The introduction of Bitcoin the world caused a revolution in finance and economics. Bitcoin sets the value of government restriction of free money. Now, the value can be uniquely determined by the market. Instead of relying on third party centralized to all financial transactions, people could exchange value around the world and completely decentralized.
Bitcoin ushered in the era of truly digital money.
Eric Sammons of Saragossa group gives a profundada analysis of the unique nature of digital currencies, the creation of Darkcoin, its evolution in dash and the goals of its developers.
The importance of anonymity
With experience in software development and finance, Duffield was captivated by Bitcoin since its early days. He was particularly intrigued by the idea of
digital money: a technology that can replicate the characteristics of physical money, but without the drawbacks of conventional currency.
Duffield says:
"I started tinkering with Bitcoin in 2011, even at the beginning of its development. I decided I wanted to dive in "cryptocurrencies" and how all things the best way for me to learn something new is to sink or swim. "
As he studied Bitcoin more deeply, however, he found a weakness in its design: the lack of true anonymity. According to Sammons some may argue that anonymity is only essential for those who wish to engage in illegal activities. But this is not the case. Anonymity is necessary to pay for the reasons.
First, each transaction offers privacy, so no one can get the financial operations of others. Imagine giving public access to all credit card transactions. Such information, and only violate the privacy of individuals, they can be used to manipulate people in many ways.
Second, anonymity makes the currency "fungible," meaning that each unit of money is worth the same as any other drive. Why is this true? If people could track coins for transactions and specific people could send efforts to "tarnish" coins, for example, if they were previously involved in illegal activities, making them worth less than others.
Bitcoin and Anonymity
Unfortunately, Bitcoin does not provide anonymity, each transaction is transmitted in a public blockchain to one study. True, these transactions are not publicly linked to specific individuals, but rather judicial investigation, which can draw connections between transactions and individuals. Duffield first wanted to improve anonymity in Bitcoin itself, but he found that his suggestions were not accepted by the core developers of Bitcoin. Then, in the great tradition of open source, he copied the bitcoin "Fork" to create your own digital currency. He called it "Darkcoin" reflecting the anonymity of currency and was released on January 18, 2014.The reception starts was nothing short of remarkable. People quickly realized that Darkcoin solve a problem of real world digital currency, and the price reflects this achievement. Users flocked to the currency, and soon the market capitalizations was one of the highest of any digital currency.In its first year, Darkcoin overcame a number of technical obstacles, and became one of the leading digital currency in the market.
From Darkcoin for Dash
This is only the beginning of the story, however. From these humble beginnings something bigger was introduced to the world, perhaps even greater than Duffield realized.Duffield created a second layer and encouraged us (called "Maternodes"), more powerful than we Bitcoin, which would be the basis for a series of future resources, many of which were not even considered when Darkcoin was created.Sammons points out that those working in software development, you know how important is the initial basis of a project. Without an infra - robust structure, there are limitations on what can be accomplished according to the project matures.
Looking to the future
Since its inception, the Masternode Dash network, proved able to handle new features. In the past two years, the following features of the Dash were added:
InstantX: To solve the time delay problem in transactions,
Auto Budget: To solve the problem of lack of funding for development, Masternodes bockchain can direct funds to support the development.
Autonomy: To solve the problem of taking governance decisions about the future of the currency, Masternodes can vote for development.According to Sammons, this is just the beginning. The Mighty Dash Network Masternode allows resources in the protocol level as other digital currencies should push for centralized third party.
With Dash, almost any feature can be decentralized is included in the protocol level. For example, the next phase of Dash project called evolution "Evolution", will introduce a new level of ease of use.
The enthusiasm of Duffield for Dash is, as he says "[Dash Evolution]" is a next-generation platform for purely decentralized e-commerce. This system when deployed will allow low-risk reputation-based e-commerce and a completely decentralized arbitration system that can replace centralized deposit services "
Sammons concluded:
"From its origins as a clone of anonymous Bitcoint, Dash has evolved over the past two years in" digital money ". With its powerful infra - structure and system of "self - governance / self - budgeting," Dash is ready to dominate and become the future of money. "My stock is already being saved and you?
Enjoyed UpVote!