Dash once again had a productive week of developments, integrations, and general news. Continue reading to get a summary of the week!
Dash Developments of the Week:
- Dash Activates DKG Spork, LLMQs Enhancing Network Security and Performance: Dash recently activated DIP 0006, which brings DKG (distributed key generation) to enable the formation of Long-Living Masternode Quorums (LLMQs) that enhance the performance and scalability of the network. The DKG protocol will enable the Dash network to advance beyond the short living and small (10 members) quorums that have been used for InstantSend and Masternode voting that do not scale very well since the network fully propagates one vote per quorum member. This will also enable Proof of Service, which will ensure the Masternodes are up and available to participate in LLMQs and thus providing value to the network. Proof of Service will employ a scoring system to incentivize Masternodes with the risk being that if they fall too low, they may not get paid rewards.
- BlockChair Data Shows Significantly Lower Non-Monetary Outputs for Dash: BlockChair, which provides blockchain data and analytics, shows that Dash consistently has a low percentage of non-monetary outputs on its network. BlockChair clarified that non-monetary outputs are nulldata outputs, which ordinarily are not used to transfer value. Dash has consistently remained around 1% non-monetary outputs and only going to a max of 2% in early August of 2016. This compares to Bitcoin largely staying under 5% until March of 2019 where it has drastically increased to 15% and Bitcoin Cash and Bitcoin SV hovering around 25% the last three months with a peak of 41% and 42%, respectively. While it is hard to judge the use of decentralized networks, the data sheds insights on Dash being one of the most heavily used cryptocurrencies to actually transact value – to be used as money.
Dash Integrations of the Week:
- Asia-Based Exchange BigONE Adds Dash Trading Pairs: BigOne, which has around $13 million USD in daily trading volume, will be adding Dash with a BTC and USDT pair to simulate a fiat pairing. The integration was possible thanks to the work of Dash Embassy Thailand, a local DAO-funded organization. Asia has had mixed environments for cryptocurrencies since a few government crackdown after the 2017 boom, only to now become more lenient with consumers and investors rushing back into markets.
- Panama Gains 11th Cryptocurrency ATM, Dash Remittance Market Grows: CryptoBuyer has installed Panama’s 11th cryptocurrency ATM at the WIFIX smart phone store inside the JW Marriot hotel located in the capital, Panama City. The ATM is only one-way and allows purchases of Dash, Bitcoin, and Litecoin up to $500 USD per day without any KYC/AML requirements. Additionally, the WIFIX store has also adopted CryptoBuyer’s POS service to accept cryptocurrencies. The growing presence of cryptocurrency ATMs across Latin America and migrant regions within the United States, along with direct merchant adoption, is a sign that the cryptocurrency remittance market is growing.
Dash Core Group Project Updates:
Here’s an update from Liz Robuck, Project Manager, of what’s going on at Dash Core Group this week:
- 🐝 Dash Core v0.14.0.1 released
- 👤 DKG spork activated 6/4; LLMQs beginning to form
- 🔒 DIP8 lock-in expected this period (activation would occur at end of following period)
- 📱 SPV work on Dash Platform
- 🍾 Released DashWallet v2.4.0 (iOS) including partial DIP8 support
- 🕗 Released DashWallet v6.4.5 (Android) with crash fixes, copy fixes and lock timer
Dash Community Outreach of the Week:
- Dash Force Meetup Contest Winners – May 2019: May was a relatively slow month for Dash meetups with 25 wallets set up and 40 attendees across 3 meet ups in Africa and Russia. Makes sure to read the article to see who the winners were and how you can earn some Dash by hosting a local meetup.
General News of the Week:
- Bitcoin Erlay Protocol Reduces Node Bandwidth, Does Not Address Scaling Completely: University of British Columbia researcher Gleb Naumenko with input from Bitcoin Core developers Greg Maxwell and Pieter Wuille developed a new relay protocol as a potential scaling solution. The solution works by “instead of announcing every transaction to every peer, announcements are only sent directly over a small number of connections (only 8 outgoing ones)”. The overall goal is to save bandwidth that a node consumes. However, Darren Tapp, Arizona State University blockchain researcher discussed that “Erlay protocol would save bandwidth generally used with node operation”, but “might not help block propagation without reducing bandwidth or latency during block propagation”. Make sure to read the article to get a full breakdown of the different scaling options.
- Cryptocurrencies Illustrate Added Value During US – China Trade War: New insights suggest that Chinese individuals are investing more in cryptocurrency to avoid outgoing capital restriction by the Chinese government. Further, as more centralized corporations mull the option of releasing their own digital currency, the Chinese use case illustrates how centralized digital currencies will not solve the original goals of cryptocurrency – avoiding government censorship.
- North Macedonia and LocalBitcoins Crack Down on Cash: On June 1st, North Macedonia started to limit cash payments to 30,000 Macedonian Denar (around 500 Euros or 560 USD) and LocalBitcoins has eliminated the option to make cash trades. The continuous efforts by governments and organizations (mostly due to government regulations) to limit cash usages is a use case for cryptocurrencies since digital money that must be routed through government monitored clearing houses can always be censored. Further, Dash’s direct merchant adoption, speed, and low costs enable direct spending for goods and services mitigating the need to change into fiat.
- Brazil Crackdowns on Cryptocurrencies, Contrasts Differing Regulatory Opinions: Brazil’s president of Chamber of Deputies, the lower house of the National Congress of Brazil, Deputy Federal Rodrigo Maia has ordered a commission of 34 members to look into implementing cryptocurrency regulations for the country. The move highlights how different countries have been exploring different regulatory options, as well as the regulation debate within the cryptocurrency community. Some, such as Calvin Wright, take a stance more favorable towards government intervention and regulation of the space, while others like Roger Ver prefer no intervention and a completely free market for cryptocurrencies.
- Square Inadvertently Leaks Private Purchase Data Showing Advantages of Cryptocurrency: Square, the retail POS platform, accidentally sent payment receipts to the wrong email addresses, revealing personal financial information to unintended third parties. The errors ranged from regular purchases such as coffee to more sensitive transactions such as divorce attorneys and holiday presents. The lack of financial privacy calls back to the sleuth of data compromises that have happened over the past few years. Cryptocurrency offers greater privacy, but many coins still can’t offer complete privacy as blockchain analysis techniques become more advanced. However, Dash offers optional additional privacy through its PrivateSend feature.
Dash Media of the Week:
- Dash News – Bitsa Debit Card, Voyager Trading App, Neptune Dash, Masternode Decentralization & More!: If you missed last week’s Dash’s News, make sure to get all caught up with Heidi’s video recap!
- Dash Podcast 107 feat. Kurt Wuckert Jr – Facebook GlobalCoin, US China Trade War, Warren Buffet & Justin Sun: This week the guys sit down with Kurt from Crypto Traders Pro to discuss a potpourri of cryptocurrency news and trading markets. Make sure to tune in to get some of these valuable insights.
Dash is pushing ahead with key development releases, integrations, and performances to become more usable as everyday digital cash for everyday individuals. Make sure to stay up-to-date with the latest news by following Dash News on social media.