Dash Still Reveres In Their “Big Innovation” Even As It Works Towards Boosting Adoption
With over 2300 cryptocurrencies already in the industry, it is rather interesting that only a handful of them are widely known, according to CoinmarketCap.com. In fact, only the top 10 of them amass much of the attention offered to digital assets, with the rest barely known.
But outside the highly ranked coins, Dash is a digital currency whose rapport is fast-growing, all for a good reason. The coin, ranked 15th, uses a sub-category of users called “masternodes” to remain decentralized and already has a whopping 5,000+ of them in the network.
Implementing such a massive number of masternodes, according to Ryan Taylor, the project’s CEO, is one among their “big innovations.” According to him, the idea behind them is unique from any other tried before since nodes are collateralized to crypto.
Basically, a single node comprises of 1000 Dash coins; an idea that helps controls every single node from having a bigger control of the network. In this whole arrangement, security integrity in the network is never compromised.
According to the CEO, the block reward system was adopted as a way of maintaining constant improvements in every part of the network. Mining, to him, is just another part of the stable network, with other important sectors comprising of reliable infrastructure servers, several active nodes, and funding.
How the network operates with regards to approving decisions is transparent and quite democratic. First, as Taylor explained, a proposal is made in the network. Next, the network votes upon which the outcome determines whether it gets funded or not. If it is accepted, the proposal gets 105 of the reserve funding from the Dash community.
Dash Looking To Boost Adoption
The CEO has, meanwhile, revealed their latest array of plans expected to bolster massive coin adoption. According to him, all the technologies behind all the various cryptocurrencies, only translate to success if they manage to garner widespread adoption.
Speaking to Crypto Beadles, he explained the coin’s 5-plan strategy of enhancing their level of adoption. The first of these audacious strategies involves focusing on how they can make it one of the most traded cryptocurrencies.
Taylor believes that if Dash were to be among the most traded coins, many exchanges would immediately ‘honor’ their speedy send feature. This, according to him, would also mean more transactions.
The second strategy is to boost its use in the mainstream world, especially in the cannabis business. Dash is already at the heart of several transactions involving marijuana dispensaries.
The third technique, according to the CEO, is to enhance its use in remittances. This, he said, can combine with the coin’s instant send feature to guarantee better user experience.
The Venezuelan economy recently hit another low with hyperinflation rates rising higher and higher. But amid this economic crisis, adoption of Dash is largely great in Venezuela and it is, by far, the most successful cryptocurrency, with over 2,000 merchants across the country.
The final strategy the project is aiming to leverage is to act on the abnormally high charge back industries with go in tandem with credit cards users. Dash aims to get rid of the high fraudulent activities and help both the issuer and the consumer use the card without any risk.
Bitcoin Is No Longer An Ideal Payments Coin
Ryan Taylor seemingly agrees to Bitcoin’s inability to serve as a P2P transactions coin, even as it has already attracted the attention of President Donald Trump. Bitcoin being used as a store of value, according to Robert Beadles, isn’t great for the industry. Regardless of that, however, Dash is eager to position itself among those other coins used in day-to-day payments.