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RE: ASIC Resistance is a MYTH : DASH is Conquered
This is an excellent analysis.
You know, the crypto world is in a catch-22. We need BTC to continue to do well in the short term because it's the entry point for investing in alts. But in the long run, the BTC tech is outdated, sluggish, and exceptionally prone to centralization (as you demonstrated).
What do you think are some ways we could move away from PoW and the current BTC hegemonic model? We can't possibly sustain hard fork after hard fork and think everything is OK.
Thanks. I totally agree on BTC tech being outdated. It only has the #1 position it does because it was first to market and has maturity on its side, but there are lots of other cryptos out there with better tech right now.
I think the first thing we need is more trading pairs on the exchanges, which goes hand in hand with having more arbitration bots to support liquidity for those pairs. The only way the role of "gateway to crypto" is going to be pried away from BTC is if you can trade alt coins with something other than BTC.
I personally like Delegated Proof of Stake but I think it could also be better. Masternodes are also a good idea but they need a low barrier to entry or its just going to be for the wealthy only. I like the idea of rewarding everyone who runs a reliable node to support a network. PIVX has an interesting "See Saw" algorithm which has potential too and balances reward between PoS and Masternodes.
It's probably worth a whole post on the subject of toppling BTC hegemony. Maybe one for next week :)
I'm partial to DPOS, too. Also, agree on getting more trading pairs on exchanges. Not sure how to influence this, though. I would definitely be interested in helping with the topic of of toppling BTC hegemony.
Its tough for the average user to influence these things as it normally comes down to a supply/demand argument for exchanges. Though maybe with the disruption of these Bitcoin forks coming up that will push demand along a bit.
For guys like us it's probably just about pushing awareness of the issues and making sure the best solution is in the forefront of peoples minds when the wind changes and something needs to be done.
Definitely agree. Thanks again for this great post on ASIC resistance. More like this!
Dash is doing significantly well at getting fiat trading pairs. Dash is already big(10th in volume and 6th in market cap) and has excellent community and tech behind it. Dash is the best contender against BTC. I'm also a massive fan of NEM and PIVX. Most exchanges does have Fiat-ETH trading pairs. NEO may get lots of interest from China eventually.
It's the mainstream attention and financial newsletters that's pumping BTC. After SegWit2X we could end up seeing some massive falls. Privacy coins are picking up attention. I do believe zk-SNARK to be the best tech. But the way Dash handle privacy is also elegant and has not been broken.
https://www.dashforcenews.com/blocksci-paper-highlights-blockchain-traceability-issues-potential-future-risks-dash/
https://www.dashforcenews.com/the-unique-hidden-benefit-of-dashs-privacy/
So it's between Dash and PIVX. There is no point in using any other coin with zerocoin when you have PIVX. Dash gives us the more elegant solution by emulating cash instead of encrypting. I think both methods are excellent.
steemit is a really good place to spread awareness. I'm sure lots of people got to know lots of great products/projects through steemit. If we can get more people into steemit it'll be easier to spread the word about scalable, private coins with great utility and other amazing works like SONM, MaidSafe, BAT, WTC, EOS, Komodo etc.
I was very bullish on DASH a few months back but have cooled off a bit after discovering STEEM and DPoS. I was attracted to the InstantSend feature and the Masternode idea which is clever. Still a bit of question over scalability and transaction throughput in the long run though which is why I like DPoS.
I might be wrong but from what I remember there was no DPoS when Dash started. With masternodes they created the closest thing to it. What they did was revolutionary. Many have copied it since. Scaling maybe a problem with PoW but at least Dash is set for 400MB blocks. With X11 ASICS around the mining process will have to change. But every other aspects is way ahead of the competition.
I think DPoS could be further improved with an importance model. Think the reputation in steemit. If we can incorporate a system that measure activity/contribution/importance to the network, things will be even better.
I also think having an extra layer of PoW or some other brute force type security can be helpful. There is no such thing as too much security. I love the delayedPoW in Komodo. If you need to break KMD, you need to break BTC first.
We could even see coins that exist mainly to provide a PoW layer of security to other coins. Instead of Dash masternodes using just X11 they could incorporate multi-algorithm multi-layered PoW security into their PoS masternode network. As BTC fade away we could even see projects using delayed X11 PoW increasing the value of Dash.
Let's see what would happen.
It all sounds good. I agree DPoS > DASH > BTC
The crypto tech is evolving quickly and it's great to see. I think DASH has every chance of being a market leader and with proper governance and funding for development with a decent market cap they are miles ahead of most.
That's why Dash is my #1 Currency blockchain. My #2 is NEM because of all the partnerships, Scaling, Smart contracts and use cases. The mobile wallet is also really great. PIVX is #3 for obvious reasons. As an investments I prefer PIVX as it has more room to grow. PIVX is way too undervalued.