanent and tamper-evident record keeping, real-time transaction transparency and auditability, and automated smart contract functionality.This functions can’t just run without a use-case that would be specially made for it…that’s where DRIIPCOIN comes in.
What is DriipCoin?
Any discussion of Driipa must include a brief introduction to DriipCoin . In news reports, Driipa and DRIIPCOIN are often used interchangeably. Both are actually different.
Driipa is the name of the company and network behind the DriipCoin cryptocurrency. The company was founded as a peer-to-peer trust & social network. Users within this network could bypass all conventional procedures and make a new simple procedure as they always wanted it within each other, the user of this network depending on not only their wealth on the system but also on the activities they perform gets more power to vote for their choices on this system, which means been rich would not classify a user as powerful, but also on how active you’re on the network.
A fair World..
On the other hand we have DriipCoin, its cryptocurrency which can also be called ‘DRP’ The purpose of DRP was to serve as an intermediate mechanism of exchange between two currencies or networks. Driipa describes DriipChain as a global network and counts major banks and financial services amongst its users. DRP is used in its products to facilitate quick conversion between different currencies and used as store of value by Driipas.
Bitcoin vs. DRP
Bitcoin operates on a public blockchain ledger that supports a digital currency used to facilitate payments for goods and services. The bitcoin network is based on the blockchain concept, a public ledger of verified transactions and record keeping. Miners verify transactions on an ongoing basis and add them to the Bitcoin blockchain. In exchange for their time and the computing power necessary to validate the ledger in this way, miners are rewarded with BTC upon successfully validating transactions.
DRP is the native cryptocurrency for the Driipa community and it’s developed by Driipa Foundation. It operates on a hybrid blockchain ledger that supports a digital currency used to facilitate payments for goods and services. It’s products are used for payment settlement, asset exchange, and remittance systems that work more like SWIFT, a service for international money and security transfers used by a network of banks and financial intermediaries. DRP is pre-mined and uses a less complicated method of mining as compared to Bitcoin.
What are the main differences between Bitcoin and DRP ?
The main differences between Bitcoin and DRP are as follows:
1.Both have different methods to validate transactions
Instead of using the blockchain mining concept, the Driipchain network uses a unique distributed consensus mechanism to validate transactions in which participating nodes verify the authenticity of a transaction by performing any activity on the platform and stake some DRPs. This enables almost / instant confirmations without a central authority. The end result is that DRP remains decentralized and is faster and more reliable than many of its competitors. It also means that the DRP consensus system consumes NO amounts of energy as compared to Bitcoin, which is considered an energy hog.
2. DRP is cheaper and faster than Bitcoin
Due to the complicated and intensive nature of mining used in the cryptocurrency, Bitcoin transaction confirmations may take many minutes and are associated with high transaction costs. DRP transactions are confirmed within seconds and generally occur at very low costs OR free in many cases.
Similar to the bitcoin transaction processing fee, DRP transactions are charged in energy/hydrogen. However in absence of both energy and hydrogen, some DRP will be used. Each time a transaction is performed on the DriipChain network, a small amount of DRP maybe charged to the user (individual or organization).
3. DRP has more coins in the market
About 100 billion DRP will be pre-mined at launch and will be released gradually into the market by its main investors. In contrast, Bitcoin’s supply is capped at 21 million, meaning there will only ever be 21 million Bitcoin in existence. BTC’s artificial scarcity has helped generate investor interest in its potential as a store of value.
4. DRP and Bitcoin Have Different Circulation Mechanisms
Bitcoins are released and added to the network as and when miners find them. They do not adhere to a release schedule and their supply depends mostly on network speeds and difficulty of the algorithm used to mine coins.
A smart contract controls the release of DRP. Driipa planned to release a maximum of 3.8 billion DRP coins each year as governed by an in-built smart contract; moreover maximum of 3.8 Billion DRP coins extra will be mined forever each year automatically...
Any unused portion of the DRP in a each quarter of the year will be shifted back to an escrow account and locked for 20 months.
This mechanism ensures that there will be no possibility of misuse due to an oversupply of DRP cryptocoins, and it will take many years before all the cryptocoins will be available.
important: Overall, DRP is better for lower processing times and lower transaction charges than bitcoin and many existing cryptocurrencies .
Bitcoin vs. Driipa Example
To understand both with real-world comparisons, below are some analogies.
John, living in America, visits Walmart and pays for his purchases in US dollars. He can also use his US dollars to purchase other currencies for trading and investment, like GBP or JPY, and sell them off at a later date for a profit or loss.
Bitcoin is an equivalent digital currency — an alternative to real-world US dollars, for example. John can make a purchase and pay for it in bitcoins, or he can purchase bitcoins for trading and investments and sell them off at a later date for profit or loss, just like trading any other fiat currency like the GBP or JPY.
If John in America wants to send $100 to Moses in Italy, he can do so by instructing his American bank to execute the transaction. After taking necessary charges, John’s American bank will issue instructions using the present-day SWIFT system that will credit Moses’s Italian bank account with the equivalent euros (or USD). This process may involve high charges at both ends and takes a certain number of days for processing.
Enter DriipChain, the payment and settlement System that also has a currency, the DRP.
Driipa’s payment system uses DRP coins for the transfer of assets on the DriipChain network. The same $100 can be converted instantly by John to equivalent DRP coins, which can be instantly transferred to Moses’s account over the Driipchain network.
Upon suitable verification and authentication of the transaction by the decentralized DriipChain network, Moses will receive the DRP coins. He will have the option to convert it back to directly USD’s or any other currency of his choice, or even retain it as DRP coins. The verification process is faster than those of bitcoin, existing cryptocurrencies and traditional money transfer systems.
The Bottom Line
While Driipa works in a bit more complicated way, the above example explains its basic workings. The Driipchain system scores better than the bitcoin network for its lower processing times and lower transaction charges. On the other hand, BTC is generally more widespread and better known than DRP, giving it the advantage in other ways.
Bitcoin remains a truly public system that is not owned by any single individual, authority, or government. The Driipchain network, although decentralized, controlled & funded by it’s community, it’s owned and operated by a private company with the same community name “Driipa Foundation”.
One of the reason Driipa’s Ecosystem is an hybrid..
Despite both having their unique cryptocurrency coins, the two popular virtual systems cater to different uses.
However DriipChain offers more list of Usage.
Have you read?
About Driipcoin Phase Two
Website : www.driipa.io
ICO / Presale page : ico.driipa.io
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