Why DNACOIN?

The DNACOIN is separating from the chaotic cryptosystems. The DNACOIN Crypto Bank is the missing chain link that will bring stability and prosperity to everyone including; Banks, Financial Institutions and most important to the general public. It’ll make for a better and prosperous society.

DNACOIN is the People’s Coin. It is backed by the individual. It is composed by a person’s DNA, reputation, credit score, health record and other means of security to build a complete personal portfolio of each individual.

The DNACOIN Bank intends to be the first mainstream licensed independent Crypto Bank. It’ll work within the system that has been already long established with some major changes. It is the bridge connecting the centralized and decentralized financial systems.

The DNACOIN is the only Crypto currency backed by valuable assets, your own DNA, your creditworthiness, what you are worth as a whole in society. There are always two keys or more used to identify a DNA COIN, one is held by the DNACOIN Bank, the other by the original DNACOIN holder. Unlike other Crypto currencies such as Bitcoin, who use vast amounts of electricity,  DNACOIN uses virtually none.

Every time a DNACOIN is created, sold or traded, it will establish a Chain Of Exchange (COX), a fully encrypted coin with its own blockchain. An advanced asymmetric algorithm based on the owner's DNA and other valuable assets is put in an encrypted code and it will only be revealed when the DNACOIN needs to be authenticated, which will provide much better protection against theft/hackers. A small  verification fee will be charged every time the DNACOIN is bought or sold.

The person/entity buying the coin creates its own encrypted code and a password. The DNACOIN Bank holds together all the original codes and passwords and every other encrypted password that had been deposited in the Bank's encrypted software blockchain science the day of the DNACOIN's inception. The  Bank only tracks the DNACOIN progress in the Chain of Exchange , it doesn’t act as an intermediary or interfere with the transaction, it only monitors it.

The DNACOIN intends be a legal, trusted, licensed and insured blockchain, a safe platform for P2P transactions, accepted by all private and governmental institutions.

How DNACOIN works?

DNACOIN functions on most of the banking system principals with the exception of almost total privacy and independence. It’ll map, measure, photograph and catalog partially or the entire palms and or person’s body’s skin. For better security the person's DNA, retina scan, finger prints, GPS birth location coordinates and other features will be added.

Then using this conglomerate the programmers will make a unique coded algorithm specific for each person which will be deposited in a DNA COIN bank. 1 square centimeter = 1 DNA COIN.

The bank owns the depositor an IOU for the amount of Coins deposited. The bank owns the software, hardware and rights to anything related to the coins development, trademark and patents.

The owner holds the key/password and can withdraw, used to purchase goods or sell the DNA COIN.

A crypto DNA COIN wallet will be added to the account. An ATM LIKE CARD will be issued together with a phone app.

The limit of each person’s DNA COINS is the amount of body mining/mapping done to date measured in 1 square centimeter and the amount of DNA COINS the person can afford to purchase.

If the DNA COINS increase in value so will the mapping (mining) of new DNA COINS. It’s crucial to get as many DNA COINS as possible, as soon as possible. In order to apply for the coins a mandatory $100 initial deposit is mandatory. Once the whole body is mined/mapped no more DNA COINS will be issued.

DNACOIN FAQ's

To encourage trading of the coins and a coin mixed portfolio, once a person passes away, there cannot be more mapping of the person’s DNACOIN. Their own DNACOINS portfolio  becomes the property of the DNA bank public Charity trust, unless they’re part of a family trust or had been transferred or sold.

The deceased person’s DNA COINS become collectors coins and increase in value based on the persons Year of birth. So the younger people’s DNA COINS, are valuable because of their mapping longevity, the older people's DNA COINS are valuable due to their collectability. 

The person who desires to hold more DNA COINS must purchase them from other people at market value at the time of purchase. In addition to the market value each DNA COIN can increase in value every time is used. To increase the number of people coming aboard each initial DNA COIN holder must sign up 7 more people. Families can pool together and for a ‘family DNA COIN trust’ where all that share the same DNA can benefit.

DNACOIN Kit

DNA Kit includes swab, fingerprint process, credit score process. 

Kit will be ordered online, after the test fee is paid. It will be shipped directly to the individual who will send it directly to the testing facility. We must coordinate all aspects accordingly. 

Licensed and backed by financial institutions and/or VA capitalists. 

DNACOIN Kit Process

A package kit will be mailed out to each applicant containing a dna consent form, a swab dna test kit, a 10×10 CM pre-cut perforated special paper.

Push out an equal number of squares as the number of DNA COINS to be purchased, choose a pattern and take a clear photograph. The photo must be added to your account profile to be processed electronically.

The location of the body where the photo/print was taken as well as the pattern sequence shall be known only by the customer.

A second option is; the client will pull out one or more of the cut-out squares, depending upon how many DNA COINS will be issued, apply the inked part to the desired skin area of the body, press and hold until the imprint is well defined in the cut-out.

What Is a Public Key?

A public key is a cryptographic code that allows users to receive cryptocurrencies into their accounts. The public key and the private key are the tools required to ensure the security of the crypto economy. unique pair of a public key and a private key is created.

A public key is a cryptographic code that allows users to receive cryptocurrencies into their accounts. The public key and the private key are the tools required to ensure the security of the crypto economy. unique pair of a public key and a private key is created.

How a Public Works

The private key is known to the user alone and serves as the user’s digital ID. The private key authorizes the user to spend, withdraw, transfer, or carry out any other transaction from his or her account. A sophisticated algorithm is applied to the private key to generate the public key, and both keys are stored in a digital wallet.

Key Takeaways

A public key is a cryptographic code used to facilitate transactions between parties, allowing users to receive cryptocurrencies in their accounts.

Users are issued a private key and a public key when first initiating a transaction.

The private key is made available only to its user and authorizes the user to facilitate transactions from their account.

The public key is used to verify the digital signature, which proves ownership of the private key.When a transaction is initiated by a user to send, say bitcoins, to another person, the transaction has to be broadcast to the network where distributed nodes confirm the validity of the transaction before finalizing it and recording it on the blockchain.

Before the transaction is broadcast, it is digitally signed using the private key. The signature proves ownership of the private key, although it does not divulge the details of the private key to anyone. Since a public key is fashioned from the private key, the user’s public key is used to prove that the digital signature came from his private key. Once the transaction has been verified as valid, the funds are sent to the recipient’s public address.

The public address is a hashed version of the public key. Because the public key is made up of an extremely long string of numbers, it is compressed and shortened to form the public address. In effect, the private key generates the public key, which, in turn, generates the public address.

The public address is a hashed version of the public key. Because the public key is made up of an extremely long string of numbers, it is compressed and shortened to form the public address. In effect, the private key generates the public key, which, in turn, generates the public address.

When two people enter into an agreement where one sends the other tokens or coins, they reveal their public addresses to each other. The public address is like a bank account number. The sender needs the number to be able to send the funds to the recipient who will then be able to spend or withdraw it with his private key. The recipient can also verify the sender’s batch of coins using the sender’s public address that will be displayed on his or her screen.

Special Considerations

Although the public key and address are worked out from the private key, the reverse case is nearly impossible.

The cryptocurrency network stays secure by using complicated mathematical functions to ensure that a private key is not able to be worked out from the public key, especially since the public key and its hash version are seen by everyone on the network.

Since it's impossible to regenerate the private key from public key or address, if a user loses his private key, any bitcoin or altcoin located at his public address will be inaccessible forever. On the other hand, a user who loses his public key can have it recreated with the private key.

What is a Private Key?

A private key is a sophisticated form of cryptography that allows a user to access his or her cryptocurrency. A private key is an integral aspect of bitcoin and altcoins, and its security make up helps to protect a user from theft and unauthorized access to funds.

Understanding Private Key?

When dealing with cryptocurrency, a user is usually given a public address and a private key to send and receive coins or tokens. The public address is where the funds are deposited and received. But even though a user has tokens deposited into his address, he won’t be able to withdraw them without the unique private key. The public key is created from the private key through a complicated mathematical algorithm. However, it is near impossible to reverse the process by generating a private key from a public key.

The private key can take a few different forms, usually depicted as a series of alphanumeric characters, which makes it hard for a hacker to crack. Most users represent their wallet keys in wallet import format, which has 51 characters. Think of a public address as a mailbox, and the private key as the key to the box. The mailman, and anyone really, can insert letters and small packages through the opening in the mailbox. However, the only person that can retrieve the contents of the mailbox is the one that has the unique key. It is, therefore, important to keep the key safe because if it is stolen or gotten without authorization, the mailbox can be compromised.

A digital wallet stores the private key of a user. When a transaction is initiated, the wallet software creates a digital signature by processing the transaction with the private key. This upholds a secure system since the only way to generate a valid signature for any given transaction is to use the private key. The signature is used to confirm that a transaction has come from a particular user, and ensures that the transaction cannot be changed once broadcasted. If the transaction gets altered, even slightly, the signature will change as well.

If a user loses his/her private key, s/he can no longer access the wallet to spend, withdraw, or transfer coins. It is, therefore, imperative to save the private key in a secure location. There are a number of ways that a digital wallet which contains a private key can be stored. Private keys can be stored on paper wallets which are documents that have been printed with the private key and QR code on them so that it can easily be scanned when a transaction needs to be signed.

The private keys can also be stored using a hardware wallet which uses smartcards or USB devices to generate and secure private keys offline. An offline software wallet could also be used to store private keys. This wallet has an offline partition for private keys and an online division which has the public keys stored. With an offline software wallet, a new transaction is moved offline to be signed digitally and then moved back online to be broadcasted to the cryptocurrency network.

These types of storage mentioned above are called cold storage, as private keys are stored offline. The other type of wallet, hot wallet, stores private keys on devices or systems that are connected to the internet. Examples of these wallets include desktop wallets (e.g., Electrum), mobile wallets (e.g., Breadwallet), and web-based wallets (e.g., Coinbase).

A paper wallet is a printed piece of paper that contains keys and QR codes that are used to facilitate cryptocurrency transactions.

Because they are removed from the Internet, at one point paper wallets were considered to be more secure than other forms of cryptocurrency storage.

Many investors believe that risks associated with losing, misreading, or damaging the paper wallet may outweigh the potential security benefits.

Understanding a Paper Wallet

Like a hot wallet, a paper wallet also makes use of public and private keys. Cryptocurrency users wishing to store their holdings in a paper wallet typically go through the process of printing the private key onto a piece of paper. For those who are interested in setting up a paper wallet, the first step is to visit a wallet generator site which will create keys and corresponding QR codes at random.

A digital wallet (or e-wallet) is a software-based system that securely stores users' payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology. They can also create stronger passwords without worrying about whether they will be able to remember them later.

Digital wallets can be used in conjunction with mobile payment systems, which allow customers to pay for purchases with their smartphones. A digital wallet can also be used to store loyalty card information and digital coupons.

Key Takeaways

Digital wallets are financial accounts that allow users to store funds, make transactions, and track payment histories by computer.

These pieces of software may be included in a bank's mobile app, or as a payments platform like PayPal or Alipay.

Digital wallets are also the main interface for using cryptocurrencies such as Bitcoin.

Digital Wallet Explained

Digital wallets largely eliminate the need to carry a physical wallet by storing all of a consumer's payment information securely and compactly. Also, digital wallets are a potential boon to companies that collect consumer data. The more companies know about their customers' purchasing habits, the more effectively they can market to them. The downside for consumers can be a loss of privacy.

Digital wallets allow many in developing nations to participate more fully in the global financial system. Digital wallets allow participants to accept payments for services rendered, as well as receive funds or remittances from friends and family in other nations. Digital wallets do not require a bank account with a physical firm or branch, often allowing those in poorer and rural areas to be served as well and therefore enables a wider financial inclusion.

Cryptocurrencies rely solely on digital wallets to maintain balances and make transactions, for instance with Bitcoin or other digital currencies.

Example use of a Digital Wallet

While a handful of top digital wallet1 companies in 2020 included Due, ApplePay, Google Wallet, Samsung Pay, PatPal, Venmo, AliPay, Walmart Pay, Dwolla, Vodafone-M-Pesa, – among others – the top 3 leading E-Wallets are those of Google, Amazon and Apple. As one example, Google's Wallet service allows its users to “store” cash on their phones. Customers can spend this cash both in-store, as well as online at businesses that accept Google payments.

As noted above, this is supported by near field communication technology (the ability to enable two smart devices to communicate if they are in close range). If a business doesn’t currently accept Google's payment system, Google also recently developed a physical Wallet Card – essentially, a debit card connected with the Bank of Google.

Recently, Google combined its two essential payment streams (Android Pay and Google Wallet) into a single service called Google Pay. Apple on the other hand entered into a strategic partnership with Goldman Sachs to issue Apple credit cards and expand its ApplePay services.

What is Cold Storage?

Cold storage is an offline wallet used for storing bitcoins. With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby protecting the wallet from unauthorized access, cyber hacks and other vulnerabilities to which a system that is connected to the internet is susceptible.

Key Takeaways

Most cryptocurrency wallets are digital, but hackers can sometimes gain access to these storage tools in spite of security measures designed to prevent theft.

Cold storage is a way of holding cryptocurrency tokens offline.

By using cold storage, cryptocurrency investors aim to prevent hackers from being able to access their holdings via traditional means.

Understanding Cold Storage

When a checking, savings or credit card account with a traditional bank has been compromised, the bank is able to refund the lost or stolen money back to the account holder. However, if your cryptocurrency account or wallet has been compromised and your bitcoins have been stolen, the owner would be unable to recover his coins. The reason for this is that most digital currencies are decentralized and do not have the backing of a central bank or government. Hence, there is a need for a safe and secure medium of storage for bitcoins and altcoins.

A bitcoin wallet is associated with the public and private keys of a bitcoin owner. The private key given to any bitcoin user is a unique string of alphanumeric characters required to access the user’s bitcoin holdings for spending purposes. The public key is akin to an account name and helps to identify a destination for coins that are being sent to the wallet. Two people making a transaction with bitcoin, where one is a seller and the other a buyer, will have to share their public keys with each other in order to complete the transaction. The buyer of the commodity or service sends the required number of bitcoins to the seller’s divulged address as payment, and the blockchain verifies the validity of the transaction and confirms that the buyer or sender really has those funds to send. Once the payment has been delivered to the address, the seller or receiver can only access the funds through his or her private key. It is, therefore, imperative for private keys to be kept secure because if stolen, the user’s bitcoins or altcoins could be unlocked and accessed from the address without authorization.

Protection from Theft

Private keys stored on a wallet connected to the internet are vulnerable to network-based theft. These wallets are known as hot wallets. With a hot wallet, all the functions required to complete a transaction are made from a single online device. The wallet generates and stores private keys; digitally signs transactions using private keys; and broadcasts the signed transaction to the network. The problem is that once the signed transactions have been broadcasted online, an attacker crawling the networks may become privy to the private key which was used to sign the transaction.

Cold storage resolves this issue by signing the transaction with the private keys in an offline environment. Any transaction initiated online is temporarily transferred to an offline wallet kept on a device such as a USB, CD, hard drive, paper, or offline computer, where it is then digitally signed before it is transmitted to the online network. Because the private key does not come into contact with a server connected online during the signing process, even if an online hacker comes across the transaction, s/he would not be able to access the private key used for it. In exchange for this added security, the process of transferring to and from a cold storage device is somewhat more burdensome than the process for a hot wallet.

The most basic form of cold storage is a paper wallet. A paper wallet is simply a document that has the public and private keys written on it. The document is printed from the bitcoin paper wallet tool online with an offline printer. The paper wallet or document usually has a QR code embedded on it so that it can easily be scanned and signed to make a transaction. The drawback to this medium is that if the paper is lost, rendered illegible or destroyed, the user will never be able to access his address where his funds are.

Another form of cold storage is a hardware wallet which uses an offline device or smartcard to generate private keys offline. The Ledger USB Wallet is an example of a hardware wallet that uses a smartcard to secure private keys. The device looks and functions like a USB, and a computer and Chrome-based app are required to store the private keys offline. Like a paper wallet, it is essential to store this USB device and smartcard in a safe place, as any damage or loss could terminate access to the user’s bitcoins. Two other popular hardware wallets include TREZOR and KeepKey.

Finally, users looking for cold storage options can also opt for offline software wallets, which are quite similar to hardware wallets but are a more complex process for less technical users. An offline software wallet splits a wallet into two accessible platforms – an offline wallet which contains the private keys and an online wallet which has the public keys stored. The online wallet generates new unsigned transactions and sends the address of the user to the receiver or sender on the other end of the transaction. The unsigned transaction is moved to the offline wallet and signed with the private key. The signed transaction is then moved back to the online wallet which broadcasts it to the network. Because the offline wallet never gets connected to the internet, its stored private keys remain secure. Electrum and Armory are often quoted as the best offline software wallets in the cryptoeconomy.

Cryptocurrency users should ensure that the wallet of their choice is compatible with the coins they transact or trade in, as not all wallets support all cryptocurrencies.

The dnacoin wallet doesn’t charge any fees when you make a deposit into your account.

Ethereum is too expensive and too slow - only 15 tps. It's still PoW. Awesome project, lots of development resources, but legacy tech. It needs to evolve and upgrade yesterday. It is going to continue bleeding projects and resources until it can successfully transition to PoS. Cosmos SDK is a very good bet imo for the future. 10,000 tps w Tendermint core. The goal is an interconnected internet of blockchains. That's where and when the transformative value of blockchain tech will be realized. DEX's with no kyc where anything can be traded absent middleman skimmers will be one of the first solid use cases for non-currency crypto applications. Switcheo TradeHub (SWTH) already has Demex up and running. Decentralized, stakers own the platform and receive 90% of all fees generated by the trading platform. APR 38%! Only a moron would keep money in a bank account.

One of the alternative networks like Polkadot might survive it they are demonstrated improvement or create some true economic value. Merge isn't the proper word for it. Interconnected is a better descriptor. Individually, blockchains are like individual silos or ecosystems. Interconnecting them via bridges radically expands the ecosystem and increases the value of the network effect. An internet of blockchains will allow the exchange of currency, smart contracts, information, et. al. in a decentralized, trustless manner, more efficiently and cheaper than current legacy networks with criminal cartels controlling from the center.

My only hope is for coins that tie together offchain value and the network benefits of crypto. The gold-backed coins, for example, but no one seems to care about those as they have no when moon upside.

Personally, I love RSR best. People should go read reserve.org. They understand that long-term the currency has to be backed by something offchain, and they are actually creating tangible positive economic benefits in countries like Venezuela.

I don't see what makes it a store of value

If I have a gold bar, it sits in my vault (or at the bottom of my lake). My carry cost is zero. It is completely anonymous. There is intrinsic demand for it, and the supply can only grow slowly at an established pace. The downsides are the risk of theft, the hassle of physically moving it if I have to move, the risk of confiscation (probably while I am moving it), and the likelihood that when I spend it, my denomination of metal will not match the thing I want to buy.

BTC has many of the same attributes. Anonymous. Controlled supply growth.

It is also a huge improvement in risk of theft, the ability to use it anywhere, and the ability to spend it exactly down to the satoshi. As a payments system and as "running money", it is vastly superior to physical metal. However, BTC has two huge handicaps for me.

First, it's hard to define intrinsic demand, because there is nothing intrinsically there. The intrinsic value of the BTC ledger is the accounting and payments system, which is a service with value, but a service should always be deflationary in a network world - in other words, there are many other accounting and payments alternatives, and as tech improves, the cost of those should drop, and therefore the intrinsic value of a competitor like BTC should also drop.

But that's small potatoes compared to handicap #2. A metal bar, once created, takes no energy to maintain its value. It will sit forever, not requiring any energy inputs. The core reason why I don't see how BTC can be a "store of value" is that it requires energy to exist. It would be like my gold bar having a plug that needed an outlet or the the gold bar would disappear. A store of value should not depend on the continuous input of significant amounts of energy to accomplish its function as a store of value. Legitimate projects like Switcheo TradeHub with the first L2 triple chain DEX

Legitimate projects like Switcheo TradeHub with the first L2 triple chain DEX
cryptocurrencies, which either are pegged to an underlying asset or backed by a public blockchain. Cryptocurrencies are not a viable form of digital cash for payments on a large scale, given the high computational and energy intensity of the validation process using distributed ledger technologies. However, they will continue to perform other functions. For instance, investors may perceive that cryptocurrencies can be a store of value (akin to precious metals) to hedge against the effects of central banks’ aggressive monetary easing.

Yes that would make exchange very easy, you wouldn't even need a centralized exchange as escrow since you could integrate CBDC in smart contracts and make p2p exchange with random people absolutely secure.