Crypto Investors Should Look Closer at Dash: The Atlanta Blockchain Hosts Evan & Amanda

On August 24, 2016 Evan Duffield, founder and lead developer of Dash and Amanda B. Johnson, host of DASH: Detailed spoke in Atlanta at the invitation of The Blockchain Atlanta So, welcome everybody.
Thank you so much for coming out! My name is Amanda B. Johnson.
I am the host and the writer of a Youtube series, a weekly Youtube series called DASH:
Detailed — you may have found a card on your seat when you came in. That’s my business card. I’m here with my
partner Pete he does our video production. And I am here to give you
an introduction to Dash. And I think the best way to do that is
to tell you why I work for Dash. So I became introduced to cryptocurrency,
I would say early 2013. At the time, I was wicked interested
in money. Like the thing that —
I didn’t mean for that to be funny at all. The thing like that we all use, not
only every day, but potentially several times a day, but maybe not always
know where it comes from. Certainly not talked about very often:
Where money comes from. Who makes it. What goes into it all.
And so I was interested in money and I would I was reading up, I guess on
economics I don’t — my background is not in computers,
not in coding. went to theater school. And when I first heard of
cryptocurrency — Bitcoin — I was… I was like a PR blogger as my day job.
And I was introduced to Bitcoin in particular by a guy named Jeffrey Tucker.
I don’t know if you’ve heard of him He works at the Foundation for Economic Education.
(He spoke here.) Oh he spoke here! Ok so yes, a man who spoke here named
Jeffrey Tucker was the person who introduced me to Bitcoin. He actually
sent me some via Skype. He was like, “Install this app. It’s called,
you’ll find it in the app store. “Once you have installed it, hold that
code up onto the Skype screen and I’ll send you magic internet money. Yeah and so that was my first interaction
with all of that. And I found it intimidating actually. He sent me a
quarter of the Bitcoin which at the time was about enough for a t-shirt and he
encouraged me to buy a t-shirt with it if I could. And I didn’t touch that app
for, I would say, probably six months because it was so foreign to me. I didn’t know what was going on. I didn’t
know how Bitcoin worked. I didn’t know if like maybe I pushed the wrong button
maybe I would break the Bitcoin and it would all have been for naught. I didn’t know. And and it was the not
knowing and also the this guy Jeffrey Tucker put a lot of faith in me
because a few months later he was like, “I’m going to make a presentation in Las Vegas
about Bitcoin and I’d like you to be a co-panelist.” And so I was like,
‘What is Bitcoin?’ And so I watched through the Khan
Academy series and then that guy, I forget his first name but last name is D’Angelo.
He like makes these marker board series on YouTube and so I just studied, studied,
studied and lo and behold, my interest not in computers, but in money, and where
it comes from, and how it causes people to behave depending on its properties,
was ignited. And so from there I went on to actually begin of writing at Bitcoin
Magazine and then Coin Telegraph and then and Bitcoinst.
And I am so interested in currency competition because the whole point of
competition is to see what’s best. To see what pulls forward in the race and
this whole digital currency thing is like allowing us to view
and even participate. Like us lowlies. Before who weren’t able to
participate and currency competition are now able to. And that just floors me and
what’s more is that it’s all open It’s all open source so you know,
you know how much currency units are being created in Blockchain A versus how many
in Blockchain B and you can see the results when you compare the two.
It’s very interesting. So I went on to start with my partner Pete a YouTube series called
The Daily Decrypt. And we talked about all sorts of digital currencies on that
show. It ran for about seven months. And it was in reporting all of these
findings everyday that I began to be like: That Dash wow! They are just like doing things
right. And they’re just doing like right thing after right thing after
right thing. And after a while just like almost every day, like planning our
episode, I was like, ‘I just want to talk about Dash today. I wonder if there’s a
way that i could work for Dash only?’ And so long story short here I am doing just
that and I want to share with you why I made that choice. What it is that is
really very unique about Dash. So, you hear a lot about blockchain apps
like smart contracts and embedding the university degrees on blockchains to
stop degree fraud and and embedding property titles in Africa on the blockchain
and oh, medical records on the blockchain. You hear about all sorts of
things and people get real excited about these sorts of apps, and whether or not they
ever come to pass remains to be seen. If they do they will not only want to, but
they will have to, exist on the world’s most, or one of the world’s most,
resilient blockchains. Secure blockchains. Immutable blockchains. Reliable
blockchains. And so then that just leaves the question like, ‘How does a blockchain
become secure? What makes it resilient?’ And coming from my interest in
money and economics I have asked myself this question.
And in the medium to certainly the long-term I believe that the blockchain which will
be the go-to will be the one who’s payout, whose block reward, is already
seen as money. Not one that is a not-money that then has to be converted into
money to pay the rent or the mortgage or pay for the groceries. But rather the one
in which the block reward, the base unit, is already money. And so the competition is on! Because that is a status that has not
yet been reached by any blockchain. The units of account on it — no
blockchain are yet widely regarded anywhere and everywhere as money.
That is an app that has yet to be achieved before any of the other ones could
possibly come into play. And I like Dash because Dash is aiming to be a
digital cash. The first digital cash really as a as a quick comparison to Bitcoin in case
you’re not familiar with it — Dash has a Bitcoin codebase.
Our primary differentiators in terms of functionality are two functions. One is called
PrivateSend, one is called Instantsend. Privatesend allows those
who would like to, to join in a peer-to-peer level coin mixing
so that coins can be eliminated of their history of where
they have been up until that point. Basically achieving fungibility if
that’s important to you. The second function, InstantSend, is
going to be key for retail payments in that it can provide a confirmation on
an average of about 1.3 seconds. It’s even zippy-zippier than credit cards.
And I hear that credit cards, by the way, now that they have those chips
in them take even longer. (Yeah.) Yeah I don’t know. I don’t have a bank
account anymore, but yeah! Like I see people standing in line in front of me
and they’re like waiting for this chip to read or something and I’m just like
thinking to myself like, ‘I’m gonna get you with Evolution.’ Yes. But before we can hope to be digital
cash, before we can really hope to knock out the currency app, there has to be a
foundation. And it is the foundation that I’m about to tell you about that is what
sets Dash apart the most in my opinion. I see there is being two parts to this
foundation. The first part is, who gets to make decisions when no one is in charge? It’s actually a huge deal. It’s a deal
that has been totally ripping apart Bitcoin for over two years now. It is a
deal that caused Ethereum to fork into two surviving chains. Who gets to make the
decisions when nobody is actually in charge? In other words: governance. Dash
has found a lovely solution to the problem of governance which is, well who
is best suited to make decisions the people best suited to make decisions
— I would say — are the people who stand to gain the most from wise decisions and
stand to lose the most from bad decisions. In other words stakeholders.
But who are the stakeholders? I mean you if you see how a lot of these
things in other networks are debated. I mean you go on like reddit or whatever
and it’s just flame wars and people and people you know putting out opinions
and things. And then you have other people making posts saying, “Well I checked
this subredditors history and they really came to us from the Bitcoin subreddit.
They’re here to sabotage us!” And they may or may not be, but that’s just the
thing about having billion-dollar debates on reddit is that you don’t know who you’re
talking to. You don’t know where these people come from. You don’t know if
they own a Bitcoin or an Ether or a Dash. How could one possibly have a
billion-dollar debate over reddit? And so that’s not how Dash does it. In Dash if one owns 1000 Dash one that can
lock it into what is called a masternode and prove that
one owns that thousand Dash cryptographically on the blockchain and
from henceforth one is basically a member of Dash’s board of governors and you get a vote. You get a cryptographically recorded vote on how the currency evolves. And that’s just one half of the foundation because the other half is — ok so just so we vote on things doesn’t mean that they happen.
We could vote that, I don’t — Joe Smith from Arkansas like come develop
for Dash — it doesn’t mean that he’s going to like blockchains don’t compel human
action. So how how can we possibly incentivize human action? Well the answer
is incentives. Dash’s block reward is not entirely consumed by just one of its
employee classes: miners. We have lots of employees. We have full nodes — the
masternodes — who perform PrivateSend and instantSend functions. We have developers.
We have marketers. We have wallet designers. We have web developers. Like
who’s gonna pay all of these people? You’ve seen other stabs at this in other
coin networks. There’s, there was, I’m sorry not there is, there was the
Bitcoin Foundation and then it went bankrupt. Surprise. Foundations don’t have
products to sell hence they don’t always have viable business models. Of the
Ethereum Foundation people are like all in arms are fighting over that like:
“What coins do they really hold? And whose side are they really on?” Maybe they’ll
remain solvent maybe won’t and and in many other networks you see is just like
the donation model someone will make a post on reddit be like, “Hey I’m divided… …developing this new wallet that you
all know that we really need and you’ve all been asking for that we
really want. Will you chip in? Will you fund it?” All of these things can
work for a time but not for a decentralized autonomous organization
that hopes to be a world-class resilient blockchain for the indefinite future.
And so that is the other half of Dash’s foundation, which is that we are
self-funding. We split our revenue stream. We split our block reward among everyone
who works for us. So with that pretty sturdy foundation
locked down thank heavens. Good job Evan. We can now,
only now, say “Okay it’s time for digital cash.” It’s time to get that currency app
and that in Dash is called Evolution. And that is a product that we are going to
release late next year and I have dubbed it, “The digital currency that yes even
your mother could use.” And I got that idea because Evan got the idea while he
was sitting down next to his mother using the Dash core wallet with her and
like watching her reactions as she’s using or trying to use cryptocurrency.
And like every reaction she had just proved what should have been obvious all
along which is that if it doesn’t look like Paypal and Venmo and feel like
Paypal and Venmo then it’s not going to get the customer base of Paypal and Venmo.
And so that is what Evolution intends to do. And so to describe that to you is founder
and lead developer: Evan Duffield. He will speak to you after I
switch this microphone to him and then after he is finished I will rejoin him
for a brief question-and-answer session afterward should you have any remaining
questions for us. So without further ado, thank you and here’s Evan Duffield. Hello. Thank you for coming out. It’s a — it was interesting that early on
when I was talking to the organizer, I was asked just to make a video and I was
thinking you know why make a video when we can fund the trip out here and put on
a show which this is funded completely by the blockchain. One hundred percent.
So our airfare. The hotel fare. Amanda’s airfare and hotel fair. So you know,
it just shows it’s pretty powerful system. And it’s — when utilized correctly you can
reach people that wouldn’t have otherwise been able to be reached. And so
I’m going to talk about the next step of it which is: What what are we building?
Now that we’ve kind of figured out how to, how to do the foundational components, how do you take that and how
do you make a product with it? So what is Dash? We are a working DAO. So a decentralized autonomous
organization. I believe we were the first one but i’m not entirely sure of that.
These basically are theoretical types of corporations where they had — they’re ran
completely digitally there’s there’s no LLC or corporation or anything like that
and they they run usually by some sort of organizational model. And so we
picked a organizational model similar similar to you know what you would find
with a regular incorporations. We chose to to try to mimic what works in the
real world rather than just inventing something wholly new. We’re also
interested in user-oriented features like Evolution. We want to make this as
friendly as possible and we want to make it in such a way that anyone can use it. We were also about 90 million dollars
market cap, fifteen thousand users, the project’s three years old, we have about 120
volunteers active right now. Six hundred active community members on on the forums with our full user base. So the projects going
going well and we’re really excited about it. So why Dash? I think the
organizational model is really important. You can imagine Dash as overarching
network. It’s — you can’t divide it up and it’s not really an entity it just holds other
entities. And then you can think of, that there’s a core Dash DAO which I’m
a part of. Amanda is actually not a part of that, she’s part of our YouTube DAO.
And so just like you could with you know with Ethereum, you can make DAOs within our
ecosystem and then you can ask for funding as long as you’re doing
something for the benefit of the network. And this is all funded from the
blockchain so we utilize a interesting voting mechanism that I’ll talk
about later and then those votes are tallied in these blocks are created to
to pay out exactly what the network wanted. And as we were saying
earlier the the main bread and butter of what we’re doing is instant transactions
and user privacy. And the privacy is really important for fungibility sake.
And what that means is that with with a digital token, even more so than a
physical token, you do not want to hold the history of the last hundred people
who had the token that you now hold. We might be okay with that but normal
everyday people, once they see that first person on the news that gets arrested or gets their
coins seized for having laundered money, or any any association with
criminal activity it’s going to cause issues for the
entire network in that that’s not something you want. We want to be able to
run this thing for years and years and years and not have people concerned
about the actions of others on the network. So the decentralized infrastructure —
we’ve kind of already went over fungibility, transactions, the decentralized
infrastructure is one of the most interesting parts as well. It’s the masternode
network as we call it. So anyone can get a piece of this network.
They can host a node for us. So imagine Paypal. And this is kind of what
what I do when when trying to design these features. I take something that its
existence and I try to figure out: How would you do that using only
decentralized technology? So with a decentralized Paypal you need
thousands of servers to support what the users are doing on the network.
And you don’t want to pay for that yourself. And don’t want to hold the infrastructure
yourself and so you need some mechanism to allow other people to do it for you.
And that’s essentially what this is — it allows anyone on the network to
participate in hosting our own infrastructure. And this is how we do decentralized
decision-making. So this is a pretty good
visualization of how it works. You can have masternodes all around the world and
then you have proposals that come on to the network. They can be presented by anyone
on the network and they could be for anything you can think of. Like: Let’s
make a new type of wallet and you know for this new wallet we’re going to need
some mock-ups, we’re going to need designers, we’re going to need
programmers and then you can itemize that out put it put it all on the blockchain
and then have everybody vote on it. And then you’ll see votes coming in
from literally all over the network. And then you tally those up and then
the funds are them allocated from that. That allocation is an interesting in a
way that it’s just completely different from anything else in the space. With Bitcoin
you have one hundred percent of the block reward going to network security.
And so that was the first thing we changed. We decided to split it so that security would
get 45%, infrastructure would get 45%, so that’s the masternode network,
and then project funding would get 10%. So that the infrastructure is what is
actually voting and then the the project funding is then signaled from them but it
doesn’t account for you know that much money right now it’s only 10%. Although
even at just 10%t of the emitted coins, we’re at 1.2 million dollars a year in funding.
And you can you think of this in a completely different way than you
would think of like a normal start up. With an ICO or corporation seed funding you
start by getting money up front and you say, “I need 10 million dollars and I’ll
give you half of the company.” We have no collateral to give and we don’t want to
centralize around a single funding source. So the alternative to taking money upfront is admitting
money by the blockchain and then as you make good decisions hopefully they
actually increase the value of everyone’s holdings and then we actually
have more money to spend month. And so our success actually
will add to the the future revenue that were able to spend.
And the inverse — if we make a mistake it draws of a little bit of the funding
down and we can correct. So you’ll see a curve go up as as we get more
successful and as we start to acquire users that number will actually go up.
And then we’ll be able to build branch offices, and hire more people, fund the
foundation’s better. And do all of the things that you know, Paypal is doing. This is essentially the seeding phase of the project. Were just at the very start of it.
We don’t even really have a project yet, a product yet. We have a about a half-done
implementation of the Evolution wallet and so what we
plan on doing is implementing the rest of this. Rolling out these features to to
everyone next year, and then we should have a good deal
more money to work with. And then we can start introducing the features that
everyone’s used to. Like walking into an office and talking to somebody. The neat
thing about that is that everyone’s used to doing it and we we want to make
everybody feel comfortable with the technology in a way that they’re
probably not with the existing implementations of all of these is
blockchain technologies. So the ten percents divided up. And like
I was saying earlier, there’s these separate DAOs. So there’s the core DAO
and we probably take about eighty percent of the funding currently. But then
there’s a few other DAOs. And anyone can start one of these. The — what they
do is they provide some sort of some sort of needed feature, some sort of
needed information, or something the users need to expand the ecosystem or
provide for our the services that we provide. And so anyone can actually start this.
This is actually how we’re planning on drawing in more interest on
the business side of it. Imagine we start branch offices
eventually and we need to hire tellers. Now there”s gonna be somebody that
maybe wants to run a branch office for us. They become a DAO and then they can
pay their their staff directly from this project funding.
And then what we do is, we would run these companies as not-for-profits.
So this is a completely different model that’s never been tried
before. Imagine trying to compete with a series
of not-for-profits that run a bank all around the world and we’re
literally running it based off of the blockchain funding. And you don’t care if we
make money. That’s the thing, we just want to provide a good service if you think
the product is good then you’ll invest within it, right? So that’s that’s how the
investors make money off of it. It’s not about selling the profits of
actually doing business later on. The project funding has grown exponentially
since we introduced. It started out at thirteen thousand dollars a month,
which is great. It was a it was about thirteen thousand
dollars more money than we had at the time. And you know that led us to being
able to start paying people. The… …the volunteers that we’re doing
a lot of the work. And they, they were just extremely happy to just receive a
couple hundred dollars for helping us. And so that led to a lot more work and
then the quality of work increased. And that’s been, you know, going over
and over again. We’ve had about twenty percent per month in added revenue
through the system. And we just reached a hundred thousand dollars a month of funding. It does seem to be working. It seems to be
working really well for what we’re doing. So now, now that we’ve kind of established
how we operate, how it works, what we’re doing, what is Dash Evolution and how does it work?
Why should we all be interested in it? So again it’s a system your mother could
use. But it’s also something that will provide a competition to Paypal.
Particularly the API side. Money as a service is, I think, a new concept.
And what we want to do is provide APIs where you can hit a collection of masternodes
and they will validate requests. They will tell you you know how
much money’s in this wallet or you know, which chain is the the best one to be on.
Anything that the users need to run these wallets will be provided by via these APIs.
And what that means is that we can actually start building
a service where you you can click a button
on a website and you buy something. And that website will just have to drop a
little bit of code just like you do with Paypal. And that code hits the
masternode network in a completely random decentralized way and then you
can do, you know, anything you can think of of doing with with Paypal,
you know, with our system. The whole approach here is to
make it as mobile friendly as possible. We want everything accessible from there.
So you’ll be able to go login, Send instantly to your friends.
Send via email. Privately send to your friends. So you’ll have
a public balance, which is semi-anonymous. And then you could move money to your
cash account and you can send money from there completely anonymously. And you
also have access to — you know if you have masternodes you would have access to that.
And you know, literally all of the other features along with the chat and some other things
like that. So you know what we’re trying to do is if you take all of the
green boxes from Paypal and the green box from Bitcoin — we’re combining these two
things together and we’re really not trying to compete against Bitcoin.
Bitcoin is just not what we’re trying to do. And, you know, I thought originally this
was probably, you know, what is needed in the space to bring this to mass
adoption. And since no one else is interested in doing it, we thought we might as well try it. Whereas Bitcoin will reach this, but it
will reach it by using centralized companies. Centralized companies provide
all of the services that the users utilize. And the Bitcoin developers and
the Bitcoin protocol is just a protocol. And that’s what it was intended to do.
And so what we intend to do is build the protocol and be the Apple of crypto.
And we plan on making a suite of tools where you can log onto your your laptop, you can log
on to your phone, you can log — anywhere and you’ll see the same — the same types
of screens. They’ll be understandable. And you can move from
one to the other without losing any data. So you login with username password
on the website and you’ll see the transactions in there. You can send your
mother, you know, five, ten dollars or whatever. Login to the other one on your phone and
you’ll see that the transaction pop-up. So we want that type of complete,
streamlined experience throughout the project. This is a sneak peek of some of the
mock-ups that I just got two days ago. This is how you would, how it would look to create an app. And this screen here, if you collapse it down, it collapses into what looks
like a mobile phone. So you could run this from a mobile phone, you could
run it on your your web browser like really small. Here’s my accounts. So you’ll be able to create accounts
and move money around like I was talking about. Along with apps. Apps is this concept
where a store can create an app, and then this will allow them an identity
on our network to do business through. Whereas maybe you have to go to the
website to buy socks, you know, through a merchant on there, on this though however
you will be able to go into apps search for the sock provider that you’re
looking for and then you can actually buy it straight off of here. Or you can see
the purchases that are associated with this. You see the description. See what, when,
where, why, all of the the information that is a missing from from crypto. So I think that’s about it. That’s Dash Evolution. And that was my presentation If anybody has any questions, either Evan or myself would be happy to answer them. So there’s a few ways of doing… Oh! I’m sorry I forgot.
Would you mind repeating his question into… So the question was, “How do you turn
Dash into cash?” There’s definitely not a whole lot of
options for that currently. We’re working on fiat gateways in some of those
types of services as we speak actually. You know, if you look in a few
months you’ll probably see a brand-new way that that we’ve been
working on for now over a year. I wanted to add to that also because
that is also something that actually I have to do on a regular basis. Because as I said,
I don’t have a bank account, and so to pay all my dollar denominated dollar-denominated expenses, I have to do just
as you say. Because I’m paid in Dash. And something that Im looking forward to
that I hope starts to develop like a nice liquidity is the wallet Mycelium will be
adding Dash as their first non-Bitcoin currency I believe this October. And there,
I don’t know if you’re familiar with the Mycelium wallet but they have a feature
called “Local Trader” where you can see who within an x-mile radius is buying
or selling Dash for cash near you. So that’s what I hope to use.
Just here in a couple months. Anybody else have a question?
Yes, you. He wants to know how much higher are
miner fees for Dash than Bitcoin. Which type of miner fees
are you talking about? I think he means transactions fees. So the question is how much higher are
transactional fees on the Dash blockchain than Bitcoin. And the answer is actually
cheaper. Our fees are pretty low the blockchain is not to the point
where there’s competition yet on the transactional activity, which is actually a
pretty good reason to use alternative coins if it it’s possible because they’re
probably usually going to be cheaper. And we plan on keeping it that way. We want
to use a fixed amount of transactional fee per transaction. So maybe a
standard like three to five cents or one percent, or… half a percent, or something like that. So the question is, “How does one ever
even claim like that transaction on that block chain is an illegal one if it’s
all just like cryptography?” Yeah, I mean, it’s not something I would
ever do, but there do exist people who for example, accosted a young man named
Ross Ulbricht in the library one day and he had his Bitcoin wallet open and because
people had been I don’t know like spying or something fast forward to yes there was a day in
US court when someone said that transaction on that blockchain is illegal.
And so, like in the more general sense there is a technological method called —
I don’t know, is it called blockchain analysis? Or like clustering or something?
Where if someone does reveal one of their addresses and like connects it with them
in real life, whether they wanted to or not, Like there are actually companies that are
starting to try to like sell this information where they’re like we think that address
belongs to this person, that address belongs to this person, that address belongs
to this person, and here’s a graph we made of every transaction we think that they
ever made. Whether or not that’s true, whether or not that’s morale is up in
the air. But people do do this. I’d actually like to add to that a little bit.
The whole point of having anonymity in, built into the protocol itself is because I see there
being a a profit motive for companies to start looking at the blockchain
analyzing it. Using machine learning, using graphing technology, using any of
these more advanced technologies, and then selling it. And I know, no one wants
their information sold, so why should we allow it to happen? If we’re making
something directly for the users we should make it something that they want. Privacy is important. It’s a human right
and so unless you’ve done something wrong and they can prove that
you’ve done something wrong they shouldn’t be able to go through
the transactions and point at you and say, “That one. We want that money.” Yeah. And so that that —
that’s really what we’re trying to stop. So we have a process — it used to be called
DarkSend, it’s now called PrivateSend — and it’s an on-protocol mixing technology,
that’s decentralized, hosted by the masternode network. Essentially what it
does is you and a couple other people get together and you’ll each send the
same denomination of coin. So let’s say the pool that you’re mixing in is a one Dash pool.
And so each of you send two or three, two or three inputs of of one Dash.
And now you have a transaction where all of the inputs from all three of you
are all one Dash. All of the outputs from all three of you are all one Dash. And
then you merge them together and do co-signing. And the masternode then is
just, the it’s just a platform for doing this and allowing people to do the mixing.
The mixing is actually done only using your own wallet. You’re sending
transactions to yourself and you’re just using it as a service. Have you read the mimblewimble white paper? The what white paper? He’s asking if you’ve read
the mimblewimble white paper. Yeah, I’ll have to definitely check it out. That’s a great question.
The question was… Since it requires a thousand Dash to become
a masternode, is there a risk of centralization over long periods of time? And there is a risk but
we’re mitigating it. The idea here is called masternodes
shares. So as the the technology begins to take off, the requiring
of a thousand Dash for masternode is going to put out of the reach of most investors.
But if if we can break up masternodes into 1,000 shares, 10,000 shares, 100,000 shares,
then we can start offering something that is akin to interest-bearing accounts. What if in the Evolution wallet you can
move money into a savings account it would automatically make the masternode
shares, publish them using the protocol, and the masternodes would be
made on your behalf you would just get small pieces of that total revenue.
That puts masternodes in the hands of not just a few thousand people,
but the millions. Potentially. So the question is,
“How do you make DAOs in Dash?” Ok, currently there there is no mechanism.
The DAOs are essentially just agreed upon. Essentially I would say, you know, I’m running the the Dash core DAO.
Actually it’s not just me, it’s a bunch of people. And then, there’s a few more of them.
But we’re really not socializing with those people. We’re doing projects with those people. And so
we don’t want to be associated with their funding. And so we split it off and we call them different DAOs. In the future there’s there’s
an upgrade called Sentinel coming. And that is the foundation of allowing us
to make many different types of objects. These are not really smart contracts like you
would make with Ethereum or make with The DAO or something like that.
They’re governance objects. And you can make governance objects, you can
make one of a DAO and you could add users to it and then could add other information.
It’s a tree structure. So that will be coming soon. I don’t know if we’ll make a hard-line
decision of what to support, but I would say that most likely most of the DAOs
that do core functionality of the network will probably be ran as not-for-profits.
Because there’s really no reason for them to make profit. Unless they don’t
want to be funded directly by the system and they want their profit to the be the funding mechanism. It might be one or the other. You know, I don’t think we’ve decided yet. The question is: “The masternode voting mechanism seems
to be a lot like proof-of-stake. “Have you ever thought about just taking it to
the next level and not using proof-of-work at all?” And yes, we’ve considered
that at great lengths. The problem that we found with it is, we
rely on proof-of-work hashes. Because we’re seeding a random number generator
mechanism across the network using common hashes so that we can get this
thing listing order. And that’s how a lot of the functionality works. The reason why
it’s secured by that is because nobody can really pick those numbers that are really
hard to generate. But they’re known across the whole network so they’re usable in that way. The question is, “Is it typical for it to take 24 hours to
pre-mix a number of coins using the mixing mechanism?” Currently yes. There’s a mechanism on the core chain,
the core protocol called PrivateSend. And it takes a while to mix
because it is having to do in a completely decentralized way. And having
to do with multiple rounds as we call them. Through separate masternodes
because they know you are and so if you hop multiple they can’t follow the
history back. And we don’t want them exposed to the history of these
mix transactions. So yes, it’s typical but it’s not something that will last forever. The solution that we’ve come up with is to
add a secondary mixing layer on the Evolution side where you could actually
reach out to a masternode using the same type of functionality but you would actually
get the coins mixed in just a few seconds. The question is, “Are you working on
atomic swaps between blockchains?” And nope. We’re not. The question is, “Did I have a once upon a
time when we did The Daily Decrypt — my first tryout, of the Dash — I call it the treasury —
that ten percent you saw in the slide that is voted out to contractors, projects,
basically whomever else works for Dash. And so this last December, when
I was doing The Daily Decrypt, Pete and I thought maybe Dash would like to advertise
on our show. Because we took advertisers. And we can apply through their blockchain.
Like we can be, like we can apply to be like blockchain
employees for these two weeks or a week we we’re going to put them on our show.
And it did pass and it went really well. And actually never re-applied and was never… Do… Oh ok, I think I know what you mean.
Okay yes, so about a month and a half ago, I guess no, about two months ago after
we put in the proposal that DASH: Detailed, my show be funded from the Dash
block reward. One element of the proposal, one of like seven elements that
were in the pitch was that a mirror Youtube channel that existed, that that
will be deleted. Is that the one you mean? Ok. Ok yes. And everything in my proposal
ended up being popular and awesome and it got funded. Except this this one element
of like the person who is currently running this mirror channel that had a copy of all the
videos was like, “No I want to keep that up. “Like you’re totally not deleting that.”
And yeah and so actually like I communicated with Evan at the time because
like we came upon this thing that didn’t exist before. Like as I said before, like
blockchains don’t compel human action. Like the most that we can do is incentivize people to do things or not incentivizing to do things. And so at
Evan’s recommendation a separate vote was put up, like ‘Okay everyone let’s get
specific here: Should this other Youtube channel be deleted or not?’
And like it seems like so it seems like so silly when talking
about it now it’s like oh this is like a 90 million dollar market cap currency
and I’m like, “No we need to listen to me about Youtube! We’re going to vote on it.” But yes — but the the decision-making
engine, as I call the governance process, as Evan dubbed, it really came through.
Because like a cryptographically provable majority of stakeholders said,
“No Amanda, I don’t think that mirror Youtube channel should be deleted.” And so
there were no there were no debate, they weren’t like long-lasting, maybe there
were some tears but like they dry quick because it’s a quick voting process. So the question is, “How does InstantSend work in more technical detail. And how
does it prevent double sending?” The masternodes — they organize into
groups that we call sub-quorums. A sub-quorum is essentially a group of
maybe five to ten masternodes of 4,000. And they’re randomly elected using proof-of-work. A proof-of-work hash. So if you take all 4,000
of the masternodes, and you take a very specific block hash, and you seed a random
number generator, and then you organize that list according to that proof-of-work hash
you’ll get the same ordering on every node across the network.
And then the next thing it does is it takes the top 10 nodes and those are your quorum.
And so what happens is that you’ll send the message, it hits those 10 nodes, and
then they look at it and they say, “Did it make it in the memory pool?
Does it look okay?” And that type of, type of analysis. And then they rebroadcast
approval or rejection. It takes six of 10 of them to do what we call transaction
lock. Transaction lock just simply stops you from spending any input associated
with that transaction in any other transactional, any other transaction.
So you can either publish that one transaction that you agreed upon and
promised to do or nothing. Oh, so my… Currently as I said… So like the,
our in and off ramps using fiat are currently limited.
Perhaps there’s a site called Exmo. Well yes. So I’ve checked out Exmo.
It’s and they just take like non-traditional fiat deposits. You know maybe
like a bank wire, or like a NETELLER transfer, or a Skrill transfer, some things
like that. And then you can buy Dash directly that way should you choose
to transfer fiat that way. The way Exmo does. An almost even faster and easier way
— depending on where you live, depending on what you’re banking
situation is — is to buy Bitcoin first at this point. Like be it through Coinbase
if you don’t mind that process or like
I bet it’s hopping in Atlanta. Like there’s so many ways to get
Bitcoins on Also is like a nice,
relatively private way. And then an Like just
shape-shifting Bitcoin into Dash. It’s pretty simple and easy. Do you mind remembering that question
while I add one more bit to answer his? Absolutely. I just! Also a way to get Dash is to like if
it’s something that you’re really interested in is like apply to work for
the Dash blockchain. Also a possibility just so you know. I actually released a
video just today on how anybody can make a treasury proposal to Dash’s blockchain. So the other question was, “With Bitcoin and
SegWit, do we plan on bringing that in? “If we do, since it’s kind of controversial,
would we put it up for a masternode vote? “And would it be coming from
Bitcoin or Litecoin?” We are a Bitcoin-based currency. We actually
re-forked from them. We originally forked from Litecoin but they didn’t keep up the very well and we want
to keep really up-to-date with the changes in Bitcoin. And so we actually re-forked. And we keep
upstream. We keep merging with upstream. Like constantly. Every few months.
So it would actually be abnormal for us not to add SegWit. If the
network has any type of issue with it it’s absolutely going up for vote.
That’s really the only network – it’s really the only dispute-resolving
mechanism that we have. Otherwise it’s just one of us saying you know what,
what is going to go for the whole network. For a $100,000,000 network.
And that doesn’t really make that much sense. Currently we take ideas from all over
the network and try to implement them. There’s no like private equity type of
investment going on except from the blockchain directly, which private equity.
In the future we plan on, on kind of rolling out a larger system. Eventually
we won’t need all of the money the blockchain generates as revenue for
the network, or investment for the network. And instead of building products
we might actually start companies. We could actually start a company — theoretically according to the lawyers — own it through a foundation. And the masternodes
would actually own it on paper. And and then as it made money it could
distribute some of the earnings back to the masternode network. So this gives us
a kind of neat way of reinvesting. This idea that Evan is talking about
is also what is the plan to keep net– transaction fees as near
or at zero as possible. Because, so Dash has a maximum coin supply. It is
not infinitely inflationary and so at some point the inflation which is
currently incentivizing our network to run it that will be gone. And so we, kind
of run-of-the-mill story that you hear in other networks which are also not
infinitely inflationary, is that fees will will have to make up the void that
inflation leaves behind. And so as Evan and as other people in his team
have talked about recently it’s this creation of other revenue wealth
generating streams outside of that that will subsidize transaction fees to keep them down. The question is, “Why, do we know, do we know
why BitFinex stopped trading Dash a number of months ago?” I know I don’t.
We had some conversations with them and they said the volumes too low. It was
low for a really long time. They actually added us during the first peak. If you go
look at charts we went up to like $15 right after the launch. And you know,
we’ve been around now for three years. Right after that f$15 they added us because
they’re like, “Oh, new coin. It’s trading a lot.” The volume went to near nothing because
we just started working on the product and trying to get investors at that point. So the question is, “With Paypal in the early
days they were able to incentivize people to to join and gain mass adoption
by giving away $10, and do we plan on doing something similar to that with our model?” Not ‘do we plan it’ but ‘does the model support it?’ The model completely supports it. As at the network
begins to grow we’ll actually have extra money. One of the early plans wa’s to
incentivize merchants. Because really, with Paypal they were going after users
there, they weren’t really going after merchants because you could spend it on
eBay, right? So we have to first find a way to spend it, and so, why not you know,
for anybody that joins and is in the top 10 list of merchants for that that
month we give them like $500 or something. Like, who knows? But the model
surely supports that. Ah well, you’ve been around since the beginning.
I mean I know about everything that’s happened in the last year but…
The question is, “What is the largest or most interesting proposal that has passed?”
We’ve essentially funded everything that’s happened. So conventions, air fare
the swag that we have, the soda machine. The soda machines of great one.
We’ve taken a soda machine to multiple places. Florida and California.
And the soda machine supports instant transactions. And we actually built
that with a proposal as well. And so pretty good example. Thank you wife. Alright, that’s it. Thank you everybody. If anybody
wants as, as Evan mentioned there’s like free stickers and bags. And over there, also
there are some t-shirts for sale if you want any of that migrated on over.
And thank you so much for having us. Did you know that anyone who believes they can
provide value to the Dash network can be given funding from the treasury?
With roughly $1,000,000 worth of Dash per year to hire contractors with
and sponsor projects, Dash’s treasury offers a pretty good opportunity for
people who are interested in working directly for a blockchain.
The process to apply for funds is three part…

29 thoughts on “Crypto Investors Should Look Closer at Dash: The Atlanta Blockchain Hosts Evan & Amanda”

  1. i just downloaded a dash wallet from the website and transfered like 45 dash to there but my question is that it didn't give me anywhere to sign in with a password? what if i get a new computer how do i recover my dash? thanks

  2. Near the end repeating the question was sometimes forgotten, but with the answers they gave it didn't really seem to matter. So it's all good.

  3. I'm finally in. Like Amanda, I have been watching for a while now and just see so much that I like about this form of money. BTC>Shapeshift>Jaxx wallet. I love all three and can't wait to see where this money goes!

  4. Great presentation. Maybe at the next meetup a volunteer could go around with the microphone so that we could hear the actual questions vs having them repeated. Looking forward to the future of dash. Not having the ability to directly buy from fiat is something that hopefully gets resolved quickly. Personally I have been trading BTC for dash to diversify my holdings

  5. Wow! Dash's InstantSend technology — confirming confirmations in just 1.3 seconds — becomes ever-more-necessary as Bitcoin payment processors start to get double-spends on their merchants:

  6. Amanda, you should try to get on the Keiser Report. He's always interviewing someone from bitcoin, bitcache or some other crypto currency. You would do great.

  7. 12:20 Voting and democracy is a sign of a failed society. The majority will take away the rights of the minority.

  8. far away or tiny this looks like Matty . how often in a year or how many times does this happen in a five year stretch if at all hopefully never 2 times at the most right no more right

  9. This presentation was full of great info. However, Evan should've practiced more beforehand. He feels awkward, which in turn is making me feel awkward. The slides are easy enough to follow, but again Evan is missing the polished presentation skills of a salesman. If I feel uneasy while you're disseminating this information then I will most likely feel uneasy about the company as a whole. Evan, if you're not willing to work towards improving your presentation skills then you should consider hiring someone who is better able to, or let Amanda handle it. Dash is your baby, bro! Get excited about it! Get "me" excited about it! Make me want to chase you with my money lol! You got my attention, now knock it out the park bro!

    Amanda, you were a bit shaky also. I got a sense of nervousness, which is somewhat understandable considering you're generally talking at a camera and not to an audience, and you only get one take unlike youtube videos lol.
    All in all, I'm greatly appreciative of you guys for sharing this information as I was leaning towards investing in Monero for its privacy capabilities. Thanks to you guys I'm on the fence now that Dash is now on my radar lol. But, you guys take care. I hope the day finds you well 🙂

  10. Even though Evan is a genius, Amanda made all the difference here. You've got to be able to make people feel smart and welcomed. Evan is the last person to do that. This is exactly why DASH need to keep Amanda going.

  11. One thing that attracted myself to Dash is the class of individuals involved. The fact that I have not come across one video where the team is getting drunk is appealing to me. I might add that I am close in age to most of these individuals. Other chains show recordings of teams getting together slapping each other on the back, and slamming beer like it's a frat party. When conducting business I don't want to deal with a drunk across the table. Do what you want in your spare time. But keep business classy. Thumbs up to Dash!

  12. Property rights to vote? Yes, like founding of America you had to be land owner to vote.

    Hope it stays that way instead of everyone else the wealth-fare cases, and dumb people vote ruin your society (currency).
    America would be even richer and more advanced in every single thing, if we left it that way.

    Soon after we allowed everyone to vote, we got politicians implementing socialism and pandering to dumbest people. Same thing with fiat currency politicians end up overspending since no one is paying the debt except the current value of currency and future society.

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