Our team at CoinSwitch reached out to Mr Ryan Taylor, CEO at DashCore Group, to know about their journey to becoming one of the most prominent players in the market.
We also discussed the launch of the innovations that are lined up for 2020.
Dash is a globally accepted, instant payment method around the world. Let's see what Mr Ryan has to share.
The pandemic’s impact has been felt in a number of ways as I am sure you or the reader can attest to. Macro-Economically speaking, most of these impacts have been negative, with forecasted results to include potentially one of the greatest global economic contractions we have seen in decades.
Cryptocurrency leans heavily towards online use cases, and from Dash Core Group’s, we have seen a mixed impact from the Pandemic.
In retail, we have seen significant growth in internet purchases, particularly during the Quarantine, while in other areas such as Venezuela, growth has been slow as the ecosystem is largely brick and mortar, which have had to close or limit traffic to most stores due to the quarantine in place.
On the trading front, we saw Dash remain relatively stable in its price over months, something unexpected with cryptocurrency in general, while Bitcoin rose to nearly $10k over several points in the last few months. Finally, anecdotally, crypto projects and businesses have been busier than ever before,
Despite all COVID problems, Dash has released more partnerships in the last quarter than it has in previous quarters. All in all, the pandemic has created a need for cryptocurrency use on a global scale, which has potentially dampened many of the negative impacts felt in other industries. However,it may be some time until the dust settles, and we are able to have a holistic view of the impacts.
So we can say, our partner growth rate has been better than ever, particularly in the areas we focus on. On the exchanges and trading front, the progress has not been hindered by the Pandemic, In the meantime, other areas of focus such as with LATAM, many of our LatAm partnership discussions have slowed down due to the brick and mortar nature of our retail efforts in the region, and the quarantine in place.
We have also moved more resources to other areas of focus in Latin America such as remittances, while the quarantine takes its course in the region. What this all means is you can expect many new activities and partnerships to continue to be announced on both trading and Latin America, as the latter begins to open up in the coming weeks and months.
We have built a large global community and user base over the years.
Our community members are highly engaged, and some of them have received funding from the network to conduct initiatives relevant and important to their regions, including Dash Core Group.
These initiatives and efforts have resulted in simultaneous growth in users across multiple markets, which has resulted in continuous and at times exponential growth in usage.
Dash has achieved many times a top 10 cryptocurrency by market cap rank, however, we like to focus on usage and finding the best fit for the greatest need, and we are a top-five project on that front when you analyze metrics such as transaction growth, new wallets added, usage in stores.
While many compare Dash's PrivateSend feature to Monero and ZCash, the reality is while Dash does have a feature called PrivateSend, it is not our differentiating feature. Dash is about Speed, security, and low cost fees of transactions, in a word payments.
To briefly summarize, our PrivateSend feature, essentially a Coinjoin integration into Dash's core desktop wallet is an optional feature and comprises less than 1% of total transactions.
On usage, it is clear that users favor Dash’s more payments oriented features such as InstantSend and ChainLocks over others.
Additionally, on a technology level, Dash, like Bitcoin is built on a transparent blockchain, and running Bitcoin through the same process as PrivateSend yields the same results, therefore Dash should be treated no differently than Bitcoin. To see our legal position on PrivateSend and to learn more about why Dash is not a privacy coin, click the link here: https://blog.dash.org/dashs-privacy-features-and-compliance-c27d79254ff1
Dash has been innovative and a pioneer in governance through the DAO structure since its inception. More recently there was a new innovation that allows Dash Core Network to be held by a trust, led by a democratically elected board called the Trustees.
These trustees are voted in by Masternode owners, also an innovation by Dash. Masternodes are given voting rights to vote on grant proposals, and strategic decisions put to the network among other roles and responsibilities within the Network. No one or group of individuals owns the Dash Network, it is a fully decentralized network and has evolved into a multi-layered system of governance that is compliant with existing regulations, and allows for growth decisions to be made.
The Dash Core Group section of the roadmap represents ongoing work to the core protocol that will have releases in Q3 and potentially Q4 as well.
Our biggest initiatives are Dash Platform and the DashPay mobile wallets, which we’re developing as quickly as possible with security and quality as the first priority. without sacrificing quality. Updates to Dash Platform are released every 6 weeks to the Evonet public testing environment, and we have similar plans for the DashPay wallet, which includes regular, scheduled updates and a beta testing period.
It is difficult to say when exactly Dash Platform will be finished, as there is a significant testing phase that needs to occur in order to ensure the platform is secure against attacks by malicious actors. In the meantime, developers can explore the Dash Platform feature set by browsing the developer portal at dashplatform.readme.io.
As per usual, Dash Core Group will release the most up-to-date version of the roadmap during our upcoming quarterly call, which will forecast the timeline of Dash Core Group’s latest deliverables for the upcoming quarters.
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