We were invited by Dash to cover their Inaugural Conference in London. They offered to pay for our team’s flights, hotels, etc. from the U.S. to London but we turned it down and covered the travel expenses ourselves because we wanted to be able to say whatever we want in our videos and not be obligated to have to say positive things or be biased towards Dash because we accepted monies from them.
David Fong: We’re just here on the break with the Dash conference, there’re about 650 attendees I’m hearing and this morning we talked about 3 things.
The first one was just their approach, so one of the key things they said was “The crypto that your grandma can use”, and all the things that it would take to get there.
Leon Fu: Like David just say, “The crypto grandma can use”. What does that imply? It means that many things have to happen before grandma would actually use something. It has to be easy, it has to be trustworthy.
David Fong: So the developer ecosystem actually had to be pretty well developed so that merchants could actually have implemented in. All those features, so that grandma could go and spend some money.
Leon Fu: It has to be a platform, that segue into becoming a platform because obviously, 1 organization can’t do everything needed so that grandma can use it. You have to make a platform so third parties could come and build their own additions.
David Fong: I think they shared just some of the first few pieces, a network that people they’re working with, they’re trying to advance that.
So I actually found what’s interesting, I thought about this in January when I first heard about, I’ve heard about Dash since very early on, but back then I always thought Dash came from Darkcoin, which is a privacy coin.
So until I went to Miami, I thought Dash was just the privacy coin and not a very good one. One of the privacy coins just goes get Monero. So one of the things is Dash is not really about privacy, although they do have Insassen which I just found out today that it’s been disabled. Insassen doesn’t even port at that time.
David Fong: Just a recap to everyone, so Insassen is just one of these things that makes Crypto that your grandma can use, so you shouldn’t have to go wait for something and wait for several confirmations, 10 minutes, 15 minutes. That’s just not feasible in the real world so we got a feature that they have.
Leon Fu: Which has some vulnerabilities, which is why they have to disable it? So there’s a lot of work to be done but 1 reason I am bullish on Dash is that I’ve spoken a lot about governance, and the organizational structure that I’ve seen here is far beyond most crypto projects, most crypto projects either have no governance.
It’s just a bunch of people who are doing whatever they think they should be doing, but there’s no structure to it. If there is governance it’s generally what I call the benevolent dictator model.
There’s a figurehead who may not officially have a power source but he has influence at the very least, I would call that “Vitalik Buterin of Ethereum” or “Charlie Lee of Litecoin”. Or I would even say it’s ”Charles Hoskinson of the Ethereum Classic”. They may not be technically in charge of quote-unquote, but they have influence.
Now there are people here obviously, Dash people wanting to have more influence. But what’s very obvious after listening, they spent a lot of time trying to put in the governance structures in place so that when they go, they get hit by a bus or they quit or they decide to, Dash is gone, it’s at $350 right now. Any one of them can decide they have Dash and just go to an island somewhere and disappear.
You certainly have the money to do that. But they’re trying to make sure that the governance structures are in place so that when they go, the organization remains, it’s able to survive.
That’s what will determine the longevity of these Cryptocurrencies is its community and its ability to replace people as they come and go.
David Fong: That’s an interesting point so, talk about governance, a component of that was how do people get paid? And they describe their model where 10% of every block goes toward a foundation.
Leon Fu: A foundation which then goes to a fund that then anyone can submit proposals which then the master node votes yes or no, and if that proposal passes then it’s funded and it’s funded by the network itself, it’s funded out of the mining rewards of the network.
So that’s something that I think a lot of other Crypto projects are copying, but as far as I know the first time I heard somebody come up with this model was Dash, and I think that our models came out in 2014, and Zcash is doing the same thing with this foundation and 10% of it. So there’re a lot of good ideas coming out of this project.
David Fong: They clearly spent a lot of time thinking about longevity, these are all really good things that we’ve seen so far.
Leon Fu: All right well let’s get going.