The Dash Revolution
The Dream, The Future of Crypto
Cryptocurrency is inspired by a beautiful dream: to create a form of money that nobody can control, that can’t be corrupted or diluted, that anyone can easily and safely use when they need to pay for goods and services — anywhere in the world, to anywhere in the world.
This year, Summer 2021, Dash will make that dream reality. Five years of intensive development and innovation will come to a head, resulting in a coin that is just as easy to use as cash credit cards or tap and pay is now — except there will be major improvements. Dash will have sub cent transaction costs, and Dash will be vastly more secure to use than any “normal” form of payment that exists today.
Enter Dash. Dash has solved all the problems facing crypto money today. With a vision that focuses on the users and the goal of being a pure form of money. Everything Dash has achieved was due to this hyper focus. All the problems? Yes, all the basic problems. Dash has achieved this by creating the following:
- Instant transactions
- Instantly respendable transactions
- Decentralized usernames and passwords
- Decentralized storage
- Familiar account interface resembling your bank account or paypal etc…
- Decentralized funding of development Via Dash Proposal and Voting
- Decentralized Investment Foundation legally owned by the network itself
- Numerous DAOs (Decentralized Autonomous Organizations)
- Decentralized Applications programming Interface DAPI
- More to come?
Evan Duffield, Dash’s founder, wanted to create “Digital money that even your grandmother can use”. Finally, Dash has delivered.
What’s good money?
Is Crypto Good Money?
While there’s plenty of room for debate, it seems reasonable to say that good money should have the following properties:
- Be portable
- Be easily and immediately exchangeable
- Be inexpensive to use
- Hold it’s value
- Be fungible (every unit is interchangeable with another)
All types of existing cryptocurrency are portable. Bitcoin, the first crypto, more than holds its value. While many “alt coins” have failed, a number of surviving “alt coins” also hold value (or tend to increase in value). Unless intended for other purposes, all crypto is essentially fungible. That’s 3 out of 5, and here is where most coins don’t meet the “good money” test: all crypto today fails at least one of the remaining two properties.
Wait, Bitcoin Isn’t Good Money?
Bitcoin is held to be an excellent “store of value”, which may make it a good investment, but that doesn’t make it good money. Bitcoin is not easily and immediately exchangeable. Blockchain verification usually takes at least 10 minutes to perform and usually takes far longer. Bitcoin is expensive to use, with a typical transaction costing over $20.
This means Bitcoin is good for banks and other large financial institutions to trade value with each other. It might make sense to use Bitcoin to buy a house, a car or a yacht because a timely exchange is not usually important — and a high transaction fee on such a purchase wouldn’t seem high at all.
That’s why Bitcoin isn’t good money. It’s great for some things, but it’s horrible for normal, everyday use. For example, if you try to pay for dinner at a restaurant with Bitcoin, you might be stuck there for several hours until the transaction is approved. And the transaction cost could be more than what you paid for an entrée. Imagine every time you use cash or a credit card to buy something you had to wait several hours and then pay more than $20 in transaction fees. See where this is going?
Dash is good money
While other cryptos meet only 3 or maybe 4 of the properties of good money, Dash is five for five. Like all other existing crypto, Dash is fungible, Dash is portable, and Dash holds its value. But Dash is also extremely inexpensive to use. Today, a Dash transaction costs less than a penny! Dash is also fast. A Dash transaction takes less than two seconds and is faster than a VISA card!
Dash is better money.
Dash can be instantly sent, and instantly re-spent all in under 2 seconds. This makes Dash appropriate for face to face transactions, such as buying groceries or paying for gasoline. In fact, Dash is faster than paying with a Visa card! And if you think you see a problem, you don’t because instant transactions are fully secured via technology called chain locks that no other cryptocurrency has and isn’t easily implemented as it’s built on the foundation of Dash’s Masternode network.
Chain Locks
To this date, Dash is the only project that has instantly secured payments. Other projects must wait until transactions are confirmed on the blockchain or risk a double spend attack. Dash’s Chain Locks have been so successful and secure that instantly sent coins can be re-spent immediately without waiting for a block. It is exactly like handing your friend a dollar bill, and them handing it to the cashier to pay for a bazooka bubblegum. Chain Locks also protect the Dash Network from 51% attacks. The Dash Network is virtually immune to 51% attacks (it is impossible to say something is 100% immune, but Dash is close)
Speaking of bubble gum, yes, it’s so inexpensive to use Dash, buying bubble gum will cost you less than a cent in fees.
The Dash Revolution
And yet, we haven’t even begun to talk about the impending release coming up this summer and currently on the public test network (test net)! On the public test net right now is the latest release candidate for Dash Pay and it really is a Revolution. Usernames and Passwords may not sound revolutionary, but on the Dash network, they are decentralized. There is no central point of failure, and thus hacking attacks can not be profitable. Only individual account can be attacked at a time making rewards infinitely unprofitable.
So what does a Dash Account look like? It looks just like your bank account. You can have as many as you like, under different usernames and passwords and you can organize your funds inside one account. Savings, Checking, Contact lists, Shipping Address, etc.….And yes, for those old timer core wallet users among us, this same account can be accessed via any of your computers and phones and even shared with your wife or husband.
Beyond the user experience.
But wait, there’s more!
Time to reveal the goodies under the hood. Things users don’t need to know about, as it just works. Dash has created a decentralized applications program interface (DAPI). Have you heard of APIs? These are little programs that allow other programs to interface with something.
Take a video card. A video card on your computer needs to receive instructions from the gaming program that someone is writing. How does this programmer talk to the hardware that is a video card? They do this through an API. The API gives the programmer all kinds of options and types of instructions that the video card is capable of understanding. The programmer can then use these instructions in his game and have the video card display his game correctly on the screen.
The same thing goes for the Dash DAPI. On Dash public Test Net today, there are many developers developing programs using the DAPI. Some of these projects are wallets for users to use. Wallets that attach to web browsers, wallets that work on smart phones or desktops. Even if these wallets are created by different teams with different goals, they will access the same user’s information seamlessly.
What else could be developed? Well, I have been hoping someone would create an ebay on the Dash Network. This should actually be relatively easy to do and inexpensive to run. Unlike Ethereum, Dash platform can inexpensively verify information while delegating actual program execution outside of the network. This makes better use of storage and processing while delivering immutable results. There is no reason why a decentralized exchange couldn’t be created with the Dash DAPI on the Dash Network. The use cases are basically endless. Businesses will be launched using the Dash platform as their foundation. Only time will tell what useful services will be built on the Dash Network using DAPI.
I hope I’ve succeeded in explaining why so many are excited for this Dash Revolution to launch and I hope I’ve gotten your heart beating as quickly as mine. There is a new era coming and it will be very exciting indeed.
By TanteStefana and her Husband.
