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.