Does Dash Need Bitcoin To Succeed?
Bitcoin is really going through a tough time right now.
The upcoming attempt at SegWit implementation and the resulting uncertainty have a lot of people worked up. Everywhere you look there are predictions of doom, predictions of multiple (as many as 5) Bitcoin forks, and a crashing price have everyone wondering how we would move forward from the myriad of scenarios that could potentially come to pass during this time.
In the specific case of Dash, there was a long discussion today in Dash Nation Slack about how Dash would move forward from a worst case scenario, and a debate ensued about whether or not crypto could survive, and even thrive, if Bitcoin succumbs to its lack of decisive leadership and governance.
Make no mistake, the people of Dash Nation respect BTC. It has the distinction of being the first, and as such deserves this respect. Not one of the many cryptocurrencies on CoinMarketCap would be there if it were not for Bitcoin. It is a tech trailblazer, and not too many people have entered this space without going through it. Satoshi Nakamoto brought us this potentially world-changing technology, and for that we are thankful.
With all that said, does that mean that if anything ever happens to Bitcoin, the rest of the currencies would just wither up and die? If BTC breaks, do all the others pack up their things and go home?
The reason for Bitcoin’s potential failure makes a lot of difference here. If BTC failed because of government intervention, a fatal code flaw or a security breach that was shared by all of the other currencies, then that might be it for the whole thing until someone in the future designs crypto better. However in this case, a potential failure would be because of a lack of governance mechanism, and the various interests that could not reach a compromise. Dash does not have the same issues, as it has a built-in mechanism to decide on a path forward, avoiding stalemates and the resulting rising tensions and bad blood. This mechanism involves Dash’s masternodes. These are collateralized full nodes that vote on proposals, and can also be called upon to vote on potential paths forward.
Dash also has improved on many things that Bitcoin is still struggling with. Dash and its community realize that scaling will be massively important if crypto is to take on the likes of Visa, Mastercard, PayPal and fiat currency. As such, it has unveiled an aggressive roadmap to grow to reach these goals. Instead of trying to squeeze more transactions into less space, Dash is growing by actually growing: Bigger blocksizes, supported by beefier equipment.
How can Dash succeed at this, if Bitcoin fails? The key is in the incentives that are built-in to the Dash protocol. Bitcoin full nodes are run by volunteers who want to do well by the network. They will have to incur rising costs to follow the same path as Dash, so their Core Team has been trying to find ways to stay small. Dash doesn’t have to worry about that because its full nodes are paid to host the blockchain. As such, Dash’s masternode operators receive a share of the block reward, and can afford to pay for improved infrastructure to handle the demand. If they do not, they will not continue to get paid.
Dash also bests Bitcoin in transaction speed, privacy, and usability.
When you talk to people on the street about Bitcoin, there are still few people who have even heard of it. When you consider how much more solid a project Dash is than Bitcoin, it is not inconceivable to think that Dash would be just fine if Bitcoin can’t get over their issues and fork into 5 different chains.
This is not over yet for Dash. Not by a long shot. Stay positive, Dash Nation!