DreamNation launches own currency

Press release: DreamNation Establishes Own Virtual Currency, DNCoins

NEVADA — DreamNation has established its own virtual currency, DNCoins (DN$).

DN$ was successfully and smoothly rolled out over the last two weeks of June, and has been adopted by members of the grid with enthusiasm.

DreamNation previously used Virwox’s OMC$ as its internal currency prior to adopting DN$.

“We originally adopted OMC$ because it was used across a number of grids and we believed in an OpenSim universal currency,” said grid founder Waki Janus. “Also we felt that an established currency provider such as Virwox would provide a secure virtual currency service for a grid in its infancy. However, OMC$ has proved troublesome from the outset. Support by Virwox for OMC$ was woeful.”

In addition, the grid had to rewrite code after every upgrade of the OpenSim software, since the code provided by Virwox itself did not work. In addition, the registration process and use of OMC$ was unnecessarily difficult and clumsy even for simple transactions, Janus said.

“The final straw for us was to discover that Virwox was deducting hefty fees from members who did not use the currency in any one month,” said Janus. “Virwox was literally emptying our members’ accounts. We believe this practice actually is contrary to various US Federal Court decisions and regulations.”

DreamNation celebrated its second birthday.

DreamNation celebrated its second birthday this past December. (Image courtesy DreamNation.)

Creating a new currency was surprisingly easy and, on the whole, trouble free, Janus said.

The grid has set up accounts with a US dollar balance equal to or greater than the total DN$ value in circulation, and created a simple online process for purchasing and selling DN$ with anti-fraud protections built in.

“Though because we are a closed membership grid we do do not see this as being a significant problem,” said Janus.

All members are automatically registered to use DN$, and transactions are as simple as those in Second Life, with out the clumsiness of the Virwox system.

Virwox — like PayPal — requires a separate, online, confirmation step for every transaction.

“For members who have yet to adopt DNCoins should go to our website at www.dreamnation.net and log in and click on the link DNCoins,” Janus said. ” There are three links there BUY, SELL and LOG. The last one allows members to look at their transaction records for a chosen period.”

About DreamNation

DreamNation is a closed, membership-only grid. New users applying for membership must provide a reference who is a current member of DreamNation, or who is known to DreamNation from other grids.

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  • Interesting read. As a grid owner myself that also uses Virwox OMC, I have to say that I feel the commentator is being unnecessarily harsh, and factually incorrect.

    Virwox is a payment processor and does not offer or provide ANY code for use with the OMC currency – this is offered and provided by Graz University of Technology Austria – by Michael Stuer. When I signed up to use this with our grid – Avalonia Estate – it was very clear to me that this was not being offered as a professionally supported system, but much like OpenSim itself, was being offered without any warranties or guarantees, and provided on an “as-is” basis. It is offered as a convenient way to enable anonymous transactions which were exchangeable with other currencies, without the headaches of all the legal work that has to be undertaken and adhered to when using virtual currencies. I also have no knowledge of any need to “rewrite” code for OpenSim upgrades. I just upgraded our grid to 0.8.0 and the OpenEconomy Modules installed and worked flawlessly.

    I have no knowledge of DreamNation grid, and untill today had never heard of them at all – and although I am sure they are an upstanding and decent grid – I personally would never trust a currency system that is operated exclusively by an OpenSim grid – which normally means it is in the hands of one or two individuals, who again are normally anonymous, and leaves your money, and privacy subject to the whims of grid owners, and their personal bank balances.

    I also like the extra step of having the transaction confirmed on an external website, as this provides an extra layer of security and peace of mind that your money and privacy is being protected. And that the transaction is not being monitored by any unscrupulous grid owners.

    For me Virwox is an established real world business that has to abide by European law. When a user opens an account with them, they are required to read the terms and conditions and decide whether to agree or not. Many credit card companies also implement charges for non usage, so this is not unusual – and personally, I feel Virwox is taking a lot of heat for this from individuals who are negligent for failing to read legal terms and conditions before clicking the “Accept” button. As a real life business owner, I experience this all the time – Clients failing to read legal terms and conditions which they have honestly and openly been presented with, and then start getting their “knickers in a twist” when they fall fail of a clause because they failed to read what they had signed up to.

    Having said all this, I wish DreamNation well, and hope this change works well for them.

    • Finnegan A Lemerian

      Whether it is in the terms and conditions or not, taking someone’s money is commonly called theft. While I am no longer a member of Dream Nation i know the people who run it and setting up their own virtual currency was a wise move. If Virwox wishes to continue to operate inside the US they had better pay closer attention to US law.