The Deutsche Elektronische Mark or eMark (abbreviated as DEM) aims to be a digital currency that is not issued, managed, controlled, or regulated by a government or a central bank, making it a decentralized currency. The currency is programmed with the help of cryptographic algorithms used in transactions; thus, it is referred to as a cryptocurrency. The token’s distribution seeks to occur exclusively in a peer-to-peer network of computers with equal rights.
Additionally, the token seeks to operate on blockchain technology, making receiving and sending transactions quick, easy, and safe. The transactions aim to take place within seconds, irrespective of geographical distances. For every transaction, a separate and anonymous account number can be generated, which prevents from drawing any conclusions about the owner. Moreover, the token’s source code is open and can be viewed and modified by the public anytime.
The eMark’s consensus utilizes both the proof-of-work and proof-of-stake mechanisms. And the currency uses the SHA256D method for data security. SHA-256 refers to a cryptographic hash function that, as an input, takes a random size and gives an output of a 256-bit fixed-size hash for secure transactions. Hashes like these are powerful given their one-way output.
As the DEM token exists only in digital form, they need a specific type of wallet to be stored. About five different kinds of wallets can be used to store DEM tokens presently, depending on a user’s personal preference.
In addition, the average fee currently charged for every transaction is 0.001 DEM, while the maximum fee is 0.01 DEM. The transaction fee is to be borne by the sender, and the cost is automatically deducted from the sender's account balance when a transaction takes place. However, once a transaction has been sent, it cannot be canceled or reversed, irrespective of the eMark network confirming the transaction.
