You could have picked up one DASH for around $15 USD in January 2017 — but today, a single unit will cost you $1,060 — an all-time high. Sure, that’s a familiarstory in the 2017cryptogold rush, but Dash has a tendency to stand out. It’s the first non-Bitcoincryptocurrency to crack $1,000 USD per unit. Its ecosystem includes slick branding and strong grassroots community support — on top of several compelling technological innovations like privacy, instant payments, a “masternodes” tier and its own “treasury”. Bitsonline spoke to Dash Core CEO Ryan Taylor about what makes it popular, and what the community has coming in 2018.
Dash launched in January 2014, known first as XCoin and then Darkcoin, with a primary focus on privacy and anonymity. A year later though, it adopted its current name (digital+cash), with a broader mission to become a fast and feature-rich paymentsecosystem. Though still grouped among the “privacy coins” with Zcash and Monero, masked transactions are optional on the Dashnetwork.
A Community – or a Distributed Organization?
Its community and formalized governance structure have led some to refer to the Dashecosystem as actually a DAO (distributed autonomous organization) with defined roles, rather than a simple cryptocurrency community. It certainly displays many attributes of such an entity.
Bitsonline spoke recently to Ryan Taylor, CEO of main protocolsoftware developer, Dash Core. He talked to us about new software features, launch of the upcoming “Evolution” paymentsnetwork, and how (and where) the organization plans to expand in the coming years.
Interview: Dash Core CEO Ryan Taylor
RT: The other week we saw Bitcoin’s bullish price surge only to be met with a steep fall. While bitcoin’s value is typically a good indicator of the entire cryptocurrencymarket, Dash has historically been a much more stable, less volatile digital currency and actually soared to record highs then.
Dash’s price surge has been a result of many things; first, we have migrated to the latest software version, 12.2, which has enhanced scaling efforts and network stability. The Dashnetwork is now able to handle eight times the amount of transactions per secondBitcoin currently handles, and the fees for transactions have been cut by a factor of ten.
For a Dash InstantSend transaction, the user would pay about $0.06, compared to Bitcoin’s $10+ USD fees, and the verification is instantaneous. Regular transactions are under one U.S. cent. Secondly, Dash has shown tremendous value in its ability to provide people an alternative store of value or payment method against their normal fiat.
This is especially important in parts of Africa, Venezuela and Argentina, where hyperinflation is rife. We just announced a joint venture with KuvaCash where Dash aims to become a currency of choice for residents in Zimbabwe.
Thirdly, we are relatively close to rolling out our revolutionary new decentralizedpaymentssystem, Dash Evolution. Due for release next year, Dash Evolution will bringdigital currency to the mainstream in a way we have not seen before.
Finally, Dash was the first blockchainproject to introduce a true, sustainable, well functioning governance and treasury model, whereby 10 percent of newly mined Dash goes towards proposals that will help develop and improve the Dashnetwork. It’s my opinion that people have begun to see the real value in this approach.
RT: The founder of Dash, Evan Duffield, was the person who created this model, and users have completely embraced it. Anyone with a certain collateral of Dash can become a masternode owner, and similar to a shareholder, vote on proposals put forward by the community.
The masternodes play two critical roles in the growth of the userbase and ecosystem of services on the network. First, they act as stewards over the allocation of funding to proposals, and ensure the funding is allocated toward projects that will benefit Dash’s growth. Second, because they are paid to provide high-quality server capacity to the network, they ensure that Dash can scale to large transaction volumes to serve mass-marketnumber of users.
JS: When will Evolution be ready for everyone? What impact do you think that will have after it’s released?
RT: I believe Evolution will open the door to widespread adoption because it will act like and look similar to current onlinebanking systems, but be capable of much more. Users can send money anywhere in the world, and buy goods and services from a globally integrated marketplace, without any exorbitant fees, international conversion costs or time delays, all through a simple, easy to use interface, on mobile or online.
JS: Are you seeing increased merchant adoption? If so, any industries in particular?
RT:Dash’s InstantSend technology makes it the top cryptocurrency for e-commerce and decentralizedpayments. Currently there are hundreds of physical stores and over 500 websites that accept Dash, and hundreds of thousands of other merchants that accept it through Dash enabled credit and debit cards.
We are working every day on increasingDash accessibility, an example being an integration with Uphold the other week. The key for merchants accepting Dash as a payment method in comparison to bitcoin for example, is that our transactions lock within a matter of seconds, making Dash purchases feasible at the register. It’s also enticing for vendors and suppliers in other industries because Dash integration can completely eradicate cash-handling costs.
RT: Dash privacy is entirely optional and less than a total of 1 percent of Dashtransactions are privacy enabled. Privacy is one of the features that Dash incorporates into its overall userinterface, but our mission is completely removed from having a singular focus on privacy or providing something that is optimized for transaction obscurity.
RT:2017 has been a year of tremendous growth for us. On January 1, 2017, Dash’s market cap was $78 million USD. Five months later, on June 1, Dash’s market cap surpassed $1 billion USD. Today, it’s nearly $8 billion USD.
But for me, while growth in value, liquidity and stability are extremely important, the upside comes from our partnerships and the way we are providing people a better method of payment, wherever they are in the world. We will have several integrations upcoming in the early phase of 2018, and we will be unveiling them as integrations are completed.
This article is meant for informational purposes only, and does not constitute financial advice. Bitsonline is not responsible for any gains or losses incurred while tradingbitcoin, or any other digital asset.
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