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116 lines
4.8 KiB
HTML
116 lines
4.8 KiB
HTML
---
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layout: post
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title: Dash’s governance structure and budgetary system challenges current cryptocurrency
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system
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date: 2016-07-05 03:16:09.000000000 -04:00
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type: post
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published: true
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status: publish
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categories:
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- General
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tags:
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- algorithm
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- altcoin
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- anarcho
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- anonymity
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- api
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- applications
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- bank
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- bitcoin
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- bitcoin2.0
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- Blockchain
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- budget
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- code
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- coding
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- Cryptocurrency
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- Darkcoin
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- darksend
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- Dash
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- decentralised
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- democracy
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- Dgbb
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- DigitalCash
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- encryption
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- EvanDuffield
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- finances
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- FinTech
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- freedom
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- governance
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- guide
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- help
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- independantbanking
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- instanttransactions
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- libertarian
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- masternode
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- mining
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- mobile
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- network
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- payment
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- PaymentSystem
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- privacy
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- processor
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- programming
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- software
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- system
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- technology
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- trading
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- tutorial
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- unbank
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- whatisdash
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- x11
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- zeroconfirmations
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author:
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login: tungfa
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email: press@dashpay.io
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display_name: tungfa
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first_name: Philipp
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last_name: Engelhorn
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---
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<p><a href="https://www.dash.org/wp-content/uploads/2016/07/Screen-Shot-2016-07-05-at-6.09.21-pm-2.png"><img class="alignnone size-full wp-image-5306" src="/assets/Screen-Shot-2016-07-05-at-6.09.21-pm-2.png" alt="Screen Shot 2016-07-05 at 6.09.21 pm (2)" width="997" height="198" /></a></p>
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<div class="articleHead">
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<div class="title"><strong>Dash’s governance structure and budgetary system challenges current cryptocurrency system</strong></div>
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</div>
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<div class="articleView">
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<div class="articleText">
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<p dir="ltr">Contributing an entire block reward “blindly to mining” to secure transactions is an act of stupidity says Ryan Taylor, head of finance at Dash, an open source peer-to-peer cryptocurrency.</p>
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<p dir="ltr">His reference is a clear shot at the world’s leading cryptocurrency by market capitalization, Bitcoin (approximately US $10.5 billion), and its policy of directing all financial rewards by way of new coins to miners.</p>
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<p dir="ltr">Taylor’s position is of course one biased by his affiliation to Dash. However, the facts offered remain stalwart realities that Dash’s governance structure and budgetary system are an industry-leading example.</p>
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<p dir="ltr">“[Bitcoin is] facing centralization on a couple of different fronts,” says Taylor, “[but] the bigger issue is why on Earth is it optimal to devote 100 percent of the network’s resources to a single task out of many that are needed? It’s ridiculously wasteful.”</p>
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<p dir="ltr">It is no secret the Bitcoin Foundation — the organization founded in 2012 by then Bitcoin lead developer Gavin Andresen to “foster education, engage in advocacy, increase adoption and encourage development of bitcoin and blockchain technology worldwide” — fell on hard financial times last year.</p>
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<p dir="ltr">Taylor explained that Dash’s network, in contrast, “allocates only the amount we feel is needed toward transactional security and mining.”</p>
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<p dir="ltr">The “we” above is in reference to Dash’s decentralized governance structure where Masternode owners — Dash’s second tier of incentivized nodes — vote on proposals.</p>
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<p dir="ltr">“These can be needs that the community proposes and it can be needs that the core team proposes to the network,” says Taylor.</p>
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<p dir="ltr">Forty-five percent of overall funds are contributed to mining, 45 percent to infrastructure, and 10 percent is devoted to network needs.</p>
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<p dir="ltr">“Ultimately those funds have to be approved by the Masternode owners through voting and that 10 percent is allocated toward a variety of different needs.”</p>
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<p dir="ltr">There are powerful network effects at play with this, says Taylor.</p>
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<p dir="ltr">“Since that budget system has launched,” which was last August, “the price has gone up significantly, .............</p>
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<p dir="ltr">Full Story:</p>
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<p><a href="http://www.econotimes.com/Dashs-governance-structure-and-budgetary-system-challenges-current-cryptocurrency-system-231390">http://www.econotimes.com/Dashs-governance-structure-and-budgetary-system-challenges-current-cryptocurrency-system-231390</a></p>
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</div>
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</div>
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<p> </p>
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<p> </p>
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<p> </p>
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<p> </p>
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