The Future of Digital Payments
An Introduction to Dash Evolution
Since its inception, Dash has been one of the world’s most successful cryptocurrencies. As of the publication of this paper, it has a market cap of just under $4 billion, making it the 12th most valuable cryptocurrency out of over 1,600 in total.
It may come from humble beginnings, starting as an obscure offshoot of the more famous Bitcoin, but today Dash is set to break into the mainstream. Its latest incarnation, Dash Evolution, will make the coin accessible and easy to use for both merchants and consumers with minimal crypto familiarity. In short, Dash is preparing to become the future of digital payment.
This guide will introduce Dash Evolution, while also explaining why investors are interested in the exciting new development and how you can get involved.
How Dash Evolution is Reinventing Transactions
Dash Evolution is a new, decentralized payment platform built on Dash blockchain technology. It’s currently being developed with four key areas of opportunity in mind.
#1: Improving All Aspects of the User Experience
With Dash Evolution, Dash developers intend to abolish the “crypto-literacy” requirement. This move from mere digital cash toward a full-fledged payment platform will make setting up an account easy for all users. Anyone will be able to make transactions with Dash through its simplified interface.
#2: Improved Digital Wallet Functionality
For those unacquainted with cryptocurrencies, using a digital wallet for transactions can be tedious and frustrating. Dash Evolution will introduce a new “light wallet” that connects directly with its P2P network; more importantly, its full browser compatibility will make it much easier to use. The light wallet has the best of both worlds: complete decentralization combined with unbeatable functionality.
#3: Designed to be Highly Consumer Friendly
McKinsey found that 70% of consumers surveyed anticipate using a digital wallet for purchases at national and online merchants in the near future. In particular, they preferred mobile-based digital wallets (as opposed to merchant-driven wallets) and would like to use as few wallets as possible. With digital wallets looking to become a commonplace financial tool, this is a logical next area of focus for cryptocurrencies.
Dash Evolution is designed with the consumer in mind. Not only will people be able to search for and connect with merchants directly through their digital wallets, but users will also be able to rate merchants for quality control purposes. Consumers will be able to set up automatic debits for subscription services as well. Furthermore, complex cryptographic addresses will be pushed into the backend, with users seeing only regular usernames on the frontend; this innovation might seem minor, but its implications may well prove far-reaching in the cryptocurrency industry, and digital commerce as a whole.
#4: Gives Merchants New Control over Their Transactions
On the other end of the transaction, merchants will also benefit by being able to interact directly with their customers without multiple third parties. Thanks to Dash Evolution’s new decentralized API—the world’s first—merchants will be able to add Dash payments to their websites or mobile apps within minutes. This will enable them to not only expand their consumer base, but build strong relationships with their customers as well.
A Community-First Vision for Dash
Dash Evolution is a community-first vision for this already successful coin. By eliminating the need to be well-versed in cryptocurrencies before using them, Dash Evolution aims to make it as accessible as fiat currencies. The release of this latest iteration will expand the Dash community significantly, welcoming new users, traders, and investors, without alienating those who have been in the network since day one.
The Dash Evolution scheduled for release by the end of 2018 is only the first version. There are at least two more versions of Evolution slated to succeed it, each one offering new improvements and features.
What This Means for Dash Investors
As Dash becomes more widespread, its community, including retail investors, will grow. The network will need an increasing number of masternodes, meaning masternode payouts will have to increase as an added incentive. As the volume of masternodes increases, so will the network’s speed and security, creating a positive feedback loop.
Why Invest in Dash?
With over 1,600 cryptocurrencies available today, those unfamiliar with altcoins may not understand what makes Dash so unique. Why is it that while most cryptocurrencies languish with almost zero market cap, Dash is worth almost $4 billion?
The main reason is that Dash is the cryptocurrency that comes closest to achieving the properties of an actual currency. Note that not all cryptocurrencies have this goal: for instance, Ethereum and NEO, two other popular cryptocurrencies, are focused on being the leading smart contracts platform for decentralized applications.
Bitcoin, still the most popular cryptocurrency, had the original goal of being a decentralized, digital medium of exchange. However, Dash has several key advantages over Bitcoin that have led intelligent investors to take a closer look.
Here are six reasons why many investors are putting their money on Dash as the future of digital payments.
#1: Dash is Fast
One of Dash’s primary features is InstantSend which, as the name implies, allows for near-immediate transactions. Even when not using this feature, Dash has an average confirmation time of about 2.5 minutes compared to Bitcoin’s average of about 10 minutes.
#2: Dash is Private
Most cryptocurrencies, including Bitcoin, are not truly anonymous. Bitcoin’s blockchain is a public ledger that anyone can view, in which every transaction ever made is recorded. This affects its fungibility; a Bitcoin that has been used in shady or even illegal transactions may be considered “tainted”.
Dash’s PrivateSend feature gets around this problem by combining multiple identical inputs and sending them to multiple outputs. This scrambles the transaction flow, making it untraceable. This preserves Dash’s fungibility—a preferable attribute in any cryptocurrency.
#3: Dash Has Low Fees
At present, Bitcoin’s average and median transaction fees are $1.62 and $0.36 respectively, while Dash’s are $0.38 and $0.01. Dash is constantly working to bring down its transaction fees, and has expressed confidence that its fees would soon reach sub-cent levels.
#4: Dash Has a Revenue Sharing Model
One of Dash’s most unique features is its masternode network. Masternodes are what keep this coin both fast and secure. In short, a masternode is a computer system that is heavily invested in a cryptocurrency (in the case of Dash, it requires a minimum investment of 1,000 DASH to run one) and receives dividends in return. These dividends are sourced from the currency’s block rewards, and the masternode receives a 45% cut. Masternode owners, who necessarily own large sums of crypto, further benefit from its price appreciation.
#5: Dash’s Acceptance is Growing
As awareness surrounding Dash grows, so too does the number of merchants accepting it. Discover Dash is a great resource for finding merchants that condone Dash payments, and currently lists over a thousand vendors worldwide. Through strategic targeting of both mainstream and untapped markets, Dash can now be used in a huge variety of venues—from Apple’s App Store to small-time merchants in nations like Venezuela.
#6: Dash Evolution Will Make Dash Both Consumer- and Merchant-Friendly
Let’s face it: there is a significant learning curve when it comes to cryptocurrencies, even at the most basic level. Not everyone is willing to put in the time and effort to learn, which poses a major barrier to mass cryptocurrency adoption. Dash Evolution aims to flatten that learning curve and make it usable and accessible for everybody.
How to Purchase and Invest in Dash
While the first version of Dash Evolution is not yet readily accessible, the underlying Dash cryptocurrency is relatively easy to acquire. In fact, with Dash moving quickly and hitting all the milestones along its roadmap, it’s worth investing in Dash before the release of Evolution.
Here are the primary ways to purchase and invest in Dash.
- Crypto Exchanges: Most crypto exchanges trade Dash. The official altcoin website has the full list of exchanges here. However, keep in mind that not all exchanges have equal trading volume, and for maximum liquidity, you should opt for those that have higher trading volumes. You can check which exchanges have the greatest Dash trading volume on Coinmarketcap.
- Direct Purchases: Most crypto exchanges require you to already own major cryptocurrencies such as Bitcoin in order to buy Dash. Nevertheless, some exchanges—including Bitfinex, Wex, and Kraken—do allow you to buy Dash with fiat currencies.
If you prefer not to use an exchange, websites such as Wall of Coins and Changelly allow you to buy Dash using various forms of fiat currencies. Services like ShakePay, Wirex, and Spectrocoin offer Dash Debit Cards that can be topped up using fiat currencies as well.
- ATMs: Bitcoin ATMs are increasingly popular, and many of them also support Dash. Depending on your geographical location, there may be a Bitcoin ATM that supports Dash near you. The easiest way for you to check is to go to Coin ATM Radar and use the checkbox in the map to see which ones offer Dash support.
- Indirect Purchases: If you want to hold Dash directly in your portfolio, then any of the above three methods are good. However, if you only intend to obtain portfolio exposure to Dash, then an indirect method works just as well, and may be more convenient. You can do this by investing in companies that have invested in the Dash network. Neptune Dash, for example, runs revenue-generating Dash masternodes, meaning that the company owns Dash tokens and obtains cash flow.
If you’re a merchant who wants to integrate Dash as a payment method, you can do so by signing up with one of the payment processors listed here. Once Dash Evolution officially launches, you will be able to add Dash payment capability quickly and without any third parties.
To learn more about Dash Evolution, Neptune Dash, and other cryptocurrency opportunities, read the resources available on our blog.