Overview of Dash in 2017
The value of Dash, one the ten largest cryptocurrencies in terms of market capitalization, has increased exponentially this year. It was trading at only around $11 in January 2017 and is now trading at over $1200. Dash, short for Digital Cash, is an open-source peer-to-peer cryptocurrency that you’re supposed to be able to use everywhere, according to its official website. For example, you can use it to make payments online.
According to its official website, Dash transactions can be completed in a matter of seconds which is considerably faster than bitcoin transactions, especially if you use the InstaSend option which makes use of Dash’s second layer network of master nodes. Transactions with Dash also cost much les and maintain a high level of anonymity by using sophisticated algorithms to encrypt IP addresses and transaction details when using PrivateSend, anothe feature brought forward by the masternode network found in Dash.
What is causing the Dash rally?
Regions of political, social, and economic turmoil such as Zimbabwe have caused its citizens to try to find a safe haven in cryptocurrencies. Dash has picked up on these signals and has now made the cryptocurrency accessible to the people of Zimbabwe. Supporters of the Dash cryptocurrency have collaborated with KuvaCash in order to tackle the problems associated with hyperinflation.
As Dash attempts to infiltrate the continent of Africa in order to bring about a new type of financial inclusion through blockchain technology, its presence is also being felt in the Asia Pacific region. The Bithumb exchange, South Korea’s largest crypto exchange, currently accounts for nearly 50% of the volume of global trades performed with Dash. Even as the majority of the central banks of the world’s leading economies express skepticism over legalization and regulation of cryptocurrency, the value of Dash has increased by 8000% this year. This astronomic increase can partly be attributed to the fairly large amount of trading in Dash in South Korea alone, a country known for its interest in cryptocurrencies like Bitcoin, Ethereum and others.
Perry Woodin, the CEO of Node40, a company that offers a blockchain accounting service and allows users to operate a Dash masternode, says that Bitcoin cannot effectively function as digital cash, or method of payment, due to its scalability problem. Therefore, investors are exploring other viable options which include Dash, among others. Also, according to Woodin, Dash has the potential to compete with credit cards when it comes to transaction processing times.
Dash has been on a tear, especially since the beginning of November, when its price was still below $300. Its value recently stormed past the $1500 before suffering a slight correction Another reason why Dash’s value might have surged could be because of its software and network updates. There upgrades will allow for larger block sizes. Currently, the block size is set to 2 MB, but 5 MB block sizes can be expected in the foreseeable future, a prospect that will allow even more transactions per second to be supported by Dash
Lastly, Dash’s increasing number of joint ventures like the one announced with Alt Thirty Six, have added to the legitimacy of the cryptocurrency and its team. The project with Alt36 will aim to develop a POS (Point of Sale) system that will incorporate Dash as one of the payment options for the legalized marijuana industry, one that is currently forced to deal exclusively with cash due to the federal laws imposed in the U.S.
Dash Could be Headed for Mainstream
As Bitcoin and other cryptocurrencies continue to move towards mainstream adoption, Dash could be joining them as well. Already, support for Dash has been added to popular crypto exchanges like Bitfinex, Bittrex, Kraken, and Binance. Dash has also entered the world of academia by teaming up with Arizona State University to perform research on blockchain scalability and efficient mining techniques.
The scope of possible uses for Dash is rapidly growing. Although bitcoin remains the uncontested leader among cryptocurrencies, particularly in terms of market capitalization, there’s no denying that Dash has made impressive gains and has also brought about some pretty exciting innovations on the tech side. Other altcoins, such as Ripple’s XRP and Litecoin, have also record-breaking gains. It’s possible that these cryptocurrencies could grow and evolve to create their own specialized niches.