What is cryptocurrency
Cryptocurrency is an internet-based medium of exchange and it uses cryptographical procedures to carry out financial transactions. As a way of ensuring security, transparency, immutability and decentralization it leverages blockchain technology. One of the biggest advantages of cryptocurrency and why it is accepted worldwide is because it is completely decentralized and not governed by any central bank of Government. Decentralization completely mitigates the challenges that exist in traditional banking and other financial systems.
Exchanges can be made directly between two parties through public and private keys and no third party would be involved in the transaction. When exchanges are made the processing fees are usually minimal and negligible which means users can avoid the charges that would be required while carrying out the traditional method of fund transfer. As a result of its growing popularity most banks, government, big software organizations account firms and other major bodies are all researching the technology. DogData has taken the initiative to develop its Etherbone Token system which is an electronic form of the typical discount coupon used by many industries in many countries. As with cryptocurrencies, Etherbone Tokens are created using private blockchain technology to ensure that discounts can only be used once and your tokens would only be used by you. Etherbone Coins are a transferrable cryptocurrency and they use ERC20. Etherbone Coins are tradable on crypto market exchanges as well
Etherbone Tokens can also be mined and earned by Dog owners, Dog breeders or community contributors. Here are the ways Etherbone Tokens can be mined by various classes of people
DogData Community Contributors
Understanding the DogData Etherbone Characteristics
1) Irreversible: After a transaction has been confirmed a transaction cannot be reversed by anyone and not even the president of the United States.
2) Pseudonymous: All accounts and transactions are connected to the blockchain and none is connected to real-world accounts or identities. You get rewarded with Etherbone tokens to your wallet account when you participate in the DogData community programs.
3) Fast and global: Once transactions are propagated they are almost instantly confirmed in a couple of minutes no matter your location. Anyone can participate in the program and earn Etherbone Tokens and you don‘t need any form of permission to use it. Also, it can be used to purchase products and services on the DogData market place or as discount vouchers.
4) Secure: Etherbone Token funds are locked in a public key cryptography system and only the owner of the private key can use it
5) Permissionless: Anyone can participate in the program and earn Etherbone Tokens and you don‘t need any form of permission to use it. No one can prevent you and no one is a gatekeeper. Furthermore, the Cost of transactions is minimal because it runs on blockchain technology.
Crowdfunding is a medium of raising funds or donations for organizations through friends, family, investors and the general public. Crowdfunding employs a different strategy from the traditional fundraising method. In crowdfunding, funds are raised through social media and other digital platforms to reach potential donors.
Business owners use small amount of capital raised from a large number of donors to finance a new business. It uses crowdfunding websites and social media sites to bring together entrepreneurs and investors to expand the business. In crowdfunding, an investor can select a particular project and invest on it with as little as $10 and then the crowdfunding site can generate revenue from the percentage of the raised fund.
DogData as a startup organization would be rolling out its Initial Exchange Offer (IEO) to increase awareness and raise funds through Crowdfunding. Its aim is to increase awareness of its Etherbone Coins and also increase awareness for the products and services offered by the organization. The fundraising campaign would be aimed at bringing Business people and entrepreneurs to invest in DogData and get rewarded. Most of the crowdfunding businesses and projects are reward-based and investors can receive financial rewards for their investments in DogData.
The benefit of Blockchain technology
Many people associate the blockchain technology with cryptocurrency and yes it is true that blockchain became very popular as a result of its first implementations by digital currencies. However, cryptocurrency is just one area of application and a lot of organizations are leveraging Blockchain technology to streamline their business processes. DogData have leveraged the blockchain technology to build 3 products, they are
Utility Token: The DogData utility token (Etherbone) runs on blockchain technology and it can be used on the DogData market place as a purchase discount voucher on a suggested welfare product. It can also be used in the market place for peer to peer smart contract welfare service solutions. Lastly, Etherbone Coins are tradable on crypto market exchanges.
Smart Contract: As a way to enforce authenticity of agreements between two parties without the need for a third party or escrow agents DogData has leveraged the Blockchain technology to build a smart contract solution. The smart contract can be used to digitally facilitate, verify and enforce the negotiation or performance of a contract between two parties. It ensures that credible transactions are carried out without third parties and the transactions are irreversible and traceable.
PedigreeChain microchip blockchain registration: There is a lot of issues associated with the centralized system of the dog information registry. Records are not accurate, not available when you need them, and records are easily lost. The PedigreeChain BlockChain explorer run s on the blockchain technology and can be used to capture your dog vaccination/immunization records, veterinary records, pet certificate, pedigree records and so much more.
Advantages of the Blockchain technology For DogData solutions
Blockchain technology is immutable and decentralized and it allows for verification without depending on third parties. It is much secured, data cannot be altered or deleted and it uses cryptography to secure data ledgers. All Token transactions that take place in blockchain technology are transparent and it completely mitigates against hacks. All records captured in the PedigreeChian BlockChain explorer are authentic and immutable.
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