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10.09.2019

AMA Session with Dash

12.09.2019

On September 3rd, we had an AMA session with Dash, project, representing digital cash with instant transactions and micro-fees, in our Telegram Chat. The team members present on the discussion with our community were Fernando Gutierrez,  Dash CMO, Ivan Shumkov, Dash Platform Developer and Brian Foster, Product Owner for the Wallets. Here are the essential points of the session: 

Please, welcome Fernando (F), Ivan (I), Brian (B) and the questions from our Telegram chat members (Q).

Q: DASH has been one of my favorite projects. For all those who are new, could you give a brief info about Dash, please? 

F: Dash is Digital Cash. Transactions and instant, extra secure and optionally private. On top of that, Dash has a governance system that funds development around the project

Q: What is the focus of DASH now?

F: Usability. We want to make crypto really easy to use. That will bring adoption.

Q: What is the reason behind the changing name fromDarkCoin to DashCoin?

F: We changed from Darkcoin to Dash (no coin at the end, by the way) because Darkcoin had some negative connotations that made achieving adoption more complicated.

Q: About security, we’ve seen a few exchanges being hacked in the past months. Do you have any safety in place to avoid this, and reassure your customers?

F: Dash is not an exchange. Dash is traded in many of them, but security is something they need to care of. One advantage Dash has is that payments are not double spendable. This makes some type of attack on exchanges impossible.

Q: What is your plan to solve 51% mining attacks problem? How can you solve this big problem for the dash coin? What is your preparation to solve this big problem?

I: We already introduced a solution to that problem a couple of months ago – Chain Locks. Using Masternode quorums (Tier 2) we are locking blocks with aggregated signature. It’s like a checkpoint that you can trust if you trust Masternodes. So reorg is possible in case of mining attack only if you have the byzantine majority of the quorum which is much more complicated. The recent controversies observed in other crypto projects have shown that threats of 51% mining attacks are real, at least in the sense.

Q: Currently, so many competitors are available which provides better tps than dash? Why dash is better than all competitors?

B: The combination of 51% attack protection, super low fees, and fast transactions are major differentiators of the Dash network.  When you combine these existing features with the upcoming network improvements and associated wallet features for usernames that come with the Evolution platform, I can’t think of any single cryptocurrency network which would compare.

Q: Currently, If we pay through Visa or MasterCard! Then, also transactions are made within seconds! Then why we should use Dash coin as payment?

F: Because if you use Visa or Mastercard you are using a centralized service and you are not in control. They can decide what payments you can make and which ones you can’t. They can revert transactions. They can block your funds. They can even lose your data to a hack and make your life hell.

B: Dash Core Group focuses on very specific markets where credit cards are either very expensive for users and merchants ( i.e. Gaming) and in regions where they may be unusable due to infrastructure deficiencies (i.e. Venezuela).

Q: What is Decentralized API ( DAPI ) of Dash Network? And how its work and what are the benefits of DAPI?

I: DAPI is a part of the Dash Platform that will utilize masternodes (Tier 2) and provide simple API for Dash blockchain and Dash Platform over HTTP.

Q: As there are many payment options available like paytm, paypal, etc. which also do payments in 1sec. what are the other qualities of DASH which makes it better than others?

F: They are not decentralized, which makes them vulnerable to censorship.

Q: What is the reward model of Dash cryptocurrency? Is it Masternodes or Mining?

F: It is a hybrid model. 45% of the block rewards go to miners in pure POS fashion. 45% goes to masternodes. 10% goes to the treasury that is distributed by governance voting to projects that help Dash.

Q: Have you thought of any mechanism for all dash users to participate in the benefits of masternodes?

F: there are some services that allow users to get “shares” in a masternode and have fractional ownership and vote. In the future something like that could be included in the protocol, but not in the short term.

Q: Even people have trouble using cryptocurrencies for daily use, one of the mechanisms to introduce them in this world is to use debit cards associated with cryptos. Do you plan to use your own sales points where dash users can pay with a crypto card?

F: Companies in the ecosystem are working on POS terminals that will accept Dash directly. There is one about to be launched. In parallel, there are conversations with POS manufacturers so they include the option to pay with Dash.

Q: Earlier you did a Dash Radio discussion at Gmantambu Radio Station in Ghana. Do you have any plan to do it with Indian Radio Station as India has a huge market, Radio communication is also great. As Indian company Jio has a huge user in telecom communication, so can you compete with them?

F: That program in Ghana is executed by a community group that asked for funding to the network through our governance/treasury system and executed on their own. If someone from India wants to do the same, they are completely free. Anyone can make a proposal and, if enough masternodes are convinced, they will get the funds to do their project.

Q: 1. What are Instantsend and private send & how do they work? 2. What’re your future plans about marketing, development & mass adoption?

I: 1. Instant Send utilizes Masternode Quorums in order to lock transaction inputs in the mem pool. So such as with Chain Lock quorums sign inputs with aggregated signature and prevent double-spending. It takes 1-2 secs. After that, you can assume that the transaction is confirmed. 2. Private Send mixes your transaction inputs in your wallet with other people. So basically it’s a usual mixer. The dash features several unique value propositions including masternodes, PrivateSend, InstantSend, and a decentralized governance system.

Q: Even people have trouble using cryptocurrencies for daily use, one of the mechanisms to introduce them in this world is to use debit cards associated with cryptos. Do you plan to use your own sales points where dash users can pay with a crypto card?

B: There are a handful of network partners who offer debit/credit cards which can be topped up from a Dash address/account.  Another common/easy entry point to help facilitate payments with common retailers is via gift cards which can be purchased with Dash.  In regions like Venezuela where there are hyper-inflation and unstable payment networks, there are people on the ground (from multiple projects) getting new businesses and their customers to use Dash Wallets as a better alternative to the fiat currencies.

Q: As per the roadmap, how will you provide safety & privacy in decentralized data storage at your platform?

I: Data stored on Masternodes (Tier 2) with which incentivized to process and provide data (Proof of Service). Each unit is signed by the user and a masternode quorum. Data is stored with enough redundancy. In order to ensure privacy data can be encrypted (e2e).

Q: What roles will DASH play in DIF and Does the DASH team will come with any project for DIF?

F: DIF (Dash Investment Foundation) is an independent organization. It is owned by the masternodes as a group, will ask for the network for funds from the treasury and will fund whatever they find that is useful for the network. The supervisors were recently elected by the masternodes in an election, so it is still soon to see results.

Q: ZKSnarks is also a privacy-based, how DASH different is than ZKSnark? I like the DASH model but how you will convince new users that DASH is better than ZKSnarks

I: Dash with provides functionality called Private Send which is basically input mixer. zk-SNARKs is a much more complex and fantastic cryptography. Unfortunately, it still has some problems. We saw that recently.

Q: There are already many cryptocurrencies for Payment services even like Bitcoin! Then what is different and unique in Dash.

F: Bitcoin is terrible for payments. Dash is faster, cheaper and easier to use. And those attributes will keep improving.

Q: May I know the top features of Chainlocks and Why can’t other coins have ChainLocks?

F: It protects the blockchain from 51% attacks. Most blockchains can’t imitate because you need a second layer of the network (masternodes) that you can trust as a group so you are protected from Sybil attacks (when someone sets up rogue nodes to break things, which in the case of Dash is not possible to do without buying a significant portion of the coin supply).

Q: Monero is also working similarly on what DASH is working on. So how DASH is more advanced than Monero?

F: I don’t think we are working on the same problems. Monero is focused on privacy and for Dash privacy is just one more feature that is useful to achieve adoption.

Q: What is tracing Coinjoin? There are many projects that launch so far what are your plans to beat competitors?

F: Coinjoin mixes funds in plain sight. It is a probabilistic approach and someone with enough dedication can make some guesses about the origins of funds. In order to stay on top, our plan is to keep releasing innovations and working in adoption with the community.

Q: How do you consider the importance of community in blockchain?

F: Extremely important. Most blockchain projects have huge goals and those can’t be achieved without a big and active community.

We were glad to host Dash on our Telegram. Thanks to the team and all the members of the session!

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