Dash is one of the top-notch cryptocurrencies in the blockchain arena right now. So among a plethora of other cryptocurrencies, how is Dash any different? What is the vision that it is pursuing and how does it manage to stand apart from the rest? In order to get a deeper insight into the project, BlockPublisher recently got in touch with the Chief Executive Officer of Dash Core Group, Ryan Taylor.
Seemingly, Bitcoin has its aim set at becoming a global reserve currency, Ethereum has its eyes set at becoming the largest blockchain platform and Ripple wants to become the best platform for cross-country funds transfers among large financial entities. In case of Dash, it is aiming to become a global payment system. A cryptocurrency that is easily accessible and easily usable on the ground in real life. Talking about Dash’s long-term vision, here’s what Ryan had to say:
Ryan: “The vision of Dash is really to become the leading payments cryptocurrency. I think that a lot of different people ascribe different uses for Bitcoin or some of these other networks. Are they a store of value? Maybe they’re not to be used for payments? Maybe they have some other purpose in mind? Of course there are smart contract platforms. We really want to be the leading cryptocurrency for payments. So, all the design decisions that we make that affect our users, that affect how the technology functions, it’s all aimed at how to make it a great payments network.
Because we think to be a great currency you’ve got to be a great medium of exchange and provide a great user experience. Right now, almost all cryptocurrencies provide a terrible user experience. Nobody should ever have to see a cryptographic address. No one should ever have to coordinate that address in some other channel like through email, a website or something else that’s insecure, and subject them to man-in-the-middle attacks. We think that for security reasons, for user reasons, a lot more functionality needs to be built into the network itself and so that’s what we’re trying to do.”
This gives one a very clear insight into what Dash is trying to achieve. Some people consider Bitcoin a store of value which makes them not to use it as a source of making payments. With Dash, the goal is clear. It is supposed to be used as a medium for making payments and to be used as a currency.
Besides its goal, what are the other things that set apart Dash from the rest of the blockchain networks? Shedding some light on this, Ryan pointed out features like instant transactions and Dash’s formal governance system, that also provides fundings for the network. Various teams, including the Dash Core Group, apply for funds through the treasury system put in place in the ecosystem and the network then votes and decides how much allocation of funding is needed accordingly. As a result of this treasury model, the network helps fund its own growth. Talking about this model that Dash invented, Ryan said:
Ryan: “We’ve got teams on the ground in Venezuela, in Colombia, and there are companies that are integrating Dash and having that integration paid for through the treasury. And we’ve seen great success with that model.”
Interestingly, Dash has gained a pretty strong following in the country of Venezuela, a country which is currently going through a currency crisis. Talking about Dash’s stronghold in Venezuela and Colombia, Ryan said:
Ryan: “In Venezuela, we’ve got greater crypto acceptance than all other cryptocurrencies combined. We’ve got around 2,500 to 3,000 merchants. You can actually live off dash in Venezuela. Nearby, Colombia we’ve got I think three or four hundred merchants now accepting Dash and that’s because of the efforts of local teams on the ground educating consumers, educating the merchants.
And then we’re able to do partnerships. An example is we did a partnership with Kripto Mobile. They make mobile phones for the Venezuelan market and they embed an entire Dash ecosystem in the phones. They are co-branded phones with Dash, and they have a way to acquire, a way to store it, and a way to spend it. So it’s an entire ecosystem that introduces people to Dash and we’re doing that with tens of thousands of units a month. So those are some examples of some of the ways that we’re differentiating ourselves.”
Now in order to make crypto usage easier for people, Dash is currently working on its next update that goes by the name of Evolution. With this update, Dash is aiming to simplify the way payment transactions take place. Users will not have to go through the hectic routines involved with network addresses when it comes making payments.
Regarding the transaction per second capacity of the network, here’s what Ryan had to say:
Ryan: “Currently it is about eight times the capacity of Bitcoin. We have blocks that are twice as large and occur four times as often. We sent three million transactions in a single day during a stress test back in November, and that was on our mainnet.”
There are two types of transactions that can take place on the network. A regular transaction and an instant transaction. A regular transaction is validated and mined by regular nodes present in the network. For such a transaction to get settled, a time of two and a half minutes is usually required as per Ryan.
For instant transactions, only 1 to 2 seconds are taken. This is made possible by the addition of a second layer of nodes, the masternodes. Anyone can become a masternode in the network but for that, one has to prove ownership of 1000 Dash. When a transaction is marked instant, masternodes verify the transaction and lock it. When a transaction is locked, the coins used in them cannot be used in any other transactions. In this way, the issue of double-spending is handled with the instant transactions. Miners are also incentivized to mine the locked transaction as soon as possible because they carry a higher fee. As of now, Dash does not seem to be facing any issues with its scalability at all.
All in all, Dash is marching strongly and fast towards becoming a user-friendly cryptocurrency that people can use in the real-world easily to carry out their operations. In Venezuela, it is already showing its potential. It seems that Dash can help countries greatly that are struggling with their traditional economic frameworks. Moving forward into 2019, it is one interesting project to look out for.
Read more about Dash here.