The DASH team says that the cryptocurrency which has a whitepaper where it is proclaimed as a “privacy-centric cryptographic currency” should not be considered as a privacy coin, so let’s find out more in our Dash news.
Dash was once seen as a leading privacy-focused asset but it no longer operates under this classification according to the Dash Core Group or the Dash Team, the body that oversees the asset and its development. When asked if DASH will remain under the category of a privacy asset, the CMO of the Core Group Fernando Gutierrez said:
“No, Dash is a payments cryptocurrency, with a strong focus on usability, which includes speed, cost, ease of use, and user protection through optional privacy.”
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Dash was launched as a fork of Bitcoin back in 2014. It was originally called XCoin before changing the dame to Darkcoin, and then finally to Dash. The asset proclaimed to be a privacy-focused asset as the white paper said:
“Dash is the first privacy-centric cryptographic currency based on the work of Satoshi Nakamoto [Bitcoin’s pseudonymous creator].”
In addition to Dash, two of the market’s main anonymity-based assets Monero and Zcash also came to life in 2014 and 2016. What was evident in Gutierreze’s comment was that Dash is no longer focusing on privacy but the asset does have a feature that is called PrivateSend which gives users the option to greater anonymity as he explained:
“The technology that Dash utilizes in our PrivateSend function is CoinJoin, which is a technique for complicating transactions to the point that they’re more difficult for analytics firms to analyze those.”
The CoinJoin approach came in 2013 which let Bitcoin users mix their transactions into a group one to make tracking difficult. Dash later took this same approach and made it even easier by creating a built-in option for Dash senders as Gutierrez explained. In the recent days, the privacy assets faced major scrutiny from the governing bodies as it was seen by the IRS’ latest bounty worth $625,000 for cracking Monero when the Dash Core Group had no stance on the offer as Gutierrez stated:
“It doesn’t apply or threaten Dash in any way. Dash’s blockchain is public. There is nothing to break because Dash’s approach to privacy is probabilistic, not based on encryption.
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In that, it is not different from the Bitcoin blockchain.”
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