DASH Evolution Announced as Social Payment Network

Evan Duffield, the creator and lead developer of the DASH cryptocurrency (current rating is No. 5 by capitalization), unveiled plans for the development of the next generation of DASH “Evolution” at the annual LaBitconf-2015 Latin American Bitcoin conference. The next stage of development of this cryptocurrency is implemented: Decentralized storage of personal information, Social functionality, Protected identity, Decentralized API (DAPI) and much more.

During the video interview at LaBitconf-2015, Evan Duffield talks about the plans for the development of DASH, aimed at creating a “Paypal-like” functionality for digital currency (cryptocurrency), which should provide significant benefits to ordinary users in terms of ease of use, etc. .

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Below are some key excerpts from this interview and general ideas.

Decentralized API

One of the main features of DASH “Evolution” is the creation of the world's first Decentralized API. According to Evan, this is primarily a “mobile interface, where you can interact with the decentralized DASH network in the same way as with conventional centralized APIs, but without centralization.”

This DAPI will be implemented on the basis of a network of thousands of Masternod DASH, each of which is protected by a security “pledge” of 1000 DASH. They have authority and support the performance of the second level of the decentralized network and services built on its basis. This essentially introduces additional protection by consensus “Proof-of-Stake” in addition to the proprietary X11 (Proof-of-Work) hashing algorithm developed by DASH. It also helps to protect against Sybil-attacks, as it requires from those who want to conduct a buy-back attack a significant amount of DASH.

Explaining the principles of ensuring the safety of DAPI operations, Evan said:
“When you make a request to the decentralized API - it is actually executed simultaneously on 7 Masternods, which are deterministically assigned based on the“ proof-of-work ”hash, so you will not be able to cheat the system in any way ... All participating network nodes receive the same request, sign it with their private keys and return the result. Thus, despite decentralization, protection against a fake is implemented. "

Pseudonymous identity

Another key feature claimed is related to DASH identities. We are talking about meta-data that can be specified by the users themselves, for example, their E-mail address. This, according to Evan, will allow ordinary users to quickly and easily exchange public keys (billing addresses) over a secure protocol between themselves without the need for direct interaction with their private encryption keys. Users will be able to exchange lists of their public keys in the background, which will make the execution of all transactions much easier and provide users with advanced privacy tools DASH - by default.

He explained that users can, for example, be found by their username or Email (if they want to be searchable on the network and open the relevant information), adding: “I think this will make using our payment network very easy for ordinary people who have no experience in using cryptocurrency. This is our main idea. ”

“All user meta-data will be stored decentralized, encrypted and distributed across the entire DASH network built on thousands of existing servers (Masternod), unlike cryptocurrencies such as Bitshares or NXT, which are forced to store metadata directly in the public blockchain. This feature will open up new opportunities. ”
Evan believes that such an approach to creating your own distributed infrastructure will allow DASH to use the main trend of Silicon Valley in recent years - “Social Markets”.

Decentralized Storage

Speaking of decentralized storage, it is worth noting that DASH is not the only team working in this area. Major players like Storj, Maidsafe and Scia have been working on implementing solutions in this area for many months or even many years. When asked whether DASH intends to enter the market for decentralized storage systems, Duffield answered:
“Rather not, the idea is to store in your network not some external information, but only the meta-data of the users of our network. And store encrypted and secure. ”

It should be noted that Dash, even without Evolution, already has a lot of technological innovations in its arsenal, and the implementation of new plans will take at least a year. In addition, Evan expects the appearance of "forks DASH", which will try to adopt the achievements of the Dash team.
Regarding the deadlines for the implementation of DASH Evolution, Duffield announced that the “proof of concept” will be completed in about a month (by presentation at the annual North American Bitcoin conference in Miami), and the software itself will appear in the working version within 12-18 months, adding “this is a large-scale project”.

Watch the full video interview for details on the issues covered in this article and other issues (including Evan's opinion: on debates around Bitcoin scalability, on privacy issues, on whether DASH functionality can be implemented on Bitcoin sidechains and more .d.)

[Translation of the article ]

Author: Juan S. Galt, head of DisrupTek.info, in a media partnership with NewsBTC.

PS Here - Basic technical documentation on DASH Evolution (open source) .