Tris Vuong 07/10/2019
From Sept. 30, Upbit will end transaction support for dash (DASH), zcash (ZEC), monero (XMR), haven (XHV), bittube (TUBE), and PIVX (PIVX).
From Oct. 10, Okex Korea will no longer support trading in Monero (XMR), dash, zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC).
The delist privacy coin wave has raised concerns that privacy coins are facing a threat from regulators. We wonder if the very nature of “privacy” will leave privacy out of the cryptocurrency market.
To answer this question, let’s meet Sascha Jochum and Felix Mago, co-founders of Dash Thailand and Dash NEXT in the interview with tiendientu.org.
Question: Recently, some exchanges decided to delist privacy coins include Dash. What are the impacts on Dash?
The exchanges that have mentioned the possibility of delisting Dash, including OKEx and Upbit in Korea, do so because they don’t know enough about Dash. They are worried about the FATF guidance issued last June, but we are reaching out to all of them to explain in detail how Dash is fully compliant with it.
Most of the confusion comes from the fact that Dash’s first feature was option enhanced privacy and the coin was first called Darkcoin. However, that optional enhanced privacy doesn’t differ from what can be done in Bitcoin with certain wallets or tools. In fact, there are plenty of companies that provide compliance services that cover the Dash blockchain in the same way they do with Bitcoin’s. Dash transactions are all completely transparent and auditable, identical to Bitcoin (upon which Dash is based), including the amounts and addresses party to each transaction.
Dash should receive the same regulatory treatment as Bitcoin, and not be included in the same group than other coins that provide privacy by shielding the information.
We have published a detailed document that explains all this here.
It is worth mentioning that eToro, which is a very big and highly regulated exchange, delisted Dash in the past because they had the same concerns, but then listed it again as soon as they realized that Dash is not different to Bitcoin regulation wise. Also, Coinbase, which is extremely compliant with regulation around the world, just listed Dash last week because their analysis didn’t find any compliance problem with the project.
Question: Could you please share with our readers the state of Dash adoption. And what are you doing to expand it?
The Dash teams around the world have achieved a lot in recent years. In fact, users already have a broad range of things they can do with Dash beyond trading. We are listed on most exchanges around the world and we have a huge network with thousands of acceptances, either single merchants or via partners, such as hotel booking platforms, sim cards, gift cards.
To give some examples: on Hoteliermart.com you can book over 700k hotels worldwide and soon over 600 airlines with Dash. On mobiletopup.com you can charge your sim card in over 145 countries, on cryptorefills.com you can buy gift cards for many popular shops such as Amazon, Steam or Spotify – all with Dash of course.
Question: Which market or region that Dash is focusing on? Why do you choose them?
Dash aims to be a global solution. Therefore, all markets are interesting for us. But, to make crypto payments happen, you have to think global and act locally.
For example, in Venezuela, hyperinflation is a huge problem to which Dash can provide a working solution. Thailand, in contrast, has only very little inflation but has a huge tourism industry where many businesses compete to attract international customers, cut costs or increase the efficiency of international bank transfers. Our team from Dash Thailand and Dash NEXT are the Dash teams on the ground in Asia. We see huge potential all over Asia as non-cash payments are growing massively and users are very tech-savvy.
Question: Recently, we have witnessed the rising of some payment projects based on blockchain with the new technology and strong marketing activities. In your point of view, which are your competitors and how you can compete with them?
Looking at the state of crypto payments around the world I still see a very young industry and a blue ocean of business opportunities. Just look at the number of industries and businesses accepting crypto payments at this point. It’s rather small. At the same time, it is a very competitive market. There are many players in the payment market with well-established operations and business models. They are all competing for users and operate on small margins.
Rather than going against all the other solutions, we are positioning ourselves as a better solution that solves problems and offers a great value proposition such as low fees and fast payments without any central control.
Especially at this stage in the market, I personally believe that cooperation is the right way to go by creating win-win situations for all partners we are working with. For example, I am OK with an exchange earning money to convert Dash to whatever a user needs or a bank that charges for issuing crypto debit cards to allow our users to spend Dash easily.
Question: What type of partnerships that Dash is looking for and what are the benefits you can get from these partners?
Payments are everywhere. So, as mentioned above, partners on all verticals are interesting – exchanges, banks, POS systems, travel platforms, online retail. We want users to spend Dash and places that accept Dash. Of course, this is how Dash profits from partnerships but – even more important – this is how our partners profit from working with us. We not only have a great solution but also a big and highly evolved community on many channels. This is exactly the win-win I was talking about – we get more exposure through those partnerships and help our partners to do better business and get more customers.
Question: What do you think about the state of blockchain in Asia? Do you have a special plan in Asia?
Our main team in Asia is based in Bangkok and is running two projects, Dash Thailand and Dash NEXT for Asia & Beyond. Dash Thailand’s focus is on creating a sustainable merchant ecosystem in Thailand. Dash NEXT takes a rather top-down approach to enable Dash payments in all countries around Asia; and to connect partners on all verticals of the payment industry, such as tourism or booking platforms, exchanges, wallets, POS systems, acquirers, card issuers, payment providers, etc.
We are traveling a lot around Asia to grow the Dash community and find great partners on all these verticals. Moreover, we already have established a great personal network all over Asia.
Question: What is your plan for the rest of 2019 and for the next year?
As mentioned before, Dash is highly decentralized and different teams have different goals and approaches. We are working hard to get out “Evolution”, a major upgrade of our core solution that will enable a whole set of new features.
In terms of adoption, we keep expanding on our partnership strategy, we will expand our listings to even more exchanges. In terms of industries, I would say gaming, tourism, cooperation with payment services are highly important but we are not limiting ourselves to any of those.
Dash is one of the well-established cryptocurrencies, currently in the top 20 on CoinMarketCap with a market cap of almost 790 million USD and high trading volume. Dash – digital cash wants to do what its name says: it can be used as digital cash, enabling borderless crypto payments, easy-to-use with almost no-fees.
Dash is also the longest-running DAO – a decentral autonomous organization and they are a Masternode project.
DAO is a very new form of organization, that transfers core business processes on the code level. Take the funding structure in Dash as an example: new coins generated are distributed in a unique way. 45% goes to miners, 45% to masternode and 10% to the Dash treasury. Everybody can become a Masternode by staking 1000 Dash. By doing that you can earn interest of around 7% per year and you have the right to vote on the 10% available budget from which all operations and people are paid within Dash.