Every Bitcoin and cryptocurrecncy enthusiast has had an episode encountering Digital Cash at least in text or on exchanges. The coin shot up in price in 2017 to land its name on the list of the 10 largest coins according to market capitalization. The coin gained much attention after the coin gained over 8000% on year-to-year basis with the likes of Ripple (XRP) joining the conversation after huge gains were made in 2017. Dash (DASH) gained heavily after massive adoption in Venezuela following the collapse of country’s currency and economy due to hyperinflation rates. However, the coin has had a rather dull start to 2018, following the cryptocurrency mini-bubble burst a month ago.
What is Dash?
Dash Core is a decentralized autonomous organization (DAO). The network was first developed in January 2014 by Evan Duffield who became its CEO. The founder, Evan later resigned and was replaced by Ryan Tylor, the CTO at the time. The bitcoin-fork, formerly called Xcoin and later on ‘DarkCoin’, promises its users a private and anonymous platform through the Masternode network.
This system deploys the PrivateSend, InstaSend and Dash (DASH) Budget System to reduce transaction time, enhance scalability and privatize the network. This system offers its users with a faster, cheaper and more private network than Bitcoin. It was eventually rebranded to Dash which is a portmanteau of “Digital Cash”.
The past week has seen the coin has given investors and the development team a light after a rough few weeks. The coin started the year $500 lower than its all-time high price of $1600, a price set 10 days before during the cryptocurrency buying spree. This signified a return of over 4000% year to year basis. Dash is trying to find footing as it slowly rises from the recent cryptocurrency bloodbath in early February that hit Dash a bit too much compared to its peers. The coin dropped to $475 in early February, a low last seen last year November but has seen remarkable growth in the past three weeks to close the day at $608 USD. This February the coin was also dropped from the top ten ranking by Coinmarketcap, after witnessing a massive 50% drop in market capitalization from $8 billion USD at the start of 2018 to a current cap of $4 billion USD.
For many coins in the current market, getting listed on exchanges is a primary goal as is development to allow for liquidity and ease of access to the coin or token. In addition to this, core development of the platform is key as so is integration of ideas to the real world systems. Dash (DASH) has taken the latter to a whole new level this year, as the company made over 20 partnerships with companies in the payment system industry and adjacent industries in January alone. Some of the partnerships included Edge Secure mobile wallet and Bitfrefill prepaid mobile service. These partnerships dawned a new light to the seriousness of the blockchain’s future.
One man’s meat, another’s poison. This is the current situation in Venezuela as cryptocurrencies are quickly replacing the defunct and hyper inflated Venezuelan dollar. Dash is used widely in Venezuela amidst its super hyperinflation which has caused the Venezuelan dollar to be almost worthless. The high adoption of cryptocurrencies in the country will offer a test run to check if cryptocurrencies will actually solve the hyperinflation problem. Dash being only second to Bitcoin in the 60 million populated country, will stand to benefit greatly if the Venezuelan government adopts cyptocurrencies fully. The currency is accepted by over a hundred merchant in the country given the increased marketing and outreach there. They actually need some form of stability (which can be provided by cryptocurrency use) to conquer one of the worst recessions ever. It is an ugly time for Venezuelans and their increasingly weak economy may be saved by the fast, cheap and instant payment system, Dash.
Even as Bitcoin dropped to levels under $10,000 this week, Dash (DASH) has continued with its steady rise