DASH User Adoption in Developing Countries is Growing Despite Crypto Bear Market Trends
In a recent report shared by Coin Desk, it has been revealed that the cryptocurrency token, DASH, has seen immense growth and user adoption, as its Dash Treasury DAO continues to offer grants to help developing countries. The report also noted that countries with the highest inflation rates are the ones to benefit from DASH.
The CEO of a startup called Kuvacash, Saruchera supposedly received a grant of about $550,000 worth of cryptocurrencies. For those who are unaware, the Dash Treasury DAO is a pooled reward system in which devoted DASH followers can vote on projects that deserve funding. Saruchera is especially fond of DASH, as the CEO sees the crypto project “as close as you can get to a perfectly decentralized, democratic organization.”
As for Kuvacash, the provided funds will be used to initiate mobile payment apps with the goal of attaining 100 users by October. Similarly, the team plans to work alongside the government of Harare to create a transit app based off of Dash.
This isn’t the first projects to have received grants from the Dash Treasury DAO, as Coin Desk reported that the organization has since spent an accumulated amount of over $33 million worth of Dash. Their efficiency in providing funds is also praiseworthy, as nearly 74 per cent of proposals get the necessary funds within a timeframe of one year.
So far, the Dash Treasury DAO has funded projects in Ghana, Kenya and Zimbabwe with further plans to target Venezuela and Brazil. The Dash team supposedly does not simply stop at providing financial aid, as they also offer essential advices and support to dash-based businesses.
According to the CEO of Dash Core Group (i.e. a subset of the Dash Network), Ryan Taylor, dash-powered businesses are comparable to a “credit card that might say JPMorgan chase on it”.
Dash Reaches All New Heights
Taylor also told Coin Desk that Dash has seen an increased growth in user adoption and to accommodate future dash-based projects, the team plans to hire more staff across developing countries. In particular, he was quoted saying, “we’re going to be putting a lot more resources into the corridor of countries that exhibit those attributed.”
Venezuela, Dash’s “Second Largest Market”
Based on the claims made by the Dash Core Group, Venezuelan business owners have quickly integrated Dash through “local advocacy programs”. Taylor added that “Venezula has become our second largest market,” which may come of surprise, especially given the fact that the country is currently plagued with a financial crisis.
Despite the growing numbers, entrepreneurs’ knowledge on cryptocurrencies and other existing blockchain projects are very limited. An example of a food truck owner in Venezuela was given, in which the owner, Alejandro Valderrama shared that he makes about an additional three percent of revenue. He supposedly managed to earn it only via his customers and dash ambassadors.
Downfalls with the Dash Core Group
According to Blockchain consultant, Tone Vays, who expressed his take on the Dash Core Group to Coin Desk, their entire system is not for the long run. In particular, he shared, “If people convert their dash into something that has a higher probability of lasting for a longer time, that’s great. But if they don’t, they will be scammed or lose all their value.”
The possibility of a scam or incurring losses is currently being experienced by several investors and it is never a good sign. In particular, these patterns tend to confuse and demotivate investors from taking part in the crypto sphere.
Like many leaders, Vays seems to support Bitcoin, as he views it to being far more “secure and decentralized” compared to that of Dash. He doesn’t see how Dash will strive, despite its relatively low transaction fees.
Down the Road
Kuvacash is currently in the works and will be testing its app to see how efficient its payment services are. According to Saruchera, the mobile payments app will not only be beneficial in stores, “but also in informal trading settings like a person selling tomatoes or bananas at a market.”
One might wonder what happens to business owners who do not possess a mobile device, well, Saruchera also has a solution, which is to “get a reference number so they can go to our agents and cash out that way.” To facilitate crypto-to-fiat exchanges, Kuvacash has also obtained the necessary license to import the U.S dollar.
With Kuvacash’s plans to enhance payment procedures and eventually, the transit system, their success would be well for both developing countries and Dash’s strategic play on promoting mass adoption.
What are your thoughts on Dash Core Group’s strategy? Do you think it is loss over the long run like Vays sees it? Let us know!