The crypto project called Dash has some very interesting ideas, but its growth has disappeared and you might be wondering if it’s dead. What happened to Dash and why is there controversy around this project?
Dash crypto still provides value, has a large following, so it’s not dead, the growth just slowed. Dash In February 2017 become the 4th most popular cryptocurrency according to CoinMarketCap. Since that time Dash has fallen to the 54th spot.
Keep reading and I’ll share what made Dash so popular in 2017 and what the controversy around Dash is all about. I’ll also share 3 reasons some people feel the project is dead and the largest hurdle Dash has to overcome.
What is Dash?
Dash stands for digital cash and is the third name of this crypto project. The first name was called Xcoin then it changed its name to darkcoin and now it’s called Dash.
Can you guess why its name used to be called darkcoin? Yea, it’s because it can make transactions 100% private and protect the identity of its users while making transactions fast.
When I mean fast, transactions can settle within 2.5 seconds. Bitcoin transactions can take 20-30 minutes.
Litecoin is around the same speed with transactions settling around 2.5 seconds.
Another benefit to Dash is its transaction fees are around 10 cents compared to Bitcoins $2-$4.
The coolest concept with Dash is its Masternodes and DAO. No Dash doesn’t have a Karate organization but the DAO stands for decentralized autonomous organization.
45% of the new coins that are created go to the miners, 45% go to the master nodes and 10% go to the DAO. The DAO is like a treasury that is used to fund marketing and other ideas that will help the project.
Anyone can propose a project or funding idea for a fee of 5 Dash coins. Every 30 days Masternodes vote on the proposals with either a vote for, against or an abstain vote.
If the proposal passes it gets money from the DAO.
Nobody likes to work for free and the DAO ensures there is money left over after every block to fund whatever proposal that master nodes agree on.
They are also responsible for instasend and privatesend on the Dash network.
Privatesend – As you can guess this makes transactions 100% private. How master nodes do this is by taking coins and mixing them with other coins. Sounds like money laundering doesn’t it?
You might be thinking cryptocurrency is private, but it’s not. Bitcoin still shows wallet addresses and records all the transactions.
Instasend – This means the transaction will be locked even if it’s not recorded on the blockchain. The transaction is instant and there is a higher fee for this service. The biggest advantage to this service is that the transaction only takes around 1 second.
Dash also has a maximum supply of 18 million coins compared to the maximum supply of Bitcoins at around 21 million.
Lastly, Dash uses a system of proof of stake meaning someone can stake dash coins to support the network. Dash also uses proof of work because masternodes provide the service of instasend and privatesend.
Why Some People Think Dash is Dead?
One of the reasons some people think Dash is dead is due to the Dash coin dropping from the 4th most popular coin according to CoinMarketCap all the way to the 54th spot.
Dash has lost some attention, as more projects are getting hype, but it’s NOT dead yet.
Another reason some people think Dash will never come back is due to the Binance exchange delisting the coin. This means someone can’t buy or sell Dash on Binance.
As you can probably imagine, this is very bad. It’s even worse due to the fact that Binance is the MOST popular exchange in the world with $500 million in daily trading volume as of early 2019.
Dash needs to do all it can to get back on the exchange. Also, another exchange Bittrex delisted the dash coin.
Also, 2020 has been a challenging year for many people so the overall mood has been more pessimistic and negative. All of these factors can contribute to people on forums and social media feeling Dash is dead.
Oh, who can forget about the controversy surrounding Dash?
Controversy around Dash
One of the biggest controversies around Dash was a mistake that was made early on that allowed 2 million coins to be mined within the first week.
Some people feel that the developers own this LARGE supply of coins. This is one of the controversies and it looms in the background making some people nervous. If whoever owns these coins, decides to sell all the coins at once then it would drop the price “a lot.”
Did the mistake happen on purpose? Nobody knows. It does seem like a strange mistake to make right?
To be fair every stock a large percentage of the stock is controlled by certain people like the CEO. Jeff Bezos owns 10.3% of Amazon Stock.
Also, Satoshi owns around 5% of Bitcoin.
Another controversy with Dash is the privatesend. Governments want people that earn money with cryptocurrency to pay their taxes.
Maybe this is why it’s such a pain in the ass to get verified with an exchange. If things are too private, maybe it will help criminals with hiding their transactions. Maybe it could help people not pay taxes.
Whatever the case Binance and Bittrex crypto exchanges removed Dash coin from their platform.
Binance also removed Zcash and Monero over the coins being too private.
Do to these exchanges removing Dash it really has gotten some people worried about the future of Dash
Dash Into the Future
Nobody knows how big Dash will be in the future and this is part of the excitement of cryptocurrency. Dash has some challenges like any project.
One challenge is getting some attention that Bitcoin sucks ups. Sure, Dash is faster than Bitcoin, but Bitcoin has the lightning network that will speed up its transactions. You can learn more about the lightning network from a post I made HERE.
I’m optimistic about Dash going forward in the future. It has a wonderful idea with the DOA and master nodes voting on ideas.
I don’t think ANY crypto project will get as big as Bitcoin. Think of Bitcoin as a .com domain name, while ALL the other cryptos are other extensions such as .net or .xyz.
A .net domain name will never be as valuable as a .com name.
Dash is far from dead and will probably be around in the future, but anything can happen. I hope this blog post on is Dash dead was helpful to you. Have a nice day.