In a recent presentation at the Dash Evolution Open House in Arizona, the CEO of the Dash Core Group, Ryan Taylor, explained that they are working in order to improve Dash’s market performance. One of the possible solutions is to move to a proof-of-stake (PoS) network if the community decides to do so.
Ryan Taylor Presents New Plan To Improve Dash
Mr. Taylor has released a new plan in order to help Dash improve its performance in the cryptocurrency market when comparing it to other digital currencies in the space. He mentioned that several price crashes and spikes were highly related to specific initiatives and incentives in the network.
Dash reached its highest point in the market at the end of 2017 when many other cryptocurrencies were reaching their all-time highs. Moreover, during 2017 Dash had a very high BTC price that started to fall in early 2018 without being able to recover part of the price it lost.
Ryan Taylor wants to improve Dash attributes as a store of value, which is going to be a very difficult task considering the digital currency lost a large part of its value in the last few years. Indeed, Dash is making new lows in several years with a price per coin of $50. This represents a decrease from it's all-time high of over 96% when it was traded close to $1,550.
1/ Dash Core Group is live streaming our Open House this Saturday https://t.co/PdWDHEgLjl.
I will be presenting a newly-added agenda topic… covering our assessment of how to dramatically improve #DASH's attributes as a store of value.
— Ryan Taylor (@RTaylor05) December 6, 2019
Mr. Taylor explained that the financial incentives are used to pay for labor, electricity and mining equipment. This makes the profit margins very small for miners, a very important part of the whole blockchain network.
At the same time, Taylor said that the coin is affected by boom-and-bust cycles that can be related to the fact that the cryptocurrency works with Masternodes that require 1k in Dash in order to run.
The CEO of the Dash Core Group proposed a series of changes that could massively change the way in which Dash works.
For example, block rewards going towards PoW mining could be reduced and minimize the pressure on Dash’s price or the PoW consensus algorithm could be changed for PoS relying on the masternode network. Nevertheless, the community will have to debate these changes and whether they are going to be implemented or not.