Ryan Taylor Speaks on the Dash Network, the Present and the Future
Nowadays, most of the talk in the crypto space focuses on institutional investors. The controversy around the approval of Bitcoin ETFs has caused significant fluctuations in the price of BTC. Also, investors and companies are seeking legal methods of trading in digital assets. As Bitcoin continues to struggle, altcoins are expanding their services to underserved and unexplored financial markets.
Recently, Ryan Taylor spoke to Finance Magnates on the future of the Dash network. Ryan is the current CEO of the Dash Core Group, a group of developers that is supported by the Dash network. Previously, Ryan worked at Wall Street as a hedge fund analyst.
Ryan left Wall Street for the crypto space because of two reasons. First, he believes that space has endless opportunities. Second, he is confident in the disruptive potential of cryptocurrencies and blockchain technology. Specifically, Ryan believes that cryptos can improve the global economy by empowering the poor by giving them financial freedom.
The DashPay Wallet
Dash renowned in the crypto space for attempting to simplify the concept of crypto trading by developing a network that is friendly to novices. In this regard, Ryan mentioned the DashPay wallet, one of the newest products released by Dash. He said that,
“DashPay will seek to emulate apps such as Venmo in providing a friendly experience to the user.”
Besides, the DashPay wallet will be based on usernames. This spares the users of the hassles associated with complex cryptographic addresses. Moreover, the wallet will be accessible from multiple devices and have a consistent contact list and transaction history across all linked devices.
Ryan, however, declined to provide a specific time frame for the deployment of the aforementioned changes to the Dash network. This is because such changes require significant adjustments to the network’s protocol. Therefore, Ryan expects the implementation of these changes to take time. Next year, the Dash Core Group will focus on adding more developers, expanding their client base and adding more features to the DashPay wallet.
The Dash ‘Evolution’
The next major release on Dash’s roadmap is called Evolution. Evolution is an improvement of the Bitcoin protocol on which the current Dash network was built. The new release will focus on scalability and efficiency, as well as new functionalities.
Concerning this, Ryan mentioned that,
“Dash can presently scale eight times as much as the Bitcoin network. Now that Dash is working with the Arizona State University, Ryan expects the network to increase its capacity by even larger margins in the future.”
This will ensure that the Dash network is able to compete effectively with other scalable blockchains.
The Disadvantages of Regulatory Uncertainty
Similar to many other crypto projects, the uncertainties in crypto regulation are impeding the development of the Dash network. To this end, Ryan said that the absence of clear regulations for the crypto space is preventing several businesses from accepting cryptocurrencies or providing services in the sector. Although Ryan expects regulators to catch up in due course, he criticized them for inclining towards institutional investors. According to him, they should focus on individuals because digital currencies were made for regular people.
Ryan also challenged regulators to adapt to the crypto market while it is still in its developmental stages. He stated that people started considering altcoins last year, creating a craze around digital currencies. As a result, the market overgrew, disconnecting from fundamental adoption. Nonetheless, Ryan believes that the hype has since settled, and projects that are applicable to the real-world are now identifiable. This means that the market is not far off from full maturity.
While regulatory uncertainties and inconsistent market climates are obviously challenging, Dash is committed to its goal. As per Ryan, Dash is working outwards becoming the preferred network for e-commerce stores that intend to add cryptocurrencies as a method of payment. The efforts are paying off, with over 3,000 businesses worldwide supporting Dash payments. This is a significant improvement from February’s 700 merchants, representing a 1,400% increase per annum.
The Dash Dominance in Venezuela
Amazingly, more than 50% of merchants who accept Dash payments are located in Venezuela. This is understandable, as the local fiat currency, the Bolivar, has been adversely affected by hyperinflation. Consequently, Venezuelans have resorted to using digital currencies such as Bitcoin and Dash as alternatives to their devalued fiat currency.
In recent years, the number of Venezuelan merchants accepting Dash payments has been increasing rapidly. Indeed, there are over 1,500 merchants who accept Dash payments in the country. Moreover, Ryan noted that there are several educational groups that owe their existence form the Venezuelan Dash community.
Having established a dominance in the Venezuelan market, the next objective for the Dash network is increasing its global scope. In this regard, Dash recently introduced D-A-CH, also called the Dash Embassy. The role of the embassy is to avail relatable educational resources to the German-speaking community, as well as encouraging merchants to adopt Dash as a method of payment.
The Dash proposal system provides financial backing to D-A-CH and other several initiatives on the Dash network. As Ryan said, the Dash proposal system is a unique governance structure that allows members of the Dash community to submit a project for voting. The voters are the masternode operators of the Dash network. If a project receives sufficient ‘Yes’ votes, it is funded by the Dash proposal system.
The purpose of the governance structures is to incentivize the creation of value by rewarding projects that contribute to the growth of the Dash network. This enables the network to easily identify the markets that have the highest potential adoption rates and make the necessary investments to take over those markets. Ryan concluded by saying that this approach is extremely advantageous to the Dash network.