A tech-savvy enthusiast in the middle of San Francisco decides to embark on the crypto journey that will redefine his future financially. It all started in 2020 when Shiba Inu (SHIB) was just a newborn token, and he risked and bought $1000 worth of the asset. Unknowingly, this simple bet would turn into a multi-million-dollar fortune as the worth of SHIB skyrocketed to great levels.
Shiba Inu’s Meteoric Rise
Initially, attracted by the meme appeal and an active community our San Francisco investor bought SHIB when its price was as low as $0.0000001 per token. Meanwhile, as the crypto market stirred up emotions, the value of SHIBs rose gradually. By the middle of this year (May 2021), SHIB had gone up to $0.000038, transforming that $1000 initially invested into a ton of money. It was not a smooth ride for SHIB as the cryptocurrency went through its share of volatility. Recently it slumped by 8% showing the same volatile nature of all the meme cryptocurrencies. The visionary tech enthusiast stayed put, patiently enduring turbulence in the market, to become one of crypto’s success stories.
BlockDAG, A Solid Foundation
BlockDAG combines blockchain technology with the Directed Acyclic Graph (DAG). It optimizes transaction velocity and the network, creating the foundation for revolutionary value. In its 19th presale batch, BlockDAG coins were sold at $0.014 each. It would be possible to buy almost 71,428 BDAG coins for $1,000. Analysts believe that the potential price for BlockDAG could increase to $30 per coin by the year 2030. Based on such forecasts, an investment of $1,000 could result in a more than $2 million return within the following ten years.
Image Source: BlockDAG Network
Technology behind BlockDAG
BlockDAG is a type of proof-of-work consensus mechanism that has been built to revolutionize the crypto sphere with its new Directed Acyclic Graph architecture. Unlike traditional blockchains, BlockDAG focuses on security and does not lag in advocating for the transition to environmentally friendly technologies. As previously mentioned BlockDAG does not face scalability and throughput issues common in blockchains. It facilitates multiple transactions, which makes it easy to scale up in terms of operations.
The PoW algorithm of BlockDAG is also one of the most advanced and is inspired by Bitcoin and Kaspa. It offers the highest speed possible in industries, unmatched security, and low centralization. Another advantage of BlockDAG is that it possesses an environmentally friendly system. It forms the basis for the sustainable development of digital enhancements in cryptocurrency.
BlockDAG handling double-spending prevention
BlockDAG uses a Proof of Work (PoW) algorithm coupled with its unique DAG structure to eliminate the risk of double-spending. The PoW component of the BlockDAG protects the network against possible vulnerabilities such as double-spend attempts. The primary aim of PoW is to guarantee that the transactions that are to be included in a block are indeed valid ones.
It is different from most other blockchains because unlike them, BlockDAG can process multiple transactions. This means that the process is fast, minimizes delays, and at the same time, makes the system more secure. BlockDAG utilizes several cryptographic approaches to secure transactions and users’ information thereby maintaining the network’s security and privacy.
Conclusion
The San Francisco saga continues here, but this time with BlockDAG, the main hero. With changing trends in the field, new opportunities are created, and profits are achieved. Thanks to its high performance, security, and environmental friendliness, BlockDAG can be considered one of the important steps forward in blockchain. The integration of PoW and DAG structure in BlockDAG ensures that it has a mechanism to protect itself from double-spending and other forms of attacks.
