Dash is a cryptocurrency pitched as being ‘digital cash‘; originally known as DarkCoin (or XCoin). With many unique features, a revenue stream, a working governance system and a quickly growing user-base, we think that Dash will see quick adoption. CEO Ryan Taylor invited the CanYa team to their keynote in London, and we were very impressed with what we saw.
Dash was first proposed by Evan Duffield in 2012 and the protocol was realised shortly thereafter (a detailed roadmap explanation from Evan can be found here). Dash was not pre-mined and there was no ICO. Instead, coins are minted in every block similarly to Bitcoin. The Genesis block was created in January, 2014 and the first transactions were made.
Dash had a long period of stability but since February have experienced exponential growth. This is in part due to their master-node system where those who host master nodes are able to choose and where Dash funds are spent and which direction the platform takes.
Privacy works through a mixer, where a number of similar transactions are mixed to obfuscate transaction origin. Although privacy is not built into the protocol layer (like Monero with ring cryptography or ZCash with zero-knowledge proofs – zk-SNARK), Dash’s privacy works well and provides another level of privacy for it’s users.
InstantSend is another exciting feature, where transactions can be confirmed in under 3 seconds, through a randomised master-node voting system. Master-nodes are picked at random and asked to quickly confirm transactions, which they will do honestly as master-nodes are incentivised to be honest.
Governance & Revenue Stream
Dash’s governance system works well, and it is partly due to this and its revenue stream that gives the currency so much potential. Master-nodes stake 1000 Dash and earn revenue from block rewards (45%).
In return, master-nodes vote on Dash Improvement Proposals (DIP). DIPs are submitted by the community and dictate where the Dash Core revenue (10% of block rewards) is spent. Protocol improvements, Dash Core team funding, partnerships, marketing campaigns and more. As a result, the Dash Platform is well-funded and self-supporting.
The CanYa team is excited about Dash and will work with the Dash team on integration into the CanYa platform.
This will add benefit to both the Dash ecosystem by allowing Dash holders to instantly transact their Dash into real world services, as well as the CanYa community by giving them more options to pay for services and exposing them to the benefits of Dash.
Integrations like Dash and CanYa are just the start – and will need many more to accelerate the mainstream adoption of cryptocurrencies.
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