GUEST: DASH “Digital Cash” Explained w/ Head of Global Business Development
This Week in Crypto is an official media partner of Crypto Invest Summit, the largest cryptocurrency investment conference and expo on the West Coast. The event will be taking place at the Los Angeles Convention Center on October 22-24.
Tim Draper is speaking again at Crypto Invest Summit. He will to do a Fireside chat on October 24th at 9:30 am. This will be followed by a one-hour media marathon where he’ll do as many media partner interviews as possible, followed by a book signing on the Expo Floor where the first 1000 attendees will get a free copy of Tim Draper’s book – How to be The Startup Hero: A Guide and Textbook for Entrepreneurs and Aspiring Entrepreneurs https://amzn.to/2MdAdks Tim Draper is a venture capital investor and the founder of DFJ, Draper University, and overall a well known leader in the space.
As a media partner, we have a special offer for TWiC listeners. Use promo code TWiC30 for 30% off general admission tickets. Early bird tickets are on sale now at cryptoinvestsummit.io. Early bird tickets are $299, so that’s a $90 savings with special promo code TWiC30!
What is DASH? How does DASH work?
DASH is known as “Digital Cash” and serves as a cryptocurrency payment solution. The DASH foundation works to make DASH as efficient and as easy to use as possible with a simple user interface.
DASH is a hard fork of the Bitcoin blockchain, originally known as x-coin, then darkcoin, and then DASH. Governance in DASH is known as a DAO or Decentralized Autonomous Organization. The DASH foundation (aka the DAO) is funded with 10% of the block reward mined by miners. Miners only receive 45% of the block reward, whereas in Bitcoin, miners receive 100% of the block reward. 45% of the miner reward goes to a masternode. Masternodes operate voting and governance as part of the DAO. 1000 DASH is required to operate a masternode. The purpose of the masternode is to serve as decentralized voting on proposals, and to avoid 51% attacks. It will be interesting to see how the DAO operates in the long term, as most cryptocurrencies do not have governance in the form of a DAO.
What is Instant Send? What is Private Send?
There is a transaction fee of .001 DASH to process an instant send transaction. It is unclear how fast the instant send transaction is, however it requires less than 6 confirmations to be considered immutable. Today, the cost is equivalent to 2.4 cents as one DASH is currently $240. A possible issue here is that if the price of DASH rises to say, $1000, then the cost of an instant send transaction will be $0.10. This will be inefficient for micro transactions. DASH connects usernames or @handles (similar to that of Cash App) to public keys. This makes it easier for the average joe to use cryptocurrency.
Support TWiC on Patreon!