We all know that the Blockchain technology is revolutionizing the remittance industry for the unbanked. Those who are not familiar with the global remittance industry may be surprised to know that it is a multi-billion dollar market. The world bank estimates that officially recorded remittances to developing countries amounted to $466 billion in 2017.
This is where DMB currency see an opportunity to streamline the process by removing banks all together. This is made possible by the blockchain technology, the same technology that powers Bitcoin β and us. xD
π DMB BUNGEE β THE FIRST OF IT'S KIND
It's been a long time since I have ventured into cryptocurrencies. I have read and reviewed dozens of projects but nothing makes me as exciting as this feature. This is something I am looking forward to anxiously. So, what is DMB Bungee and what does it offer?
π Let me ask you a few questions first;
- What if you sent the payment to a wrong person/wallet?
- What if you send the payment to an abandoned wallet address?
- What if you were dealing with someone, you sent the payment and then he/she backed off the deal?
- What if you were dealing with someone, you sent the payment and then realized that you want to back off the deal?
- What if you send someone the payment and he/she claims to have lost the access to the wallet address?
I think many of us have been in a situation like that at some point. But given the current blockchain technologies available, what would be the recourse for you? None, except for requesting the person you send the amount to but even then there's no solution for the abandoned wallets. Then why not use a solution that overpowers the transaction and gives you the maximum power to control your resources and be your own bank/remitter β after all blockchain was meant to empower you and not turn you into a helpless being.
If it was mandatory for you to jump off a bridge would you jump with no precautionary measures or rather use a Bungee cord? I'd prefer the later and I am sure you too. That's exactly what DMB Bungee is meant for, you can pull off your transaction just in case any of the above unwanted situation appears.
π° So, how does it work?
Let's say, user A desires to send funds to user B for which confirmation of receipt is needed. Here's how it would go;
- User A configures the payment in his DMB wallet and enables the Bungee Recall Option, inputting a claim code and sends the transaction.
- The transaction is then broadcast to the masternodes, which reaches consensus on the requirements needed to process the transaction.
- User A then contacts user B and provides him the claim code. This could be anything from a simple word to a much more complex alphanumeric string used for greater security.
- User B opens his wallet and then pending transaction tab. He select the transaction from user A, and enters the claim code.
- The claim code is broadcasted to the masternodes, which then release the funds to user B wallet.
- Just in case, the code is not entered correctly (after a set number of attempts to allow for typos), or if it is not claimed within a set time interval (Let's say, 24 Hours), it is then re-broadcasted back to the user A wallet.
The DMB Bungee would be the first implementation of this sort of system in a blockchain project and would go a great distance toward making blockchain usage friendlier for average users. Sending digital currencies is often as irrevocable as jumping off a bridge you wouldn't do that without a bungee cord, so why should you make a payment without one?
DMB Cares - Charity Work
DMB does a lot of noble work in the outskirts of Philippines. The team takes keen interest in the charitable work and consider it as one of the core functions of the DMB ecosystem. Currently, they are helping out young needy students by providing free school materials in Malasakit. Fore more details, you can visit here.
Coin Specs - Masternode Performance
DMB is a POS/Masternode coin with scrypt-based hashing algorithm. DMB requires about 100,000 coins as collateral to run a masternode - going by the current price that should cost about $542. Itβs always a good idea to have a masternode than to keep your coins idle in your wallet for nothing. The current ROI is reported to be 75% per annum.
As of now there are a total of 164 masternodes with a total of 16.4 Million coins locked in masternodes. Which leaves a very limited supply in circulation for trading and other purposes. If you would like to setup a masternode, this detailed guide should help you with getting started.
I think that's pretty much it, if you would like to know more you can visit any of the following resources and get in touch with the team or drop your question below. Also, do not forget to drop your feedback. I would love to hear what you think about Digital Money Bits.
| Label | Value |
|---|---|
| WebPage | https://dmb-currency.com/ |
| GitHub | https://github.com/DMBcryptocurrency/dmb |
| https://twitter.com/dmbcurrency | |
| Discord | https://discord.gg/XPhfpYG |
| Whitepaper | https://dmb-currency.com/gallery/DMB%20whitepaper.pdf |
:Ϋ:β’β’:Ϋ: Thank you for Reading :Ϋ:β’β’:Ϋ:
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Interesting project. The master node cost is enticing. Do you know best exhanges rock purchase coin? Thanks!
The ability to come with a solution to these What-Ifs is indeed promising. All these what ifs are answered by providing users with the ability to pull off a transaction. That's great. Yesterday I sent someone some of my coins and the transaction couldn't proceed due to unknown reason, and it seems that i lost those coins.
So I personally think that the cryptocurrency users should be provided with some kind of bungee cord. What DMB is doing, I think, is a great development in empowering users. A great technology toward perfection.
And they absolutely have earned my respect with their charity works in Malasakit. This is only one amongst so much things that can be done over the power of blockchain.
The probably keywords that is the main idea on DMB technology is Everyone is a Banker, Everyone Holds the Control. I think, it guarantees stability and justice, and more reliability among each party involved in a transaction.
Nice info as always, @ghayas. Btw, are they doing any airdrop in near future? π
Thanks.
Thank you! I am not sure if there are any active airdrops but I have seen in their discord bounties for twitter etc. Feel free to reach out.
And thanks for the detailed feedback. Always a treat when someone takes time to appreciate.
I like coins that stake without the need to own a masternode and will check it out.
Then you are probably at the right place to read about them. :) Thanks.
This is very interesting, Digital Money Bits (DMB) are conceptualized to support the Market community by accelerating transactions and reducing the cost of sending and receiving payments, rewards and commissions. I am very supportive of it, and what I admire is that they are also concerned about charity to help young people continue their schooling for a brighter future, this is great, but I hope ... this charity is not only done in philippines but also to other countries in need. Thanks for sharing this post @ghayas
I think they are starting phase 2 of the charity campaign. Not sure if it would include other countries or not but that makes sense to focus on the close by surrounding than to move on to other countries. Last time I checked they were preparing supplies to kick-off the campaign.
yes it's good, hopefully DMB more successful for the future
Interestingly, Digital Money Bits (DMB) are conceptualized to support the Market community by accelerating transactions and reducing the cost of sending and receiving payments, rewards and commissions. I really like this post, you are very good at making a post like this
Thanks you @ghayas
I am particularly excited about the Bungee Recall options. Thank you for paying a visit, appreciate the appreciation :)
Thank you for sharing the very important info. I think virtual currency users need to try and switch to DMB bungee that can provide users with convenience with tricks to mitigate the bad possibilities.
DMB Bungee is definitely a very tricky feature and I would say much needed one. tX
It's good to see people putting blockchain technology into something useful. We all can help the lesser-privileged. Blokchain has made it way more easier that one could imagine a decade ago. Wishing all the luck to DMB coin. cheerio!
Couldn't agree with you more. Tx
Congratulations for such an excellent post friend @ghayas keep going, from #venezuela supporting your work in #steemit ...
Thank you, appreciate it. :)
very good post ghayas..but i like the most about the charity works dmb involved..very much inspiring...
Yeah, I would highly recommend to my Philippines followers (if you are reading this) get in touch with DMB team and take part in this initiative in whatever capacity you can. Thanks :)
This is very interesting new project, thanks for the information sir @ghayas . I came to know about this project
Thanks for paying a visit. I am glad that you found it useful.
amazing blog ...have so much things to learn from it .. thanks again
Digital eyes are higher and lower than all countries. The high or low currency used by country requests and bids.
If the offer is higher then the country's currency exchange rate will decrease. If, the offer is higher than, then the country's currency exchange rate will be higher. cool post and very helpful.
Thanks but you made me hell of confused person right now. No idea what you just said :)
Thanks!
Relax sir ha ha ha , the science of your post is very useful.
Thank you for that insightful aticle. Please check out and follow my work. i am following you.
Das hΓΆrt sich sehr interessant an. Schaue mir mal die Webseite dazu an und werde mich mal, in die ganze Geschichte rein lesen und Informationen sammeln.
Vielen Dank. Es kommen interessantere Dinge.
very interesting, thanks for the info
DMB i like it
Fantastic work with this one, kudos
Thank you, means a lot.!
Interesting information. But it seems to me that blocktrades also checks his purses before sending money?
Not sure what exactly your point is. But in any case, Blocktrades is neither a coin nor decentralized. Thanks
xrp is the best cross border payment option available to us
Ripple (XRP) - is NOT a Cryptocurrency.
not true
.
sounds really interesting, nice work ghayas
That's a very creative name - DMB Bungee. Sounds very good. I often create mess out of nothing so may be thats for me lol. Thanks for the write up, as always the best.
DMD. That sounds like DUMB money. I would do more research beyond his post before you get involved with it. Not every project pans out.
No one asked you to go straight and buy it. This merely serves as an informatory blog. You are expected to DYOR.
Informatory? Sure, that's why you conveniently forgot to list any cons of this crypto. You can't brand your blog as a legitimate source of information if you only list the positive aspects of a asset and ignore the risk. Or as Windnu from star wars would tell you, "there is a light and darkside of the force, without the coexistence of the two there can't be balance in the universe." Try balancing out the pros and cons.
Where did I claim that? Didn't I just told you to 'Do your own research [DYOR]' ?
Btw, you don't get to tell me what I should write and what not on my Blog. May be you should spare a minute and write about the pros and cons on your own Blog. Tx
sigh....
My blog is an opinionated and I'm open about that. But unlike you I'm not claiming to be a neutral source of information. I'm not telling you what to write on your blog, your pretence is.
xD
get your facts straight soon.
Hello there!!!
digital money is a pos crypto?? if yes how i do the DMB staking.
thanks.
good luck!!!
have a great day!!!
Hey, yes. Just buy, transfer to your wallet and keep your wallet online. You should receive your rewards after a certain period. Hope that helps.
Good Luck DMB π
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Amazing..cool
Congratulations @ghayas!
Your post was mentioned in the Steemit Hit Parade in the following category:
nice post
good job man
Very informative
.
lol yeah, I seems to have found my mojo in Crypto xD
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Diversification is a good tool.