This Week in Dash: June 24th
This week continues to be another productive week for Dash with key integrations, developments, and general news. Continue reading to get a summary of the week.
Dash Integrations of the Week:
- Crypto Accounting Service Blox Adds Dash: Blox will now allow Dash users to track and manage cryptocurrency transactions and balances, including tax calculations. The service will help businesses overcome the time-consuming task of manually accounting Dash transaction via spreadsheets or other custom solutions. The integration follows Node40, another accounting and compliance service for Dash, that integrated with Alt36, NodeSwap, and SALT.
- SALT Expands Dash Lending With NODE40 Partnership After Becoming Second Most Popular Collateral Option: SALT, the popular cryptocurrency lending platform, is expanding on their previous Dash integration with a partnership with NODE40, the blockchain masternode hosting and monitoring provider. Since integrating Dash only a few months ago, it has quickly become the second most popular collateral lending option on the platform. A key feature is allowing borrowers to post a masternode as collateral while the user still operates the masternode, can vote, and can collect the rewards which is possible via Dash’s recent DIP 3 Deterministic Masternode Lists.
- Brave Browser Adds Dash as a Deposit and Withdrawal Option: Dash can now be used for transactions on Brave, privacy-enabled blockchain browser. Rather than collecting and monetizing user data, Brave rewards users based on the amount of time that they spend visiting websites. Brave pays users in Basic Attention Token (BAT), an Ethereum based coin, but users can then use Brave’s partner, Uphold to exchange into a select number of cryptocurrencies, of which Dash is one.
Dash Network Developments of the Week:
- Dash Investment Foundation Enables More Expansive Network Investments: Ryan Taylor, CEO of Dash Core Group, recently came on the Dash News Podcast and spent a lot of time discussing the Dash Investment Foundation (DIF) as the deadline for the six supervisor election approaches on July 2nd 23:59 UTC. Ryan highlighted that the supervisors the masternodes elect should reflect how they believe the DIF should invest since the supervisors will be in charge of ensuring that the DIF is carrying out the network’s wishes. Whichever strategy the DIF chooses to pursue, the foundation will enable the network to take equity in its investments rather than only giving grants as it currently does with the DAO Treasury.
- Dash Core CEO Details SEC Communication, Believes Dash Is Established As Not a Security: In the same Dash News Podcast, Ryan discussed Dash’s regulatory standing with an SEC no-action letter request saying that there is an “extraordinary strong legal argument for why Dash is not a security, and I think that that message has landed”. Ryan highlighted how the SEC has only issued a no-action letter once before and it was for a coupon for flights, but thanks to the face-to-face meetings and explanations him and his team had due the no-action letter application, Ryan believes that the SEC does not view Dash as a security.
- CrowdNode Enables Voting For Dash Investment Foundation Supervisors: The popular Dash masternode sharing service that counts over 500 members, 21 masternodes, and allows anyone with over 1 Dash to invest now enables users to proportionally vote in the Dash Investment Foundation Supervisors’ election. This adds to CrowdNode’s previous integration to allow users to proportionally vote on treasury proposals. The development helps makes Dash even more decentralized by allowing individuals that cannot financially afford the 1,000 Dash collateral for a masternode to influence the network’s development.
Dash Core Group Project Updates of the Week:
Here’s an update from Brian Foster, Front End Project Owner, of what’s going on at Dash Core Group this week:
- 🚀 Updates to support LLMQ InstantSend in insight-api
- 📎 Integrated username and contact features into the Android Dash Wallet
- 🎏 Migrated DashPay wallet to Porto devnet containing Platform improvements
General News of the Week:
- Zcash Founder’s Reward Approaches End Triggering Governance and Funding Problem: Since its creation in 2016, the privacy-focused coin has had its development funding based on the “Founder’s Reward” system that distributes 10% of the coin’s eventual supply to the founding development company, the Electric Coin Company, over the course of the coin’s first four years. As the 2020 deadline approaches, the development team is still searching for a long-term funding solution, in addition to scaling. Meanwhile, Dash is continuously able to fund projects, including Dash Core Group, the main development team, with 10% of each month’s block rewards. Using these funds, the Dash Core Group has been able to scale Dash as seen in the record-breaking 3 million transaction stress test over 24 hours.
- New Privacy Leaks by Ford, TD Bank, and Others Highlight Need for Decentralized Money: New data leaks of IP and private documents by Ford, TD Bank, and Desjardins highlight the need for more decentralized money. The leaks bring back memories of other data breaches that made sensitive and private consumer information public such as Venmo’s Public API leak. Cryptocurrency helps mitigate these risks by not associating private information with addresses, but centralized merchants and exchanges may still do so, which further emphasizes the need for more private cryptocurrency transactions like Dash’s PrivateSend and decentralized exchanges.
- Cryptocurrency Adoption Window Narrows as Federal Data Suggests More Banks Offering Services to Cannabis Companies: New data from FinCEN, within the U.S. Treasury Department, shows that banks offering services to cannabis-related companies had a significant uptick from 438 banks and 113 credit unions in Q4 2018 to 493 banks and 140 credit unions in March 2019. The data highlights how more banks and credit unions are opening up to offering services to cannabis companies despite the historical legal greyzone. Cryptocurrency has a unique value proposition to the cannabis industry as an alternative to cash-only payments and banks, but that adoption window is narrowing. Dash has been making progress with ALt36 and the VegaWall and CoValut partnership.
- Bitcoin Fees Rise to Discount-Cancelling Levels as Lightning Network Use Remains Low: The Lightning network, Bitcoin’s prime off-chain scaling solution, is still struggling to gain adoption and the main Bitcoin chain continues to have high fees. The fees have risen so much, that it is beginning to cancel out cryptocurrency discounts offered at various merchants. Meanwhile, Dash’s fees remain less than a penny and lock-in in under two seconds thanks to Automatic InstantSend.
Dash Media of the Week:
- Dash News Video Recap – Apple Watch Dash Wallet, Salamantex Update, Dash ChainLocks, 2gether Debit Card & More!: If you missed last week’s Dash news, make sure to catch up with Heidi’s latest video recap
- Isabel pays with Dash Digital Cash at Ferradini shoe store in Caracas, Venezuela: Dash News presenter, Isabel Barrios, visits Ferradini shoe store in Caracas, Venezuela to pay with Dash.
- Dash Podcast 110 feat. Lauren Murphy Co-Founder & President at Alt Thirty Six: This week, Lauren from Alt36 join the guys to talk about their endeavor to create a merchant solution for cannabis companies with Dash as a payment method. She discussed how they are currently licensed for Money Services Business in Arizona, Oregon, and California, with Nevada, Washington state, and then the east coast next. Lauren also went further into how Alt36 works to solve cannabis merchants’ business and regulatory needs. Make sure to tune in to hear about the innovative technology that Alt36 is developing.
Dash continues to power ahead with key integrations, network developments, and overall general news towards becoming digital cash for everyday purchases. Dash is approaching a historical milestone with the Dash Investment Foundation to further enhance its funding ecosystem and illustrates its ability to innovate. As Dash continues to evolve, more innovations will follow so make sure to follow Dash News on social media to get this breaking news first!