AMA Recap: CRYPTO MINERS X DASH

Dash is a next generation, p2p payments network and cryptocurrency where transactions are recorded on the blockchain: a decentralized, distributed, public ledger. It provides users with a digital currency that is secure, portable, and fungible. Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralized in nature. Dash seeks to improve upon Bitcoin by providing stronger privacy and faster transactions. Dash Platform is a technology stack for building decentralized applications on the Dash network. The two main architectural components, Drive and DAPI, turn the Dash P2P network into a cloud that developers can integrate with their applications. Dash is marketed to both individual users and institutions, including merchants, financial services, traders and those who need to send international remittances. In October 2020, Dash Core Group reported that its strategic objectives moving forward include building its ecosystem and brand, ensuring that users are satisfied and further advancing the technology behind the network. Dash’s governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralized way. This has allowed the creation of many funded organizations, including Dash Core Group. In addition, the Dash Foundation, which advocates for the adoption of the cryptocurrency, receives donations and offers paid individual and institutional memberships.

We hosted an AMA session with Dash on 7th September.

Mr. Ramsy was the host from Crypto Miners and Mr. Ernesto, Head of marketing and business development was the guest. He shared with us the features and benefits of Dash.
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Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to Our #Special AMA session With DASH

Hello there 👋

Ernesto C E:
Hello everyone

Welcome here Mate

First of all Can you introduce yourself to us Ernesto?

Ernesto C E:
Hi, thanks for having me here! My name is Ernesto Contreras, and I am the head of marketing and Business development for Dash Core group!
I am a venezuelan engineer with 18 years of work experience and have been working in Crypto full time since 2016! I was initially the marketing manager for the largest crypto exchange in LatAm, and have been working with Dash core group since 2018!
Initially I was working with the LatAm partnerships, and since 2020, I’ve been leading global efforts!

Ramsy | Crypto Miners:
Glad to have you today Mate

Now let’s start our First part of the AMA session — Project Introduction if you’re ready!!

Ernesto C E:
let’s do this!

Ramsy | Crypto Miners:
1.Give us a concise and brief introduction about Dash.
How it is playing its role in Crypto world?

Ernesto C E:
Dash is a payments-focused cryptocurrency that allows millions of individuals across the globe to carry out instant and secure transactions, with near-zero fees. It is accepted at almost 200,000 merchants globally, accessible via 3,300+ ATMs and 100+ exchanges worldwide.

Dash, as a word, is the acronym for Digital Money.

As a cryptocurrency, it is an ideal option to make payments instantly and with minimal fees, and a global, very deep reach.

And as actors in the crypto ecosystem, we are an OG project that works hand in hand with communities worldwide to bring solutions, learning, usability, and technology to connoisseurs and new users.

We’ve been here since 2014, we invented the concept of the DAO, pioneered on being a payments cryptocurrency, and have worked globally to make crypto available to the masses!

This is Dash!

Ramsy | Crypto Miners:
Thanks ernesto for this great start about Dash 🔥

Now let’s see our second question from this segment

2. What are the features of Dash that makes it superior and special as compared to its competitors?

Ernesto C E:
Several characteristics enhance and position us as a cryptocurrency and as a project.

Dash has pioneered groundbreaking features including a two-tier network of incentivized nodes and decentralized project governance, instantly settled payments, and a fully secure blockchain.

This provides Dash with multiple advantages, among them a DAO (Decentralized Autonomous Structure), its network of Master Nodes and Treasury that allow it self-sustainable and give life to projects and work teams in different regions of the world to address education and adoption without neglecting the development and technological improvements.

In addition to this, Dash has InstantSend, a service that allows sending funds instantly; PrivateSend protects the anonymity of transactions and also makes this crypto resistant to most of the attacks on its blockchain thanks to its Chainlocks, and the best thing is that any user can enjoy all these advantages without the need to be an expert.

It is important also to highlight

Dash has always kept an important focus on stability, and Security, so we are proud to say we have been running smoothly since 2014, and we are always thinking about providing solutions to the needs of the crypto world that is constantly growing.

Ramsy | Crypto Miners:
Now Tell us about the Dash Direct and Dash wallet apps and their features.
Also tell us about DashPay wallet.

Ernesto C E:
Dash Direct allows you to easily shop with DASH at over 150,000 online retailers and merchants, apparel, electronics, groceries, and entertainment; you can instantly purchase and redeem gift cards for Best Buy, DoorDash, GameStop, The Home Depot, InstaCart, Old Navy, Subway, Uber, among many others,

In the words of its users:

“I love this app. Being able to spend DASH on everyday purchases is a great benefit to the community and gives me a reason to have a cryptocurrency.”. Source: https://apps.apple.com/us/app/dashdirect/id1557176204

Ramsy | Crypto Miners:
Is the app available on Android?

Ernesto C E:
Yes, the app is available on Android and iOS

The Dash wallet for mobile devices is a versatile tool that allows users to send and receive Dash anywhere in the world, with fees less than a penny on the dollar.

Additionally, you can use the browse function to find stores and ATMs near you and thus use your Dash. You can also stake with CrowdNode and earn profits by storing Dash, and the best part is that only you are the owner of your funds, so you are free to use them without intermediaries or restrictions.

Ramsy | Crypto Miners:
Sounds great 👌

So What are the security measures for Dash Blockchain and Dash payment system?
Also describe about the mining of Dash.

Ernesto C E:
Like many blockchains, transactions on the Dash network are secured using a cryptographic method known as Proof of Work (PoW) mining. In this process, powerful computer processors search for solutions to a mathematically difficult problem defined by the X11 hashing algorithm.

This algorithm, developed by Dash founder Evan Duffield and based on eleven of the most secure cryptographic techniques known at the time, was intended to reduce power consumption and ensure the fairest possible distribution of Dash during the early years of the network. Unlike Bitcoin, which relies on a single algorithm, X11 is also designed to provide protection against any future weaknesses discovered in one or more of the hash functions. Today, mining is a highly professionalized industry driven by powerful ASIC server farms around the globe working to secure the Dash network.

Dash transactions have an additional security element such as ChainLocks and LLMQ, Long Living Masternode Quorums (LLMQ). The idea of ChainLocks is that there is a verifiable vote on the approval of the blocks that are added and propagated to the rest of the nodes.

Dash mining works like other POW currencies, but unlike other currencies, the rewards are distributed among the Master Nodes, the miners, and the treasury. Initially, the distribution was 45% for the miners, 45% for the MasterNodes, and the remaining 10% goes to the treasury that funds the projects. Still, that distribution is changed to 55% for the MasterNodes and 35% for the miners, and 10% for the treasury.

Ramsy | Crypto Miners:
Now share about the coin $DASH, what are its usecases and utilities in Dash ecosystem?

Ernesto C E:
of course!

As I’ve mentioned in the first question, Dash is a payments-focused cryptocurrency that allows anyone across the globe to transact in a secure way, with near-zero fees. It is accepted at almost 200,000 merchants globally, and you can trade Dash in over 200 exchanges worldwide.

In LatAm, we have had actual use cases such as payment of bonuses to employees of allied businesses, integration of billing software companies, integration with unified payment gateways for payments in cryptocurrencies, alliances with national and international franchises, accomplishments of events with massive use of Dash as a payment method, among others.

In the US you can utilize Dash in over 160,000 locations thanks to our Dash direct app.

Dash is the most widely accepted payment cryptocurrency out there. By far!

Ramsy | Crypto Miners:
What at Dash achieved so far and what important updates and developments we’ll get in coming months in Dash ecosystem?

Ernesto C E:
Dash has big plans for the future thanks to the Dash Platform, ranging from usernames in its wallet to the possibility of developing decentralized applications, which opens up an infinite world of possibilities.

Dash is one of the more well known and well established coins in the cryptocurrency space. It has a long and vibrant history and has gone through a lot of changes, keeping its dynamic nature. This is what makes Dash one of the more trusted coins to invest in and use to live on crypto!!

Ramsy | Crypto Miners:
Thanks Ernesto for this well detailed introduction about Dash:)

And that’s the wrap up of our the first part of the AMA session ✅

Let’s now proceed to our Twitter Questions section

i hope you’re ready for that!!

Ernesto C E:
Thanks guys! Yes, lets do this!

Ramsy | Crypto Miners:
Cool 🚀🚀

Segment 2️⃣: Twitter Questions

1)On the topic of payments, in the crypto ecosystem this is generally centered with custodial companies & wallets or implemented at Layer2 (payments at Layer 1 are not feasible). How to make scalable payments globally? Can Dashpay provide capacity like some traditional companies?

Ernesto C E:
Dash has a capacity of over 2MM TXs per day… so it is possible to pay directly as a L1. WE keep working on this! The really challenge is price stability as people are still not used to pricing in crypto, and education!

Ramsy | Crypto Miners:
2)I read that you currently have a DashPay Alpha Program. How can I apply for this program?
What are the criteria to apply and can we give feedback and get rewarded for our feedback?

Ernesto C E:
this is the testing option for our evolution platform! You can sign up to our newsletter and get all updates, and test it!

https://www.dash.org/individuals/

Ramsy | Crypto Miners:
3: There is traditional Proof of Work (PoW) rewards for mining Dash. Dash is becoming a true payment system but using the traditional algorithm while there are many latest technologies. Why Dash is not using that like NPoS, DPoS?

Ernesto C E:
Like many blockchains, transactions on the Dash network are secured using a cryptographic method known as Proof of Work (PoW) mining. In this process, powerful computer processors search for solutions to a mathematically difficult problem defined by the X11 hashing algorithm.

But in addition to this anyone can stake Dash and get rewards through a masternode. You need 1000 Dash to set up a masternode, but you can join shared solutions such as https://crowdnode.io/ where you can pool with other individuals to get to the 1000 Dash and Become part of a Dash Masternode, because CrowdNode unites smaller investors to achieve rewards from Masternodes!

Dash mining works like other POW currencies, but unlike other currencies, the rewards are distributed among the Master Nodes, the miners, and the treasury. Initially, the distribution was 45% for the miners, 45% for the MasterNodes, and the remaining 10% goes to the treasury that funds the projects. Still, that distribution is changed to 55% for the MasterNodes and 35% for the miners, and 10% for the treasury.

So in reality Dash has both PoW and PoS

Ramsy | Crypto Miners:
4)I found the Crownode feature poll in Dash. Does Crowdnode roll out New fractional masternode Staking Feature on mobile app? What are the other perpetual functionalities of CrowdNode in Dash? Why is this exert as the best Stewardship of Dash?

Ernesto C E:
Yes, you can access the fractional asternode function on the Dash mobilewallet! It is very easy and accesible!

This makes it easy for users to stake on a mobile wallet, and start earning Dash!

There are other firms as well… such as Zaimirai https://twitter.com/zaimirai
Zaimirai offers a turnkey masternode hosting service focused on quick setup and easy management. Earn masternode rewards without actively managing your server.

So there are options to gain rewards on Dash and make passive crypto income!

Ramsy | Crypto Miners:
That’s cool 👌

Let’s hear our last question from Twitter

5)Could you elaborate more on the Dash X11 Algorithm?
I read that it uses 11 different hash functions, please tell us more.
How has the algorithm help to make our cryptos safer?

Ernesto C E:
The simplest and most general hardware available for mining is the general purpose CPU present in every computer. A CPU is designed to be versatile but offers less efficiency than a GPU, which is designed to rapidly calculate millions of vectors in parallel. While specific CPU instruction enhancements related to cryptography such as AES or AVX can provide a decent boost, GPUs offer a significant performance increase due to their multiple pipelines capable of processing the predictably repetitive calculations associated with cryptocurrency mining. Finally, ASICs are relatively inflexible and can only process the specific function(s) for which they were designed, but at an even faster rate than the more general purpose GPUs and CPUs. A number of X11 ASICs are now available on the market, which have quickly made CPU and GPU mining uneconomic due to the increased difficulty of hashing arising from the rapidly increasing hash rate. The result is a currency which is more secure against brute force attacks on the Dash blockchain.

you can read more information in https://www.dash.org/mining/

*This segment ends here*

Ramsy | Crypto Miners:
That’s the wind up of our last segment because of time limitation🙂

Thankyou so much Ernesto For your valuable answers and information about Dash

Ernesto C E:
Thank you all for having me here

Ramsy | Crypto Miners:
Time To Conclude Our AMA Section
Thank you for being here 😊

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