The DIW Token has set out its stall as a form of cryptocurrency that is designed to tackle the rather thorny issue of your security online. In particular, its creators state that they are primarily focused on the way in which it is now common to create digital copies of our personal information, which then leaves us open to attack from a number of different directions.
So, what should you expect from this cryptocurrency, and what does its ICO tell us?
The Approach of the DIW Token.
The approach taken by this token is straightforward. Their aim is to provide individuals with a method by which personal ID such as your bank details, online passwords, medical records and other pertinent information that we all have a need to access at various times. The fact that we are now concerned with that information and data being breached is why online security is so important especially in light of various hacks that have taken place over the last few years.
They are also seen as offering a highly-encrypted blockchain that goes far beyond that which is already out there on the market leading to a greater sense of security when it comes to dealing with such personal data. The platform itself is via a highly robust private portal which is highly decentralized which is then further enhanced by their encryption process.
Furthermore, they are also looking at introducing a new payment gateway in the hope that it will then encourage more websites to accept cryptocurrencies as a form of payment without having to be as worried about the security side of things. In addition, there are plans to roll out a global directory whereby users will be able to list their services or products to other users with the DIW token then being used as the currency of choice to complete the process between both parties.
Why is There a Need?
What is clear is that the team behind this token have looked at problems that are certainly plaguing the online world, which are an increase in breaches of security, the stealing of data, the restricted use of cryptocurrencies and also a significant increase in cases of fraud. By seeking to combat these issues via their new form of encryption on the blockchain, it is hoped by the creators that there will be a greater sense of feeling safe and secure by those individuals that wish to make full use of digital currencies on a daily basis.
How it Works.
The way in which the platform operates is not too dissimilar to other digital currencies that are attempting to run along similar lines. However, the difference is in the encryption aspect rather than the way in which everything is able to operate.
If you have any documents or personal information that you wish to have stored, then it is done so within a secure vault which is accessed via the blockchain. This information is then able to be shared either entirely or in part between users. For example, with your health records they would be held within the secure vault. A medical facility would then request access to your health records via the blockchain with this permission then being granted. It should be noted that all of this is dealt with anonymously.
When dealing with this information, the token is used to power the blockchain as is the norm with the exchange of data within this medium.
However, the payment gateway aspect is another interesting area, and this is where the DIW token is capable making a significant difference.
A retailer would use their single decentralized platform to implement the payment gateway with it already having been designed to integrate seamlessly with software including Joomla, WordPress and other CMS systems that are open-sourced. As a result, vendors that do use this platform will then be able to accept not only a number of Fiat currencies, but also a range of cryptocurrencies as well. This will hopefully open up new markets to them while they are safe in the knowledge that all of the relevant customer data is being saved in the secure vault. In order to do this, each transaction is placed on the blockchain with a request then being made to access it later on.
Financial Aspect of the ICO.
Upon the launch of the ICO, it has been stated by the creators that 1ETH is going to be the equivalent of 8000 DIW Tokens. This then equates to a projected price of 1DIW to 0.000085ETH. There is also a hard cap for the ICO of $58,000,000. There is also a minimum purchase during the ICO which has been pegged at 0.05ETH.
At the launch, there will be a total of 700,000,000 tokens made available out of a total of 1 billion tokens that have been pre-mined. Once the crowdsource aspect is complete, it will lead to those tokens that are remaining being burnt and, therefore, providing a final cap on the number of tokens that are in circulation.
Conclusion Regarding DIW Tokens and the ICO.
The issue of data breaches and security linked to that aspect are certainly in the news so the creation of a secure vault and a new approach to encryption is something that is sought after in the market. As was said earlier, it is their encryption process that is going to make this different to other similar tokens that are out there but it may very well be the payment gateway and global directory that allows this cryptocurrency to take hold.
The token has the potential to become an important figure in the world of online transactions but only if they do stress the security aspect to get retailers and online vendors onside. If they achieve this, then it is entirely possible that the price of the DIW token will grow exponentially over the next 12 months. This is something that is anticipated by a number of individuals within the industry who see that the creators have come up with something that is multi-purpose and also very relevant at this moment in time.
You can check out further details on their website or in their whitepaper.
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