Dash x SatoshiClub AMA from 04 September

With the autumn arrival SatoshiClub community is moving forward for new records in AMArathons. Today we would like to tell you about the AMA session with our friends from Dash. The AMA took place on September 04 and our guests were Tosin Miracy, Director of the Digital Cash Awareness Drive and Nathaniel Luz, Lead for Dash Nigeria.

The total reward pool was 500$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Serg | Satoshi Club: We are please to announce that we will have an AMA about Dash! 🤩
Welcome to Satoshi Club.

Irina K. | @satoshi_club: Hi everyone and welcome to another episode of our AMA series

Our guests today are @Nathanielluz and @Tmiracy from DASH. Welcome guys and thanks for joining us

Nathaniel Luz: Hello guys, it’s good to be here

Tosin Miracy: Hi everyone, glad to be here

Irina K. | @satoshi_club: Thanks again for joining. To be begin with, please tell us a few words about yourselves and how did you get to be involved in DASH?

Tosin Miracy: Hello everyone, My name is Tosin Miracy, I handle Business Development at Dash Nigeria. I’m glad to be here today.

Nathaniel Luz: I’m Nathaniel Luz, Lead for Dash Nigeria (dashnigeria.com) I stumbled on digital currencies in 2016, and Dash in 2017, discovered its benefits over the traditional money system, and I’ve since been on a mission promoting the adoption and use of Digital Cash.It all began with the wonders of cross border remittances, the ability for someone far away in the US to scan a barcode on my phone through Skype and I received the payment.
This was an interesting development for me, having seen the amount of time and high transaction fees traditional money remittances systems cost as I explained above.
Nigeria has been among the countries topping the charts from Paxful to Remitano to Local bitcoins et al in terms of bitcoin volumes traded. Nigeria is one of the best destinations for the use and adoption of digital currencies and I believe any crypto targeting mainstream adoption should focus on Nigeria and Africa.

Serg | Satoshi Club: it’s a noble mission ))

Irina K. | @satoshi_club: What’s your perspective on the adoption of digital cash?

Tosin Miracy: Nigeria has been receptive to cryptocurrency and in the words of Ray Youseff, CEO Paxful, “While the rest of the world speculate on cryptocurrency, Africa is using it to solve real problems in ways none of us could imagine”. The uses case he is referring to are remittances and international payments. Africans are using crypto to beat restrictions and high charges of traditional remittance channels.
Dash is fast becoming the choice coins for remittances due to its Instantsend and almost zero fees for all transactions.

Serg | Satoshi Club: how is it going so far? Have your team grown?

Nathaniel Luz: Yes. We’ve grown very much and we get featured in Tier 1 media outlets like CT, Bitcoinnews frequently

Irina K. | @satoshi_club: Yeah, thanks for sharing. What about other countries from Africa? If you have information about that, how interested are people in this topic?

Nathaniel Luz: Very much interested. Especially in other countries like South Africa, Kenya and Ghana

Irina K. | @satoshi_club: That’s very cool

Serg | Satoshi Club: thanks for the introduction, we will have a question AMArathon with 20 questions selected for the Part 1. ready to start?

Tosin Miracy: Good to go!

Serg | Satoshi Club: btw, 15 questions were selected by our guests and 5 by us

Q1 from Telegram user @Dzikray

Why do you consider X11 one of the safest algorithms? What are the chances that the network will suffer a 51% attack?

Tosin Miracy: There are two requirements for double-spending to be able to happen on Dash. First, a malicious participant must gain control of at least 51% of the network hash rate (X11 algorithm). Second, it would also need to overcome the 60% majority of the masternode network that is required to create quorums and, subsequently, prevent ChainLocks from forming.
While bitcoin and other POW coins require a participant to control 51% of the mining hashrate to carry out an attack, Dash requires them to possess both 51% of the mining hash power and 60% of the masternodes which is about 3,000,000 Dash. This makes Dash the safest cryptocurrency network.
See https://cointelegraph.com/news/raising-the-security-bar-dash-claims-a-51-attack-is-not-enough for more information

Serg | Satoshi Club: it is like a 2 factor authentication 😀

Nathaniel Luz: Yeah. Better to be doubly prepared

Irina K. | @satoshi_club: Where there any attempts to hack the network like this?

Nathaniel Luz: There’s been no known attack on the Dash Network till date

Irina K. | @satoshi_club: Hopefully it will stay like this

Q2 from Telegram user @KathDM

What are the requirements to run a Masternode? What’s the minimum amount of Dash that we need to have?

Tosin Miracy: Each Masternode requires you to possess 1,000 Dash, host it in a server and keep it running, thereby providing services to the Dash network. For the services rendered, they get a reward of 5.7% annually. You can own a shared masternode for as low as 1 Dash on crowdnode.io.

Serg | Satoshi Club: the server has to be online 24/24? what if it switches off?

Nathaniel Luz: Yeah. You restart it. You get paid for when it’s online and providing its services to the network. With crowdnode.io, they maintain all that for you

Irina K. | @satoshi_club: Are there any commisions to be paid to crowdnode.io?

Nathaniel Luz: Yeah. A little commission for the service rendered

Q3 from Telegram user @Aguacate30

How does Dash ensure decentralization? Who makes the decisions regarding funding developments and community needs?

Tosin Miracy: Dash is the first coin to give its users a voting right to be able to participate in the governance of the network, making it very decentralised. Masternode owners vote to reach a consensus on funding the development and needs of the Dash network. Dash Core developers are paid directly from the Dash block rewards without any middleman. This is amazing as the development of the Dash network is not reliant on donations or individuals but on the Dash network itself.

Serg | Satoshi Club: that’s the true decentralization 🙂 thanks for the answer

Q4 from Telegram user @KathDM

Can you explain in your own words and in a simple way how the Dash’s voting system works?

Tosin Miracy: The Dash voting system is the governance mechanism that helps the Dash network reach a consensus on issues. This is a very important feature as it prevents Dash from breaking way due to forks. Most forks happen because there is no way for the network to reach a consensus like in bitcoin. Masternode owners also vote to allocate 10% of the block reward to proposals promoting the adoption of Dash globally. Each proposal requires a net positive of at least 10% of the total number of masternodes to pass.

Nathaniel Luz: There are about 5,000 masternodes in Dash at the moment so a proposal we need about 500 net yes votes to get funded

Serg | Satoshi Club: Great answer, usually we are discussing the questions in details, but since we have 20 questions to answer, we will go quicker through them, since we have 2 other parts in the AMA

Irina K. | @satoshi_club: So you can’t make a fork on Dash without it being voted upon?

Nathaniel Luz: You can but it will not be honoured by the masternodes, miners or users

Irina K. | @satoshi_club: Oh, I see. Thanks for the clarification

Nathaniel Luz: What’s the point of creating a fork if there’s no community behind it?

Serg | Satoshi Club: to make some profits. so, on a funny note we go to the next question

Q5 from Telegram user @stekbyte

What tasks do you plan to complete by the end of 2020?

Tosin Miracy: By the end of 2020, Dash Platform will be on testnet. This will mark the initial testing phase before the mainnet launch next year. Dash platform will allow developers to build Dapps, tokens, smart contracts et al on the Dash blockchain similar to Erc-20 on the Ethereum blockchain. Projects built on the Dash blockchain will inherit the foundational features of Dash such as Instantsend, almost zero fees, anti-51% attacks, etc. You can learn more about the Dash Platform at https://www.dash.org/developers/

Irina K. | @satoshi_club: Do you have any Dapps that are scheduled to be developed on Dash platform?

Nathaniel Luz: Interestingly some are already been developed on Evonet (a special testnet for it)

https://chat.dashdevs.org/

Tosin Miracy: Yes…This is going to be one of the biggest innovations from Dash.

Serg | Satoshi Club: I wish you good luck and keep the good work!

Q6 from Telegram user @raztrader

What are the benefits of DASH to Businesses?

Tosin Miracy: Dash allows businesses to accept payments and get settled instantly without fear of chargebacks and losing a good amount of their revenue to fees. The traditional financial card networks take days to settle a transaction, with the added risks of chargebacks and fraud which Dash eliminates. Dash also allows businesses to accept international payments in seconds. This is an amazing feat!

Q7 from Telegram user @Abib123

Why should we be worried about full transparency if we have nothing to hide?

Tosin Miracy: We have to respect people’s choices. If someone wants financial privacy, let them go for it, if someone doesn’t, fine also. People also want financial privacy for several legitimate reasons including; not wanting the merchant on my street to know my balance and all my financial history simply because I purchased a cup of coffee and paid with Dash. PrivateSend is very important because the blockchain is transparent and allows anyone to trace the history of a particular crypto wallet address.

Serg | Satoshi Club: Privacy is important not because we have smth to hide, but because it should be our option to decide. Great answer

Q8 from Telegram user @selvi33

In Nigeria here, I was surprised to see a shop accepting DASH as payment. How can my shop also get started and register?

Tosin Miracy: Great. Our adoption work in Nigeria has been growing greatly. You can accept payments in Dash directly with your Dash wallet, through Kurepay, Coinprofile or several other of our partners. Kindly join the Dash Nigeria telegram group at t.me/dashnigeriabiz and we will assist you. Welcome to Dash!

Serg | Satoshi Club: what other communities do you have? local ones

Nathaniel Luz: Venezuela, Thailand, Germany, Brazil, Nigeria and several others

Tosin Miracy: Ghana, Kenya, Haiti, South Africa among others.

Serg | Satoshi Club: A worldwide community, nice

Irina K. | @satoshi_club: Which one is the most active in your opinion?

Nathaniel Luz: They’re all active, Venezuela is a Dash hotspot though

Q9 from Telegram user @albert3990

I am Brazilian, trained journalist and I am an enthusiast of the cryptocurrency dash, because it is one of the most decentralized that exists. On October 29, 2019, I came across the following article from the cointelegraph portal about closed operations in many countrys – https://cointelegraph.com.br/news/dash-encerra-operaces-na-america-latina
Could you please clarify what really happened? I know that Latin America is one of the continents where the dash is strongest, especially Colombia.

Nathaniel Luz: Dash has been and is still very much active in LATAM. What happened then was that the proposal of one of the Dash teams did not pass that month and they decided to stop working for Dash. The beauty of Dash lies in its use of several grassroots teams to promote adoption. So one team stopping doesn’t hurt the adoption of Dash. Dashtext.io, dashmallparking.com and Dashhelpme.io are examples of some active Dash adoption teams in LATAM.

Irina K. | @satoshi_club: Are there many active teams in that region?

Tosin Miracy: Yes there are

Q10 from Telegram user @MrDungxTran

what are the future plans for Dash? Do we have any exciting things down the pipeline that we can share?

Nathaniel Luz: Dash has been working on an amazing project initially codenamed ‘Dash Evolution’. It is a layer 2 of the Dash network where other developers can leverage on Dash and build their own projects. By the end of 2020, Dash Platform will be on testnet. This will mark the initial testing phase before the mainnet launch next year. Dash platform will allow developers to build Dapps, tokens, smart contracts et al on the Dash blockchain similar to Erc-20 on the Ethereum blockchain. Projects built on the Dash blockchain will inherit the foundational features of Dash such as Instantsend, almost zero fees, anti-51% attacks, etc. You can learn more about the Dash Platform at https://www.dash.org/developers/

Irina K. | @satoshi_club: When do you plan to launch the mainet?

Nathaniel Luz: Please join the Dash Nigeria telegram group at t.me/DashNigeriaBiz pending when the main Dash group can accept new members

Tosin Miracy: Plans are on going for next year

Serg | Satoshi Club: 2021 should be a good one for Dash

Q11 from Telegram user @Jonahapagu

Can you explain the significant improvements of Dash network over Bitcoin

Nathaniel Luz: InstantSend allows Dash transactions to be settled in 1 second while bitcoin takes hours or even days for a transaction to clear depending on the fees and mempool situation. A Dash transaction costs just $0.0002 as opposed to bitcoin that costs a good amount of dollars. Dash has optional privacy via PrivateSend while bitcoin doesn’t. These features make Dash more suitable for payments and remittances over bitcoin. Most importantly, Dash is 51% attack proof while bitcoin isn’t.

Serg | Satoshi Club: the transaction cost is fixed or can fluctuate?

Tosin Miracy: It varies but usually around $0.0002

Q12 from Telegram user @Jhonathanch

What have been the advances of DASH in LATAM and why has Latin America been one of the target markets for DASH? For example, in Venezuela the adoption of DASH grows more every day, does the same happen in other neighboring countries? What are the expectations? Thank you!

Q13 from Telegram username @alpulusoy

Masternodes, what role do they play in the Dash network?

Tosin Miracy: Masternodes are powerful servers backed by collateral held in Dash, and are designed to provide advanced services and governance on the blockchain. Dash has been associated with the concept of masternodes ever since the invention of this novel concept soon after the project started in 2014.
Masternodes host full copies of the blockchain and provide a unique second layer of services to the network, facilitating advanced functions such as InstantSend, PrivateSend and usernames on the blockchain.
Masternodes must be backed by collateral denominated in Dash, and in return their operators receive regular payment for the services they provide to the network. As highly committed custodians of the project, masternode operators are given the opportunity to vote each month on up to 10% of the block reward to fund community projects supporting the Dash ecosystem.

Q14 from Telegram username @minseo2

Dash community is one of the oldest BTC forks, how easy it for a new community member to run a masternode ? What are the requirements?

Q15 from Telegram username @malachi456

I always love to refer to DASH as the mother of Masternodes, how do you feel about this seeing other projects copied your unique technology

Nathaniel Luz: Masternodes, DAO, Chainlocks, Treasury, etc are some of the inventions of Dash that have been copied and used by other projects today. What this simply tells is that Dash has been the most innovative coin since 2014 and deserves more recognition than what is currently accorded. See Zcoin copy of Dash Chainlocks https://dashnews.org/zcoin-to-copy-dashs-chainlocks-51-attack-proofing/

Serg | Satoshi Club: If you are copied it means that you are good 🙂

Q16 from Telegram username @KathDM

What’s DASH role in hyperinflation countries? How has the adoption been in those countries?

Nathaniel Luz: Venezuela, a country in LATAM has been suffering from massive devaluation and inflation of their currency, the bolivars. Dash has proven to be a better alternative for them for receiving remittances, and paying for goods and services in everyday life.
Nigeria has seen its currency, the naira, being devalued by 30% this year while some Nigerian banks have restricted $ payments to $20 monthly for their users. Situations like this make people flock to crypto so they can be able to carry out remittances and international transactions without limits.
https://news.bitcoin.com/high-network-fees-make-btc-less-appealing-for-remittances/

Serg | Satoshi Club: 20$ monthly?????? hey must be kidding

Tosin Miracy: Yes, that’s what we are facing currently.

Serg | Satoshi Club: I am sorry to hear that. Crypto is the solution

Tosin Miracy: Yes, we’re looking forward to more adoption.

Q17 from Telegram username @Aguacate30

Dash Evolution being a payment platform for consumers and merchants to create an account on the blockchain and use an interface to carry out transactions with the Dash network. Do you think this could be conducive to mass adoption? What expectations do you have with Dash Evolution?

Nathaniel Luz: Imagine being able to send Dash to a username or any of your contacts instead of long alphanumeric digits. That is one of the features of the Dash Platform codenamed Dash Evolution. It aims to bring crypto usage to the mass of non-tech users. It will be the most innovative solution to the UX problem of crypto at its launch. Once we get this UX problem solved with the Dash Platform, be sure of mass adoption!

Q18 from Telegram username @albert3990

I have been studying cryptocurrencies for many years and one of the concepts that motivates me is innovation. Today, the tron network (trc20), red bep2 (binance) and the erc20 network (ethereum) already manage to carry out swaps and innovative solutions. Recently monero is studying the swap from xmr to btc. In this sense, what does the dash have to offer us again in terms of technology?

Tosin Miracy: Dash has been working on an amazing project initially codenamed ‘Dash Evolution’. It is a layer 2 of the Dash network where other developers can leverage on Dash and build their own projects. By the end of 2020, Dash Platform will be on testnet. This will mark the initial testing phase before the mainnet launch next year. Dash platform will allow developers to build Dapps, tokens, smart contracts et al on the Dash blockchain similar to Erc-20 on the Ethereum blockchain. Projects built on the Dash blockchain will inherit the foundational features of Dash such as Instantsend, almost zero fees, anti-51% attacks, etc. You can learn more about the Dash Platform at https://www.dash.org/developers/

Q19 from Telegram username @Eraybukucu

I know Dash is famous for its Decentralized Autonomous Organization (DAO) governance model, can you tell us about the voting mechanism that supports Dash Treasury and Dash Core Group and funds projects from the community?

Q20 from Telegram Username @Duylinh20

What are the ways DASH is generating profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both investors and your project ?

Tosin Miracy: The revenue model of Dash is the most certain and decentralised as it stems directly from the block reward. 10% of the block reward goes to financing activities that advance Dash adoption globally. Dash holders who run a masternode or shared masternode earn a 5.7% reward annually for the services they render to the Dash network.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @RoZerius

Adoption is one of the key factors that any blockchain project will focus on to become attractive to investors and users.
So, what is DASH plan to apply for more adoption?

Nathaniel Luz: We embarked on a crypto educational campaign since 2017 and here are some of our finest and easy content to help new users.
1. Learn with Dash (videos): https://www.youtube.com/playlist?list=PL3vgzw56aHfa15tOVJrK4fV4DZxpOpCLD
2. https://dashnigeria.com/academy
3. I published Digital is the Cash book available for free download at bit.ly/freedashbook to help spread the adoption of Dash

Q2 from Telegram user @Olonade02

In Nigeria, I’m sure you’re aware of the recent clampdown on crypto transactions, especially by the local banks and CBN. How is this a threat to the adoption of DASH in Nigeria?

Tosin Miracy: This is false. There’s no clampdown on crypto transactions in Nigeria. The CBN and SEC are working on the regulatory framework for cryptocurrency in Nigeria and we are in touch regarding it. Also we delivered copies of ‘digital is the cash ‘ book to the SEC and other regulators to help them understand cryptocurrency more.You can download the book here Bit.ly/freedashbook

Q3 from Telegram user @Jonahapagu

Does Dash currently have any programmes or incentives for its Community that we can be a part of in driving mass Adoption?

Nathaniel Luz: There are bounties available for developers who build on Dash Platform testnet/ evonet. https://chat.dashdevs.org/
Please joim them there and earn some Dash by building on Dash Platform testnet

Q4 from Telegram user @kun4321

What are the major milestones $Dash achieved so far & what are in future pipeline?

Nathaniel Luz: Dash major milestones thus far include:
InstantSend
PrivateSend
Chailocks
Almost zero fees
LLMQs
X11 mining algorithm
Treasury
DAO
Masternodes
And several others.
Soon, we will have Dash Platform which we enable building tokens and Dapps on Dash, sending Dash to a username and several others

Q5 from Telegram user @Kutinhu

Crypto projects were closed in many countries due to improper regulation and licenses. How does your project solve these problems?

Nathaniel Luz: Dash is a community driven project with no central figure who calls the shots. Can any government sanction bitcoin? So also they can’t do that to Dash. However, they can go after exchanges and crypto companies if they think they are breaking the law.

Q6 from Telegram user @Alika061

I really like the newly redesigned of Dash Wallet sir but my question is how secured and safe is the wallet compared to other wallet apps? And what is the security mechanism of dash to ensure user assets do not become the target of hackers?

Tosin Miracy: Dash wallet is very secured one, you can only access your wallet with your password and pin.
Also, there is a recovery phrase that backs up your wallet incase you lost it. With your recovery phrase, your wallet can be recovered. Except your wallet password or recovery phrase is known to a third party, no one can access it
The wallet has password and recovery phrase which makes it secured.
Also, it is advisable to keep a large chunk of your money in a hardware wallet for better security.

Q7 from Telegram user @Infinite_crypto

What is the main reason behind the formation of Dash Cryptocurrency ? Why you think that coin Like Dash should be there in Market ?

Nathaniel Luz: Because Dash invested Masternodes, PrivateSend, InstantSend, DAO, Treasury, ChainLocks etc. Dash is one of the most innovative coins out there. I bet you can’t wait for Dash Platform to be launched!

Q8 from Telegram user @Lucassoba

Staking and DeFi are very popular in cryptospace…
are there any idea to implement DeFi and staking program in #Dash Ecosystem???

Nathaniel Luz: Dash is the first inventor of DeFi and staking if I may say. Sonce 2014, Masternodes have been rewarded for using their 1,000 Dash collateral to provide services like InstantSend to the Dash network

Q9 from Telegram user @ngoccam

In recent last news, I see that the growing of Dash at Latin American increases significantly in mass adoption and commercial payments, so could you please share me the strategy for this market in future and where it’s a secret for this growth?

Tosin Miracy: Our goal at Dash have been to be the choice crypto for everyday payments and remittances. The development of Dash is done with that in view and that has been helping Dashnget widely adopted as Dash has almost zero fees and a transaction time of 1 second.
Also, the various Dash adoption teams all over the world work to spread Dash tirelessly

Q10 from Telegram user @Castro_Tib

As I know DASH support cheaper fees when paying instead of using banks, Paypal, Alipay, …. But how do users feel safer and more confident when using DASH instead of banks, PayPal, Alipay?

Nathaniel Luz: Dash is boarderless and doesn’t require KYC to use as opposed to Paypal and the likes.
You can also use Dash privatesend for your transactions to enable privacy.
Also, Dash transactions are instant and has almost $0 transactions fee

Serg | Satoshi Club: this was the last one 🙂 thank you very much for your time and answers!

It was an intense AMArathon

Nathaniel Luz: Thanks @sspurss @iri_kravchuk @ciupidos for hosting us here today. The session was amazing and the questions were well researched.

Tosin Miracy: Thank you everyone for having us, a big shout out to the organizers, it was intense!!!

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Dash. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

Dash Community: https://t.me/dash_chat

Dash x SatoshiClub AMA from 04 September

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Part 2 — live questions from the Telegram community

Part 3 – Quiz Results

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