So you want to make money with DasCoin?
There are several ways to at it.
But to fully understand how making money on the DasEcosystem is different from say, Bitcoin platform, it is important to first define how the relatively new cryptocurrency on the block works. That, in regards to how to make money using the DasNet.
Minting vs Mining
Minting and mining are two different sides of a somewhat similar concept. But there are monumental differences, too.
Introduced by Bitcoin, mining has been the most common digital currency compensation plan for most cryptocurrency models on the market right now. Mining involves using hefty computer resources and multiple nodes to solve complex math equations.
The process of solving one math equation takes the nodes about 10 minutes working in tandem. The solution leads to a successful peer-to-peer transaction, which is recorded on an ever-scaling, timestamped blockchain.
More significantly, solving the math equations leads to the release of a certain number of coins—such as Bitcoins. Miners, the people who dedicate significant resources towards solving the math, earn a commission out of the number of digital coins released into circulation. The entire process is known as Proof of Work (PoW). And it can be compared to other cryptocurrency compensation models.
On the flip side, minting within the DasNet involves buying licenses from NetLeaders—Proof of License. In Proof of License Consensus Method, an algorithm randomly defines which licensed node makes the next block of the consortium blockchain.
The licenses allow interested buyers to obtain a commensurate number of Cycles. Buyers can then decide to convert Cycles into DasCoin provided the Cycles already joined the consortium blockchain Queue. The entire process takes up to 10 minutes and is referred to as Proof of Value because value (money) is exchanged.
So, how can you earn money through minting?
- Direct Sales
Unlike receiving a portion of the resulting coins released into circulation as one would in mining, minters will instead have to either sell or trade their bought portion of digital currency to make a profit. They can make direct coin sales to other interested buyers who are yet to buy their NetLeaders licenses—or buyers who prefer to not go through the hassles of buying or waiting for licenses themselves.
How does that happen?
The DasEcosystem now provides two ways to trade.
DasExchange is an internal platform for trading the cryptocurrency within the DasEcosystem. Minters can trade the cryptocurrency with their peers in exchange for fiat money or another type of cryptocurrency like Bitcoin.
Since April 27, 2018, when the company launched a public exchange, minters can now trade publicly to convert the coin into fiat or hard currency and make a profit from gains/margins.
- DasCoin Referral Program Earnings
Users can also earn affiliate commissions by referring friends, family and other interested parties to the DasEcosystem. The MLM style marketing structure is referred to as incentive marketing and is aimed at attracting more users to scale the network fast—a desire the NetLeaders leadership has repeatedly made clear.
Exactly how much a referral earns the referrer is detailed on the platform’s website. However, the higher-priced the value of the NetLeaders license package the referee buys the higher the commission you’d get.
- How to Earn Money through an Upgrade
To understand what an “Upgrade” is, it is crucial to go back to how the DasEcosystem blockchain technology is meant to work—through minting and Cycles. Cycles are fundamentally phases or stages in which new nodes or buyers join the Das Network. The more there are, the higher the number of coins produced into circulation.
A single phase can last 2-3 months depending on how fast successful minting is happening. And buyers need to use their Cycle tokens within that time.
What an Upgrade does is allow people who have not used their tokens to double cycles they have available, add capital gains to their coins while curbing volatility (a possible coin inflation).
With four ways to make money within the DasEcosystem, buyers can evaluate what they want to do with their digital coins instead of holding them for speculation purposes. From earning referral commissions, capital gains and profits from exchange margins to selling DasCoin directly to other buyers, users can decide which method to concentrate their resources on and what works for them.