The word “transparency” is synonymous with Dash.
Andreas Antonopoulos, a renowned British bitcoin advocate, tech entrepreneur, cryptocurrency educator as well as an Arthur made his verdict known on his official twitter handle that Dash shouldn’t be weighed as a privacy coin.
“Dash isn’t a privacy coin. It’s about as private as Bitcoin only has far less liquidity and use, so its anonymity set is worse. It just has privacy mythology that isn’t based on facts. [As far as l know].”
What is Dash?
Dash’s old logo can still be seen around the interwebs.
Dash is an open source decentralized autonomous cryptocurrency that is used for instant transactions. Dash was launched in January 2014, by Evan Duffield.
The Dash Governance system is controlled by subset of users which are called “Masternode Owners”.
This exposition made by Andreas Antonopoulos emphasized that Dash’s framework is the same as bitcoin when it comes to privacy and transparency. Dash, just like any other cryptocurrency has its own privacy rather than anonymity, hence may be traced in the right circumstances with the right resources unlike Monero(XMR), Zcash(ZEC), etc.
Bitcoin mixers employ Coinjoin (a trustless method which involves combination of input from multi-party bitcoin transactions into a single transaction where all parties go in and get out with the same amount of bitcoin, mixing all the wallet address in the transaction making it difficult to trace its origin) to accomplish its privacy nature. DASH makes use of PRIVATESEND to achieve its own privacy but not anonymity.
DASH uses Privatesend which is an improved version of Coinjoin. Privatesend, rather than anonymity, achieves privacy unlike bitcoin which provides inadequate user privacy protection.
With bitcoin, user’s identity is concealed by public addresses which sometimes leaves no traces. However if a public address is managed to be linked to its owner, it is possible to tack inflow and outflow of funds in that bitcoin address.
DASH on the other hand, ensures its user safety by using Privatesend which uses a domination and chaining approach to protect its users. Crime related transactions can be traced by specialist firms like Cointracking and services such as Chainalysis.
These services are employed only by law enforcement agencies and financial institutions when suspicions arises, therefore transactions made with Dash using Privatesend can be tracked, if proper protocols are not followed. Hence Dash offers privacy not anonymity.
Antonopoulous’s recent tweet on Dash privacy correlates with Ryan Taylor’s presentation.
Ryan Taylor, CEO of Dash Core Group, while making a recent presentation on his YouTube channel titled “Ensuring Regulatory Fairness and Treatment Towards Dash.” , laid out an executive overview on Dash which included:
Main uses – payments and micropayments, gaming, cryptocurrency trading.
Privacy features – Privatesend and chainalysis (in comparison with bitcoin) making it clear that the label “privacy coin” is a misnomer for dash.
Regulatory compliance – Transparent, auditable blockchain and its seldom use in Black markets as compared to Bitcoin and Dogecoin as stated by RAND corporation.
In summary, Dash is a widely used cryptocurrency, used for payments in many platforms. It is known widely due to its ability to offer an adequate privacy to its users. For we all know our heart lies where our assets are safe.
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