Various cryptocurrencies are springing out each day in the crypto arena. More than 2000 different crypto projects are currently listed on CoinMarketCap. But right among the top-notch cryptocurrencies in terms of market capitalization lies Dash. So how is this crypto project any different than the rest? What is the vision that it is pursuing and what is its appeal to a normal crypto user?
In order to get the answers to these questions so that people could get a better insight into the project, BlockPublisher got in touch with the Chief Executive Officer of Dash Core, Ryan Taylor.
The following Q&A with Ryan is enough to give one a clear perspective regarding the project overall.
- What is Dash’s Long-Term Vision?
Ryan: Dash is an open source, decentralized cryptocurrency focused on providing users with a better way to pay and get paid. We aim to address usability challenges of other cryptocurrencies by making Dash simple and efficient for the consumer, through instant transactions, low fees, and familiar interfaces. Our growth strategy targets markets that we feel cryptocurrency – and Dash-specific features – are best positioned to address, such as high-chargeback industries, economies with high inflation rates, and cross-border remittances.
- What makes Dash’s consensus algorithm more efficient than others?
Ryan: Most cryptocurrencies rely on only one mechanism to secure transactions – typically proof-of-work. Dash supplements this mechanism with other Dash-specific innovations that are less resource intensive to provide a greater level of overall security with less consumption of electricity and equipment. These include our InstantSend transactions that confirm transactions even before being added to the blockchain, and our recently announced ChainLocks that prevent mining attacks on the network. Dash is demonstrating that a multi-pronged approach to securing the network can be safer and more efficient than legacy one-dimensional security mechanisms.
- What products are present in the Dash ecosystem right now?
Ryan: Dash has one of the most vibrant ecosystems of merchants and service providers. There are over 4,200 merchants currently registered at discoverdash.com, including travel sites, car dealerships, coffee shops, retailers, and business services. At this point, consumers can purchase almost anything they need in Dash. We are constantly adding new merchants, and it’s exciting to see Dash usage increase.
- What is the project’s main focus currently?
Ryan: The Dash network has a number of projects underway. Right now, we’re targeting emerging markets where the native payment systems are ineffective and where people are more open to consider alternate and more effective ways to store and spend their money. We’re seeing the demand for Dash skyrocket in Venezuela, with over 2,300 merchants currently accepting Dash. Neighboring Colombia boasts nearly 200 merchant listings. Many members of our community have been active in these countries, building professional organizations to serve the needs of local markets. This includes helpdesks, merchant acquisition, and market education and marketing.
Additionally, a major project on our roadmap we’re really excited about is releasing Dash Evolution. We’re aiming to make Evolution the payments system of the future, providing users with a Venmo or PayPal like experience to millions of users around the world. Some of the major features will include allowing users to create a username and store their data, such as contact lists, inside the network similar to other services they are accustomed to using.
- What is Dash’s appeal to a normal crypto user?
Ryan: Unlike other cryptocurrencies, the Dash network features instantly confirmed, double-spend-proof transactions, a self-governing and self-funding model that ensures our development will continue, and a clear roadmap to scale on-chain via specialized custom developed open-source hardware. Dash is also the first true Decentralized Autonomous Organization (DAO) which hires and pays people to develop and improve it. Dash aims to appeal to both traditional cryptocurrency users and the average person that might find most other cryptocurrencies intimidating to use.
- What is the target audience of the platform?
Ryan: Although the demand for Dash is growing in emerging markets the fastest, people are seeing how digital currencies can offer a myriad of benefits that traditional currencies and payment methods cannot. For instance, Dash can be seamlessly spent online or at merchants, with much lower transaction fees than credit or debit cards. In some countries, remittances and credit card limits can restrict users from making large purchases. In other countries, existing digital payment infrastructure is unreliable with frequent outages. Dash solves these issues for our merchants in emerging economies.
The adoption of digital currencies is much different in industrialized countries, such as the U.S. or U.K., because people in these strong economies do not necessarily need an alternative payment option. Dash targets niche opportunities in these markets. Many of our users are simply looking for full control over their money without the cost of middlemen and bank account fees. Digital currencies can also address unique markets like providing a currency for the Internet of Things in which many transactions are a fraction of a cent, or eliminating consumer fraud in high-chargeback industries like nutraceuticals or online travel. So, there are many applications where Dash can solve real problems even in well-functioning financial markets.
Dash’s approach of employing frameworks other than Proof-of-Work (PoW) to maintain the network and confirm transactions is a slightly different and interesting one. Its aim of providing instant transactions through a secure fabric of operation at lower costs makes it truly stand out. It is also a Decentralized Autonomous Organization (DAO), which means it extends decentralization beyond just the network only. It has brought decentralization in its operations as well. All in all, Dash is a very interesting project to watch out for as we move forward and the market saturates. It will be very interesting to see how it survives the trials of time as the market saturates with developments being made in the crypto and blockchain arena.