- Dash is not a privacy-focused coin, it’s a crypto payment asset.
- Government authorities assess privacy-focused crypto assets, but Dash will not be affected, says CMO.
- Dash will still utilize its PrivateSend feature for anonymous transactions.
As per the updates by Fernando Gutierrez, the Chief Marketing Officer (CMO) at Dash Core Group, Dash is not a privacy-focused coin. However, its whitepaper declares Dash to be a “Privacy-Centric Crypto-Currency”.
The cryptocurrency is focusing on usability, simplicity, and safety with optional privacy through its high-speed feature InstantSend, making it a payment crypto asset.
In addition, Dash will no longer mainly focus on privacy; though the asset still allows its users to utilize its PrivateSend feature. Through this feature, users can choose to hide their identities during transactions, maintaining their anonymity.
Guiterrez pointed out that:
The technology that Dash utilizes in our PrivateSend function is CoinJoin, which is a technique for complicating transactions to the point that they’re more difficult for analytics firms to analyze those.
The statement from Gutierrez has created controversies among DASH users as they seem to contradict what is in the whitepaper. The introduction of Dash whitepaper states that it is the first privacy-centric cryptographic currency; particularly inspired by Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
Founded in 2014 by Evan Duffield as XCoin, DASH aims to provide an open and public ledger using blockchain technology, with significant improvements that Bitcoin blockchain is unable to provide.
Of late, government authorities have taken the role to scrutinize crypto assets that are privacy-focused. Recently, the United States Internal Revenue Service (IRS) announced a bounty of up to $625,000 to anyone who can crack Monero’s protocol.
However, Gutierrez noted that:
The move by IRS doesn’t apply or threaten Dash in any way. Dash’s blockchain is public. There is nothing to break because Dash’s approach to privacy is probabilistic, not based on encryption. In that, it is not different from the Bitcoin blockchain.
As per Coingecko, DASH is ranked 33rd among all cryptos by market capitalization, at the time of writing. Its price is changing hands at $65, with a 24h trading volume of $258,970,180.