Dash is one of the most prominent cryptocurrencies that are seen floating around on CoinMarketCap. But how is it any different from the rest? In order get an answer to this question, BlockPublisher got in touch with Leon White, a member of the marketing team at Dash, in charge of web content and communications.
The following Q&A with Leon gives one a clear idea of what Dash is all about.
What is the long-term vision behind Dash?
Dash aims to be the most user-friendly and scalable payments-focused cryptocurrency in the world. The Dash network features instant transaction confirmation, double spend protection, anonymity equal to that of physical cash, a self-governing, self-funding model driven by incentivized full nodes and a clear roadmap for on-chain scaling to up to 400MB blocks using custom-developed open source hardware.
Dash aims to be a form of money that makes it easy to both pay and get paid.
What consensus protocol is used at its core?
Dash is a fork of Bitcoin and uses standard Nakamoto consensus to determine valid transactions in a decentralized network. The mining protocol is X11, different to Bitcoin’s SHA256.
How is Dash any different from other such projects? What makes it appeal to a normal crypto user?
Dash differs from other projects in that it has a laser-focus on usability. We aim to be the most user-friendly digital currency in the world, and the years of work that have gone into the upcoming Evolution release will enable features such as on-chain usernames and social wallets to make Dash easy enough for anyone to use.
Dash is also widely accepted. Over 4000 merchants around the world currently accept Dash, and payments are typically processed securely in under 1.5 seconds using InstantSend, with fees under $0.01.
Finally, Dash was the first cryptocurrency to develop a decentralized governance system. This provides funding based on voting by the network masternodes, and allocated up to 10% of the block reward to projects suggested by the community. Even Dash Core Group, Inc., the primary developer of Dash, is funded using this mechanism.
What is the project’s main focus right now?
The current focus is releasing Dash Evolution. This is a decentralized second-layer solution that will enable the features I described above – on-chain usernames, wallet histories, social wallets, etc. It will also use the masternode network present the world’s first Decentralized HTTP API (DAPI) to allow developers to interact with the blockchain without having to go through centralized API services or the RPC interface.
So Dash has its own blockchain?
Yes, Dash launched its mainnet on 18th January 2014. We are not a token, not ERC20, and there was no pre-mine. It’s very much like Bitcoin in that sense.
Is the team local or global?
Global. Many people based in HK, US, Germany, Russia, China, Venezuela, etc. Dash is extremely popular in Venezuela due to the hyperinflation there. Cash is impossible to use, and electronic systems like cards are not practical because the system is overloaded.
Dash is one of the top-notch cryptocurrencies present at the moment. It is a fork of bitcoin with aims to make cryptocurrency easily usable for the general public. Dash has already put its strong base in the country of Venezuela. As we move forward in time, the projects that provide strong use-cases to the public are more likely to survive and thrive. It will be interesting to see how Dash tackles the market saturation and the trials of time moving ahead.