What does a Non Fungible Token mean?

Non-fungible tokens are the digital representation of unique assets in the decentralized environment.

Difference between a Fungible Token and a Non-Fungible Token?

Fungible tokens can be exchanged with each other since each token holds the same value that does not differ from one another. Non-Fungible tokens cannot be exchanged due to its unique standards and specifications.

What is an NFT in Crypto?

NFT are the unique tokens that represent the digitalization of unique physical assets like arts, sculptures, and other collectibles in the crypto world.

How much does it cost to create an NFT?

The cost to create an NFT depends on the type of assets, platform wealth and its gas fee.

What a DAG?

DAG Acyclic Graph Blockchain uses topological ordering for a directed graphical structure. The Nadcab Technology sequence can move from earlier to later. DAG is often applied to issues associated with processing, scheduling of projects, Shortest path problems, and data compression. The sequence is maintained by the involvement of transactions, thus skipping the method of mining. DAG Acyclic Graph Blockchain Development Company in Compiler Design consists of only transactions, eliminating the necessity for miners to make new blocks.

In addition, DAG Technology allows users to secure data by referencing data units from previous transactions, thereby increasing the scalability of transactions. The consensus algorithm establishes total order within the DAG by selecting the ‘main chain’ that gravitates towards reputable users, aka witnesses.

Benefits

No Double Spending

The validation of a transaction is decided by the transactions behind it. DAG’s transaction order is expanded through multiple transactions, without a Proof of Work (PoW). Any attempts of double spending will be thwarted immediately by the system.

Network Width

The DAG network links the existing later transactions to the new transactions. The DAG algorithm will control the width of the tangled network. When the transactions are validated, it will be linked to new transactions on the DAG network.

Faster Transactions

The blockless nature of the DAG makes the transactions run directly into the network, which makes the whole process faster than PoW & PoS. The network width is kept within certain limits to maintain faster transaction validation.

Micro-Transactions

The advent of DAG has enabled a platform, where there is a possibility of high functioning with a minimal transaction fee. Users can send and receive micro and nano-payments without issues related to scalability and transactional speed.

Features

Conditional Payments

DAG allows the payer to set conditional payments that fiat currency transactions cannot. The conditions are set by the payer. The payee receives the money, only when these conditions are met or else the money is returned to the payer.

Sovereign Identity

The identity of the user is stored securely on the wallet. The disclosure of the identity is up to the user. The user can disclose the wallet identity to a service provider, for example, participation in an ICO, and use the wallet identity as part of their KYC & AML compliance.

Privacy

Users can pay in complete privacy in a cash-like currency that is untraceable. The transactions will not be visible on the public database, as they are sent Peer-to-Peer (P2P). The built-in TOR switch enables direct transfer from wallet to wallet, further increasing privacy.

Secure Transactions

DAG does not have a central entity that stores and process payments. Instead, when the transactions between users are initiated, a cryptographic link is created between each other. As the transactions grow, users start adding their link on top of each other like Byteball.

USE CASES

ICO Differentiation

When the ICOs are run on the blockchain, cryptocurrency on DAG can be out of the box security tokens. The KYC is built-in with real name verifications with stats that are displayed in real time. Users sell BTC, ETH, or Bytes.

Peer-to-Peer Insurance

The user can hedge the insurance against any negative events. Insurance is inscribed on a smart contract, which will be unlocked by the insured when the event in question occurs. The user can also sell insurance for a profit in a P2P transaction.

Peer-to-Peer Prediction

Users can predict a future event and can make money. It could be betting on a football match or any other prediction market. The prediction will be etched on a smart contract and depending on the result, the user or the peer can unlock the smart contract.

Email or Chat Trade

The payer can send the cryptocurrency through e-mail or via chat. The recipient can click the link received by mail or chat to complete the transaction. However, if the recipient does not have a DAG wallet, the link will prompt them to install a wallet on Android or iOS.

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Direct Acyclic Graph

What a DAG?