DICE is a sequence of 1024 bits which conform to a certain set of rules. Every DICE unit is associated with only one operator on whose behalf it has been mined. The unit itself, however, is valid in the global economy regardless of which operator it is associated with. Every individual can perform as a miner (optionally), and can mine for more than one operator as well.
A DICE unit is a binary block of 1024 bits (128 bytes). A DICE unit can exist in the form of digital content (binary file, hex file, QR code), or as a physical printed note (QR code or text).
The process of mining generates new DICE units. Newly mined units are initially owned by the miner who has produced them. The miner can then exchange them for physical goods, services, digital content, other currencies, or other DICE units. When generating a valid DICE unit, the goal is to end up with a 1024-bit block of data consisting of the fields defined in the DICE structure, such that when SHA3-512 is executed on the DICE payload, and the resulting 512-bit output is then added to the original DICE header, a new hash produced from this newly built 872-bit “prototype” block will have a certain number or more of its least significant bits, all equal to 0. Therefore a miner’s task is to produce a 664-bit “Payload” at a certain moment of time (the “Timestamp”) in order to achieve successful hashing of the entire 1024-bit proposed data block, and then to have that hash confirmed by the operator.
Trading in the DICE economy is based on ownership claims rather than active transactions. No ledger of transactions exists anywhere in the network. The process can be described in a few generalised steps:
1. Current owner provides DICE units to the new owner. This could be in the form of digital content (binary file, email), or physical form (paper note, file storage device). Units are encoded with the new owner’s public key.
2. Current owner places a claim for new ownership to the operator who handles the particular DICE unit used in the trade, providing the hash of the unit.
3. New owner verifies the DICE, and also places a claim for new ownership to the operator of the DICE, providing the hash of the supplied unit.
4. Operator verifies the validity of the unit, and the two claims, and stores in its private database the address of the new owner as the registered owner of the DICE with the provided hash.
5. Operator sends a response message to both parties informing them about the change of ownership of the unit.
DICE does not require any special type of digital wallet. A “wallet” can take any form of storage where units are kept. That could be for example a USB flash drive (for files), an inbox (for emails), or a physical wallet (for printed notes). In any case, a valid DICE unit is considered only a full 1024-bit block which can be validated successfully with the associated operator.
Initial DICE Offering (IDO)
The Initial DICE Offering can provide an easy way for a business to raise funds for its operation. In comparison with any other methods of fundraising such as ICO or IPO, expenses associated with IDO are minuscule and mostly come down to the cost of the operator’s server equipment and supporting software.
The DICE Money ICO
DICE Money is a commercial entity focused on development and distribution of end-user products and solutions for the DICE ecosystem. The purpose of DICE Money’s ICO is to ensure initial market penetration of DICE through the use of already established Blockchain technology. A secondary goal is to raise funds for the business and further development of the DICE global ecosystem.