What does money as a service mean? Instead of just a currency that buys you items that equal its value, a currency that provides a service is priceless, limitless, and enduring. For Dash, this service is provided through a DAO (Decentralized Autonomous Organization) that has opened their network to offer a funding service to its current and potential coin holders around the world.
What is a Decentralized Governance System?
The problem with any crypto currency aiming to thrive is how to maintain its value to the community without a centralized authority and reliance on fundraising. The solution is a network run by a proposal system that is maintained through a completely democratic voting process and a treasury created directly from the blockchain.
How does the proposal system work?
In most blockchains, there is a reward system in place for mining new coins. Miners get the coins that they solve and thus become part of the coin’s network of coin holders. For Dash, the payout for mining is split between miners (45%), masternodes (45%), and a Dash treasury (10%). The miners create more coins, the masternodes (full nodes who hold a certain value of the coin in their wallet) monitor the blockchain, and the treasury collect a depository for future projects.
Anyone can submit a proposal with a cost of 5 Dash to Dash Central for possible funding from the treasury. Masternodes vote ‘yes’ or ‘no’ on the project’s potential. If it gets 10% of the vote to proceed, funding is dispersed based on a payment schedule.
This non-profit system offers a new way to fundraise that is actually not reliant on fundraising at all, rather it uses a business model that includes public social initiatives. By doing it this way, Dash not only provides coins to worthy causes, it also gives developing areas access to Dash while increasing its value at the same time.
Since September 2015, Dash Digital Cash has funded 245 projects and raised over $25 million, making the Dash price in the past few years become a large contender to Bitcoin, Ethereum, and Litecoin as well as a serious alternative to fiat money.
One of its major funded projects includes last year’s Venezuelan conferences that was fully paid for by Dash. The conferences gave vital information to a country who’s fiat currency, Bolivar, is so overinflated that cryptocurrency could be a life-saver for the economy by providing instant, low fee transactions. They even partnered with payment systems like Uphold Inc. and Payza to ensure Dash is a viable source of easy payment in South America.
This June, another project will fund an initiative in India to provide an alternative option for money transfers, which currently costs Indians over $65 billion annually in fees from entities including banks and third-party services like Western Union, Zoom, and MoneyGram. India being one of the largest populations in the world is an untapped market for cryptocurrency. Bringing awareness to residents of India would be a huge stride for Dash and the crypto world.
Other projects include Dash promotions in Africa and Argentina, book, YouTube, and documentary sponsorships and even renewed funding to keep Ben Swann’s Reality Check news TV show running. You can view current and funded projects here.
Why does Dash promotion improve social conditions?
All this Dash promotion may seem like a tactic to raise the Dash price, but it actually has a real effect on the global social condition. Any supporter of cryptocurrency knows that it is not all about money but innovation and change, and Dash is no exception. By increasing its presence and raising the value of Dash, it is also promoting the benefits of cryptocurrency. As more people become conscience of altcoins and how they can be a practical form of payment, the attempt to make cryptocurrency universally accepted becomes a reality. It eliminates economic barriers in areas where cryptocurrency has been chastised or even blocked by governments. Getting knowledge and actual altcoin wallets into the hands of the people will break open these barriers to replace negative opinions and fears of the unknown with a reliable currency of the future.