2014 – coins issue was launched. 09/01/2018 – Dash had the 11th capitalization in the Cryptocurrency Marcet rating: $ 8.8 billion. It uses the same technology base as Bitcoin - blockchain, but it is not its clone or "tuning". The fundamental difference is: Dash has 2 levels of system nodes, the principal difference is: anonymization of transactions.
The world hype around cryptocurrencies has made this topic a trend. In 2017, the whole world could not recover long from the take-off of the most famous cryptocurrency - Bitcoin. However, the champion of the growth in the exchange rate was not it, but Dash: its price for the year increased 150 times!
Glimpse through the lens of domestic reality into the technology and business model of this altcoin leads to the conclusion that Russia needs it.
8:0 in favor of Dash
Before coming over to argumentation let's see what concerned persons think when it comes to virtual money.
What people and authorities think of cryptocurrency
Bitcoin, cryptocurrency and blockchain are symbolic words that reflect the historical meaning of 2017 for Russians. Accordingly, they occupied 2, 7 and 13 places in the vote of experts from the Center for Creative Development of the Russian Language. However we need to make a reservation: "Bitcoin" for Russians means any digital currency.
This year our government made something unprecedented. For the second time in the recent history of Russia, officials radically changed their views (the first was "a stab in the back"). In 2016 we saw their attitude to cryptocurrencies in the quote:
10th of March. The Ministry of Finance prepared more stringent amendments to the Criminal Code imposing penalties for issuing money surrogates. Now it threatens with imprisonment for up to 4 years, while for top-managers of banks and financial companies the punishment will be stricter - up to 7 years in prison.
A year has passed and the authorities realized the importance of the new technology (blockchain). Now they are trying to saddle the wave of hipe, raised by interest in cryptocurrencies. I.I.Shuvalov, the second person in the government, looks the most silver-tongued. 2017 made this man famous. First, сorgi breeding of his family became the part of the public domain. His wife demonstrates her corgi at the different exhibitions, so the official family had to buy a private jet so that the dogs would come to the exhibition in a good mood. But Shuvalov has become history as the author of the phrase “Putin has turned on the heat” :
Direct speech: "I can tell you without embellishment that the president has turned on the heat with it.” 07/02/2017, St. Petersburg, panel discussion on the blockchain at the SPIEF.
Russian Federation wants to take advantage of all the possibilities of the trend setter, but it is still afraid of it. The state does not know how to level out the risks and what the digital (open) economy gives to an authoritarian state. Blockchain is the collapse of regulation, the influence of officials and corruption.
2 conclusions follow from here:
1. The society is "pregnant" with cryptocurrency: in 2018, the transcendental interest is transformed into an investment boom.
2. The state can not keep away from autonomous development of cryptocurrency market: there is no way to maintain regulatory and law enforcement functions without banning a blockchain.
There is a symbolic fact that a lot of people did not notice: at the end of 2017 Belarus legalized the cryptocurrency in its territory. "The penultimate dictator in Europe" understood: to struggle with it does not make sense; the benefit from its application is huge.
Let's take a look at the direct arguments in favor of using Dash in Russia.
The history of creation is absolutely Russian
Let's start with emotions. How did it start at their place? Once upon a time there was a young man - Evan Duffield. Getting acquainted with the blockchain and Bitcoin became a milestone in his destiny - he fell in love with the digital currency. The inquisitive young man understood the essence and found out how to improve this cryptocurrency. He came to the creators of Bitcoin with suggestions for improving it. But he was simply expelled. They drove him out politely: they say, you are a good fellow and we'll call you back. Maybe. If we want to…
This "passing-by " gave impetus to an independent career in the world of virtual money: Evan created his own virtual coin platform - Dash.
What this gives: the feeling of affinity of souls).
Decentralism and autonomy lead the pack
The two-level structure of the community (miners + Masternodes) and autonomy of management is a direct consequence of Evan’s conclusions after communicating with the bosses of Bitcoin. Dash implemented such progressive ideas as:
1. Internal financing: there is no dependence upon one investment center; emission is proportional to necessary of currency.
2. Decentralized decision-making: all members of the second level can vote.
3. Each member of the community is an idea man and at the same time an overseer of effectiveness of their implementation. Putting a project to vote costs 5 coins.
The second level is the Masternodes: the owner-operators of the node-server, provided with a cryptocurrency deposit of 1 thousand Dash. They provide 40% of the currency emission.
The case with increasing block volume is an illustration of the effectiveness of Duffield democracy. While in Bitcoin this issue has been discussed for many months, in Dash a vote was taken and the decision was approved for 1 day.
What this gives: the effective management system works for benefit of all participants, plus protection from "pump and dump" manipulation, Sybil-attak, and taking controlling interest ("51%") by the state or corporations.
Duffield: “Dash is a decentralized Sovereignty.” December 2015 Mexico the interview at the conference LABitConf.
Technological and marketing non-stop development
45/45/10 - this is the initial formula for distributing the coins inflow in the Dash system between the miners, Masternodes and the budget for community development. The important point: 10% of coins are automatically deducted for payment to developers, advertisers, lawyers. They must be consumed unfailingly. The monthly amount is 7450 coins - $ 9 million in January 2018.
The principle of budget allocation: all the ideas are put to vote and financed in the order of votes – starting from maximum of them in descending order. The process goes on until the entire monthly fund is spent.
What this gives: priority in technology race and survival in case of the founders’ departure. For example, the latter has already become critical for Bitcoin: no one knows what to do with the system after start-upers sold their packages.
Privacy – reality
This is what Evan suggested for Bitcoin from the very beginning. Full privacy is an idea-fix for Dash. Unlike Bitcoin, Dash managed to achieve not only anonymity of wallet holders, but also all transactions. The transfer of coins goes through so many stages of crushing, mixing and transferring between thousands of nodes (server nodes) around the world that as a result, transactions can not be traced.
What can it give: no one will know about your assets / their movement, it is impossible to withdraw money just by decision of court or fiscal authorities.
In the system the identification is simplified as much as possible, to confirm the consensus there is enough confirmation from the 7 Masternodes. There is an opportunity to integrate a list of friends into your account, and accordingly the nickname to do the expense-paying actions. You do not need to update your address and remember all the keys-encoders every time.
What can it give: work with any device, secure corporate network for communication.
InstantSend technology reduces transaction confirmation to a few seconds. The principal difference from Bitcoin, where the waiting time for approval of the transaction is calculated in hours (they can not solve the issue of double spending). This is the fact to illustrate the advantages of Dash speed over Bitcoin: the time to create a new block in network is four times less (2.5 minutes vs. 10).
What can it give: great speed of blockchain, which the other cryptocurrencies do not have.
Simple exchange for fiat money and goods
October 2017 - the beginning of Dash's cooperation with Wirex banking online system: 210 countries / 40 million payment terminals. Cards Wirex and other bitcoin-processors began to block in 2018.
Saving resources during mining
In this case to issue coins, you need less electricity:
• equipment operation - by 30%;
• heat elimination - by 30-50%.
Add constant surplus of electrical power generation and its cheapness in the RF.
According to the government department: the country's electricity surplus is 20,000 MW, its average cost is 3 rubles / kW. In Siberia - 80 kopecks / kW.
Plus - the climate.
What can it give: cheaper cost - attraction for new investors.
Dash virtual coins can give Russia all that it lacks in real life: protection of private property and guarantee of privacy; cheapness and promptness of administrative processes; predicted development and investment attractiveness.
Find out more about Dash - here