Decentralized coin governance
Needs to be about 20% cooler
– Rainbow Dash
Information + Resources
Dash or “Digital Cash,” previously the highly anonymous Darkcoin, is a rapidly growing alternative to Bitcoin. Launched January 2015 by creator Evan Duffield, Dash offers instant private transactions and is becoming accepted and exchangeable on an increasingly larger scale. The coin currently sits at the 7th most valuable cryptocurrency as of June 8th, 2017. Dash uses a combination of swarm networking (aka miners) and distribution algorithms (called X11) to power its transactions as well as balance the distribution of the limited currency.
Dash is interesting in that it has a well-developed self-governing protocol where anybody involved can submit treasury proposals and participate in growth of the platform. This is only one of many currencies attempting this system now. People operating masternodes (or master server nodes) vote on budgets and decide how blockchain funds are distributed and what instructions the network should follow.
Masternodes hold currency for the network (like a bank) and host and pay miners to power the network. This creates a system of governance, and judging by Dash’s current market cap, this system seems to work. Masternodes can decide to hire developers for the system if the majority agrees on a budget, which is then carried out by the network. The budget only increases as the value and traffic on the network increases, so competent collaboration is vital from the coding end to the marketing end – all handled voluntarily through this decentralized system.
The rewards are real, of course, and supposedly in the name of engineering new participatory economies and not just changing the nature of centralization to favor data mining as the new black gold for a digital resource-based economy.
Future: The Internet of Money?
// Written June 8, ’17. Price at the time: $145 / DASH
// Edited June 17, ’17. Price at the time: $170 / DASH
// Edited June 18, ’17. Price at the time: $200 / DASH