Two upcoming coins, EtherZero and SAFE, join the long list of Dash imitators.
In a press release published by Cointelegraph, EtherZero describes its coming birth as a hard fork of the main Ethereum chain. Comprising nearly the entirety of the heading titled “innovations” is a description of its proposed masternode system:
“1: 0 TX fee, meet any requirement of DAPP’ s development, arrangement and operation;
2: Masternode system;
3: Payment instantly, is suitable for more trade scene;
4: Autonomous community governance system;
5: Two layer network system high scalability, Allow DAPP to be used by mainstream people.
You may be curious about the masternode sytem, here is a more specific explanation of it:
Our idea is to improve and stabilize the market value of ETZ, and we are trying to get ETZ’s market value at 10% of the Ethereum in the short term. The masternode can benefit more cash users. We expect the initial access node to be 10 thousand ETZ, 45% of the rewards to the miners, 45% to the masternodes, and 10% to the self-governing communities.”
The described EtherZero governance system appears to be identical to Dash’s setup, which similarly includes both incentivized masternodes and a treasury for a development budget. Even the percentage distribution (45% for miners, 45% for masternodes, 10% tresaury) is exactly the same.
A direct Dash fork incoming
An additional Dash copy is in the works to capitalize on the success the Dash network has realized. In a BitsOnline press release, the China-based BankLedger announces its intent to fork Dash to create a copy called SAFE:
“The BankLedger.com team has announced it will fork the Dash blockchain on Jan. 20th 2018 — and launch a new coin called “SAFE” on exchanges from Jan. 7th to 10th.”
While the information contained in the press release is sparse, the fork appears to have a massively increased supply, as well as an emphasis on encrypted privacy features. This last point is hammered home with references to Zcash as well as a planned airdrop to present holders of Dash and Monero:
“From March to December: The team will distribute SAFE to Dash and Monero holders.”
While Dash’s privacy remains unbroken and contains several important benefits over encrypted privacy approaches, the encryption approach has shown popularity recently, and has proved an effective hype tool to get new privacy-centric cryptocurrency projects going.
The long list of Dash imitators testifies to its innovation
SAFE and EtherZero are far from the first coins to take a page out of Dash’s playbook. While some like PIVX and Smartcash are more flagrant imitators with instant and private transactions coupled with masternodes and a treasury system, many others have implemented similar models. Masternodes.online currently lists 72 masternode coins, though the list is incomplete as it excludes the two aforementioned coins, ZenCash, Stratis, and possibly others.
This speaks highly of the innovations fundamental to Dash. The masternode system not only provides financial incentives to run an increasingly user-intensive and powerful network, it also provides a convenient second-layer to build any number of special features and abilities without complicating or compromising the base functionality of the network. Community governance by voting also allows a project to successfully establish consensus, something that has been difficult to prove categorically with cryptocurrencies such as Bitcoin, resulting in unnecessary chain splits and market turbulence.
Finally, Dash’s treasury system has allowed the funding of an impressive budget without either relying on outside funding or crowdfunding a large sum for development, which can provide inconsistent long-term incentives. The sound foundation of Dash’s model will likely cause imitators to crop up for years to come.
Imitation is the highest form of flattery. Everyone in the crypto space will always know that Dash is the first mover in effective governance and a 2 tier masternode network and is one of the leaders in innovation in the crypto space.
I wouldn’t call Smart Cash a “flagrant imitator”. They took the idea and tweaked and improved it in many ways. Everybody in smart cash gets to vote, even if they have a single coin. Also, there are smart rewards, which bring dividents to holders, not just masternodes. Thirdly, the community gets 80% of the rewards, not same as in Dash. And last but not least, the hives structure is very different from Dash’s model. It is much more decentralized. I think those main points (and there are others) clearly show that your derogatory statement that Smart Cash is just imitating is false.
Another thing, stop patting yourselves on the back because you came up with masternodes. Bitcoin was here before too and Dash as well as most other coins forked from it. It’s a shared open source world and people will take the best innovations and improve on them. That’s the nature of the game. I hope Dash people don’t become like those bitcoin absolutists..There are many interesting projects out there and we should support the best ones regardless of what camp we’re currently in. Smart Cash is actually in many ways better than Dash, and that’s ok. I own both. What remains to be seen is whether the Dash centralized development model or the Smart Cash decentralized model will be more competitive…
As for Bitcoin etc., well absolutely its fans and developers should pat themselves on the back for creating an airtight system that hundreds of billions of dollars of wealth is derived from. Big accomplishment. Dash similarly deserves props for being a pioneer.
I guess to be fair SmartCash could be more of a flagrant imitator of PIVX, but still qualifies. Doesn’t hurt that several key members were heavily involved with Dash prior, and openly threatened to create their own coin before rage-quitting the community. As far as imitation, well…. cash-geared (digital cash, smart cash) payments proof-of-work coin with enhanced privacy and instant confirmations thanks to masternodes, as well as a treasury? Definitely qualifies in my book. Especially with two team members claiming Dash lineage front and center.
Evan and most other Dash devs were involved in Bitcoin prior to starting Dash and left because they were not happy with the direction the project was going. So Dash is a fragrant imitator of Bitcoin by your own standard. I mean, come on…
It seems to me that you are overemphasizing the similarities between Dash and SmartCash, and ignoring the differences because you are biased. SmartCash has some very interesting features that can make a huge difference in the way a society would operate should it be widely adopted. That, to me at least, is an important difference.
At the end of the day, we should support all good crypto projects. The end goal is not to be “right” and stick to one currency and the hell with the rest (like many bitcoiners), but the betterment of society. I don’t care who wins, whether it’s Dash or SmartCash or some other coin. I will own all of them if I can, and will be happy if any/all win out in the end. Competition between coins should be in good spirit and sportsmanship, not slandering and derogatory. We are all in the same boat and want the same results, and should keep in mind that most of those coins and the people behind them are making our goals possible.
I love Dash but that doesn’t blind me to the advantages of other projects. SmartCash is an amazing project by any standard, and you sitting here and dissing it doesn’t speak well about your objectivity. But you are paid by Dash so that’s to be expected I guess… But it’s a shame.
Well you’re certainly full of straw men today. That precludes any reasonable discussion.
That’s your response? Really? I’m full of straw men? Where did I use straw man argument? So basically you can’t respond and are somehow insinuating that what I said is not reasonable?? Wow dude… Are you an aspiring politician per chance? I’m actually subscribed to your channel and watch your videos and all and thought you had more integrity and intelligence than that. Guess I was wrong. You are not an asset to Dash.
“That’s your response? Really? I’m full of straw men? Where did I use straw man argument? So basically *straw man straw man straw man*” lol dude are you for real? Best entertainment this morning.
You’re obviously retarded. If Dash fails it’s because of people like you. Peace.
Yep, there we go. Give a troll long enough to prove themselves, and they invariably do.
” improved it in many ways”
“Smart Cash is actually in many ways better than Dash”
That is very subjective and yet to be proven. Remember, anything the masternode copy coins do that proves useful Dash can easily copy.
If I though smartcash was a game changer I would invest in it like I have other coins, but I have not and don’t plan too. If they do something different that I think is needed in Dash I will not hesitate to call for that feature to be implemented, so far I have not seen anything prove to be better than Dash.
SmartCash pays dividents to holders of 1000+ coins. Dash can’t implement that even if they wanted to. That in addition to the Smart Hive structure will make a big difference. Also, every token holder can vote, not just masternodes. So it is, at least in theory, much more democratic and decentralized. Even if there weren’t any other differences, and there are, that would be enough for me. But hey, you don’t have to invest in it. Other people surely will and will make a huge profit while building a strong community and a strong coin. Which coin will see better adoption from users? We’ll see.
I’m just not impressed yet, sorry. Most of what you see as positives I see as negatives, the rest will be implemented in Dash soon enough. Please do keep experimenting though. If something works we will implement it. There have been lots of things they said Dash could not do, but we did, and will continue to do.
That’s fair enough, we all have our ideas of what the best design for a currency is. We’ll find out in due time which is best. However, I’m genuinely curious to know why you find that paying an interest to long-term holders is a weakness of SmartCash? Or voting rights for every token holder? I may well be missing something so I’m open to new insights…