Dash: a cryptocurrency for payments, not for privacy

Dash should no longer be viewed as one of the privacy-focused cryptocurrencies. Its best definition is as a means of payment, said in a comment to Cointelegraph by Fernando Gutierrez, marketing director at Dash Core Group.

“Dash is a cryptocurrency for payments. Its strengths lie in speed, cost, ease of use, and user protection through additional privacy,” said Gutierrez.

He noted that Dash users can anonymously send cryptocurrency using the PrivateSend option.

“For privacy, Dash uses the PrivateSend mixing mechanism. It is based on the CoinJoin protocol, the Bitcoin transaction-anonymizing technology,” explained Gutierrez.

He emphasised that the Dash team has merely modernised the CoinJoin technology, which was introduced by Bitcoin developers in 2013.

At the same time, Gutierrez is convinced that authorities’ interest in tracing transactions on the Monero network (XRM), another privacy-focused cryptocurrency, does not put Dash at risk.

“For Dash, whose blockchain is public, there is no threat. It does not need to be hacked, because the privacy approach is probabilistic, not based on encryption. In this, it is no different from Bitcoin,” added Gutierrez.

Chainalysis began tracing Dash and Zcash transactions in June 2020.

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What is the Dash cryptocurrency and how does it work?