As teams behind Mycelium and Dash announced a partnership that will see the eighth most valued cryptocurrency available for sale and purchase on one of the highest rated software wallets, a top Dash official sees a new trend in the cryptocurrency market.
Dash VP of Business Development Daniel Diaz says via email:
“I think the industry is moving in a direction where the most popular wallets are going to offer more than one payment network to their users. Wallets will become Blockchain agnostic and let the users decide the network that suits their needs better for a specific application. We are thrilled to be working hand in hand with such a forward thinking company as Mycelium.”
Mycelium, one of the world’s first and top rated software wallets, will integrate with Dash which will come into effect in October to allow Mycelium users to buy, sell and hold Dash, whose unique characteristics include extremely low fees, advanced encryption, instant transactions, and optional payment privacy through pool mixing technology.
Dash is like digital cash managed by a self funded, self governed organization comprised of over 15,000 users who move half a million dollars across the network every 24 hours. It can be spent instantly online and at merchants and service providers worldwide with transactions verified by miners and its system protected by 4,000 master nodes across the world. Its in-built governance and funding system allows projects to be proposed and voted on by the community, and if approved, paid for directly from the Blockchain.
The partnership is a testimony to the Dash system’s ability to make agreements with traditional corporations and keep its commitments while being a DAO.
Mycelium’s vision of a crypto hub
Diaz says partnering with Mycelium, which has a vision of becoming a hub for crypto financial services, will increase the thousands of people using Dash as a stable alternative to Bitcoin and perfectly suited to the mobile user.
He adds:
“Dash has a series of added value properties that give it competitive advantage to other cryptocurrencies. It has a decentralized governance system, Blockchain funding, full node incentive, instant transactions and embedded privacy, but only users that can access the Dash network by acquiring coins can take advantage of these properties. So we have a strong focus in improving on-ramps and making it easier for users to get Dash. This partnership will help improve access to Dash by making it accessible to all users of the Mycelium wallets; our plan is to also include broker integration so that people can buy Dash directly inside the wallet.”
Second-largest Bitcoin-based network
As a true stable alternative to Bitcoin, he explains:
“Dash has cash-like properties that make it more suitable for day to day use, Point of Sale, tipping and several other applications. It offers instant transaction locking, an option of privacy for users that want it and also an option to be as transparent as Bitcoin for those that require it. It can also complement Bitcoin very well. Bitcoin has been transitioning into the role of a settlement layer that is providing value to the whole industry. The Dash Blockchain is currently 1.4 GB, it is on its first generation of ASIC miners and has 4303 active full nodes comprising our masternode network (https://bitinfocharts.com/). As a reference, Bitcoin has 5487 active full nodes (https://bitnodes.21.co/) and a 90 GB Blockchain (https://bitinfocharts.com). That means the Dash network is 78% the size of Bitcoin's and the Dash Blockchain is still small enough to carry a full copy of the ledger in a mobile device, making it a true stable alternative. Dash has the second largest network of any Bitcoin based currency by far.
Further, the Dash organization is hyperactive on the development side, and is experimenting in interesting areas like full node incentive, decentralized governance, Blockchain based funding, and instant transaction confirmations. We are also actively researching and working on more areas, as well as planning upcoming software integration projects and partnerships. We feel it is the responsibility of younger networks to make an effort to add value to the ecosystem; we are all standing on the shoulders of giants and have a responsibility to give back. For all these reasons, Dash is a stable alternative to Bitcoin and I would say the digital cash to Bitcoin's digital gold.”
He believes Dash’s open source collaboration backed by Blockchain funding is a strong competitive advantage that will make the currency an important player in the future.
Mycelium is currently having a wallet redesign to implement a more modular and simpler system to support even more open source technologies that would make them switch from their proprietary BitLib library to the much more popular BitcoinJ.
BitcoinJ is an open source Bitcoin client library built in Java, originally built by Mike Hearn. It can maintain a wallet, send/receive transactions without needing a local copy of Bitcoin Core and has many other advanced features. It is the most popular and best maintained library.