On August 24, 2016 Evan Duffield, founder and lead developer of Dash and Amanda B Johnson, host of DASH: Detailed spoke in Atlanta at the invitation of The Blockchain Atlanta So, welcome everybody

Thank you so much for coming out! My name is Amanda B Johnson I am the host and the writer of a Youtube series, a weekly Youtube series called DASH: Detailed — you may have found a card on your seat when you came in That's my business card I'm here with my partner Pete he does our video production

And I am here to give you an introduction to Dash And I think the best way to do that is to tell you why I work for Dash So I became introduced to cryptocurrency, I would say early 2013 At the time, I was wicked interested in money Like the thing that — I didn't mean for that to be funny at all

The thing like that we all use, not only every day, but potentially several times a day, but maybe not always know where it comes from Certainly not talked about very often: Where money comes from Who makes it What goes into it all And so I was interested in money and I would I was reading up, I guess on economics I don't — my background is not in computers, not in coding

went to theater school And when I first heard of cryptocurrency — Bitcoin — I was I was like a PR blogger as my day job

And I was introduced to Bitcoin in particular by a guy named Jeffrey Tucker I don't know if you've heard of him He works at the Foundation for Economic Education (He spoke here) Oh he spoke here! Ok so yes, a man who spoke here named Jeffrey Tucker was the person who introduced me to Bitcoin He actually sent me some via Skype

He was like, "Install this app It's called blockchaininfo, you'll find it in the app store "Once you have installed it, hold that code up onto the Skype screen and I'll send you magic internet money Yeah and so that was my first interaction with all of that

And I found it intimidating actually He sent me a quarter of the Bitcoin which at the time was about enough for a t-shirt and he encouraged me to buy a t-shirt with it if I could And I didn't touch that app for, I would say, probably six months because it was so foreign to me I didn't know what was going on I didn't know how Bitcoin worked

I didn't know if like maybe I pushed the wrong button maybe I would break the Bitcoin and it would all have been for naught I didn't know And and it was the not knowing and also the this guy Jeffrey Tucker put a lot of faith in me because a few months later he was like, "I'm going to make a presentation in Las Vegas about Bitcoin and I'd like you to be a co-panelist" And so I was like, 'What is Bitcoin?' And so I watched through the Khan Academy series and then that guy, I forget his first name but last name is D'Angelo He like makes these marker board series on YouTube and so I just studied, studied, studied and lo and behold, my interest not in computers, but in money, and where it comes from, and how it causes people to behave depending on its properties, was ignited

And so from there I went on to actually begin of writing at Bitcoin Magazine and then Coin Telegraph and then Bitcoincom and Bitcoinst And I am so interested in currency competition because the whole point of competition is to see what's best To see what pulls forward in the race and this whole digital currency thing is like allowing us to view and even participate Like us lowlies

Before who weren't able to participate and currency competition are now able to And that just floors me and what's more is that it's all open It's all open source so you know, you know how much currency units are being created in Blockchain A versus how many in Blockchain B and you can see the results when you compare the two It's very interesting So I went on to start with my partner Pete a YouTube series called The Daily Decrypt And we talked about all sorts of digital currencies on that show

It ran for about seven months And it was in reporting all of these findings everyday that I began to be like: That Dash wow! They are just like doing things right And they're just doing like right thing after right thing after right thing And after a while just like almost every day, like planning our episode, I was like, 'I just want to talk about Dash today I wonder if there's a way that i could work for Dash only?' And so long story short here I am doing just that and I want to share with you why I made that choice

What it is that is really very unique about Dash So, you hear a lot about blockchain apps like smart contracts and embedding the university degrees on blockchains to stop degree fraud and and embedding property titles in Africa on the blockchain and oh, medical records on the blockchain You hear about all sorts of things and people get real excited about these sorts of apps, and whether or not they ever come to pass remains to be seen If they do they will not only want to, but they will have to, exist on the world's most, or one of the world's most, resilient blockchains Secure blockchains

Immutable blockchains Reliable blockchains And so then that just leaves the question like, 'How does a blockchain become secure? What makes it resilient?' And coming from my interest in money and economics I have asked myself this question And in the medium to certainly the long-term I believe that the blockchain which will be the go-to will be the one who's payout, whose block reward, is already seen as money Not one that is a not-money that then has to be converted into money to pay the rent or the mortgage or pay for the groceries

But rather the one in which the block reward, the base unit, is already money And so the competition is on! Because that is a status that has not yet been reached by any blockchain The units of account on it — no blockchain are yet widely regarded anywhere and everywhere as money That is an app that has yet to be achieved before any of the other ones could possibly come into play And I like Dash because Dash is aiming to be a digital cash

The first digital cash really as a as a quick comparison to Bitcoin in case you're not familiar with it — Dash has a Bitcoin codebase Our primary differentiators in terms of functionality are two functions One is called PrivateSend, one is called Instantsend Privatesend allows those who would like to, to join in a peer-to-peer level coin mixing so that coins can be eliminated of their history of where they have been up until that point Basically achieving fungibility if that's important to you

The second function, InstantSend, is going to be key for retail payments in that it can provide a confirmation on an average of about 13 seconds It's even zippy-zippier than credit cards And I hear that credit cards, by the way, now that they have those chips in them take even longer (Yeah

) Yeah I don't know I don't have a bank account anymore, but yeah! Like I see people standing in line in front of me and they're like waiting for this chip to read or something and I'm just like thinking to myself like, 'I'm gonna get you with Evolution' Yes But before we can hope to be digital cash, before we can really hope to knock out the currency app, there has to be a foundation And it is the foundation that I'm about to tell you about that is what sets Dash apart the most in my opinion

I see there is being two parts to this foundation The first part is, who gets to make decisions when no one is in charge? It's actually a huge deal It's a deal that has been totally ripping apart Bitcoin for over two years now It is a deal that caused Ethereum to fork into two surviving chains Who gets to make the decisions when nobody is actually in charge? In other words: governance

Dash has found a lovely solution to the problem of governance which is, well who is best suited to make decisions the people best suited to make decisions — I would say — are the people who stand to gain the most from wise decisions and stand to lose the most from bad decisions In other words stakeholders But who are the stakeholders? I mean you if you see how a lot of these things in other networks are debated I mean you go on like reddit or whatever and it's just flame wars and people and people you know putting out opinions and things And then you have other people making posts saying, "Well I checked this subredditors history and they really came to us from the Bitcoin subreddit

They're here to sabotage us!" And they may or may not be, but that's just the thing about having billion-dollar debates on reddit is that you don't know who you're talking to You don't know where these people come from You don't know if they own a Bitcoin or an Ether or a Dash How could one possibly have a billion-dollar debate over reddit? And so that's not how Dash does it In Dash if one owns 1000 Dash one that can lock it into what is called a masternode and prove that one owns that thousand Dash cryptographically on the blockchain and from henceforth one is basically a member of Dash's board of governors and you get a vote

You get a cryptographically recorded vote on how the currency evolves And that's just one half of the foundation because the other half is — ok so just so we vote on things doesn't mean that they happen We could vote that, I don't — Joe Smith from Arkansas like come develop for Dash — it doesn't mean that he's going to like blockchains don't compel human action So how how can we possibly incentivize human action? Well the answer is incentives Dash's block reward is not entirely consumed by just one of its employee classes: miners

We have lots of employees We have full nodes — the masternodes — who perform PrivateSend and instantSend functions We have developers We have marketers We have wallet designers

We have web developers Like who's gonna pay all of these people? You've seen other stabs at this in other coin networks There's, there was, I'm sorry not there is, there was the Bitcoin Foundation and then it went bankrupt Surprise Foundations don't have products to sell hence they don't always have viable business models

Of the Ethereum Foundation people are like all in arms are fighting over that like: "What coins do they really hold? And whose side are they really on?" Maybe they'll remain solvent maybe won't and and in many other networks you see is just like the donation model someone will make a post on reddit be like, "Hey I'm divideddeveloping this new wallet that you all know that we really need and you've all been asking for that we really want Will you chip in? Will you fund it?" All of these things can work for a time but not for a decentralized autonomous organization that hopes to be a world-class resilient blockchain for the indefinite future And so that is the other half of Dash's foundation, which is that we are self-funding We split our revenue stream

We split our block reward among everyone who works for us So with that pretty sturdy foundation locked down thank heavens Good job Evan We can now, only now, say "Okay it's time for digital cash" It's time to get that currency app and that in Dash is called Evolution

And that is a product that we are going to release late next year and I have dubbed it, "The digital currency that yes even your mother could use" And I got that idea because Evan got the idea while he was sitting down next to his mother using the Dash core wallet with her and like watching her reactions as she's using or trying to use cryptocurrency And like every reaction she had just proved what should have been obvious all along which is that if it doesn't look like Paypal and Venmo and feel like Paypal and Venmo then it's not going to get the customer base of Paypal and Venmo And so that is what Evolution intends to do And so to describe that to you is founder and lead developer: Evan Duffield

He will speak to you after I switch this microphone to him and then after he is finished I will rejoin him for a brief question-and-answer session afterward should you have any remaining questions for us So without further ado, thank you and here's Evan Duffield Hello Thank you for coming out It's a — it was interesting that early on when I was talking to the organizer, I was asked just to make a video and I was thinking you know why make a video when we can fund the trip out here and put on a show which this is funded completely by the blockchain

One hundred percent So our airfare The hotel fare Amanda's airfare and hotel fair So you know, it just shows it's pretty powerful system

And it's — when utilized correctly you can reach people that wouldn't have otherwise been able to be reached And so I'm going to talk about the next step of it which is: What what are we building? Now that we've kind of figured out how to, how to do the foundational components, how do you take that and how do you make a product with it? So what is Dash? We are a working DAO So a decentralized autonomous organization I believe we were the first one but i'm not entirely sure of that These basically are theoretical types of corporations where they had — they're ran completely digitally there's there's no LLC or corporation or anything like that and they they run usually by some sort of organizational model

And so we picked a organizational model similar similar to you know what you would find with a regular incorporations We chose to to try to mimic what works in the real world rather than just inventing something wholly new We're also interested in user-oriented features like Evolution We want to make this as friendly as possible and we want to make it in such a way that anyone can use it We were also about 90 million dollars market cap, fifteen thousand users, the project's three years old, we have about 120 volunteers active right now

Six hundred active community members on on the forums with our full user base So the projects going going well and we're really excited about it So why Dash? I think the organizational model is really important You can imagine Dash as overarching network It's — you can't divide it up and it's not really an entity it just holds other entities

And then you can think of, that there's a core Dash DAO which I'm a part of Amanda is actually not a part of that, she's part of our YouTube DAO And so just like you could with you know with Ethereum, you can make DAOs within our ecosystem and then you can ask for funding as long as you're doing something for the benefit of the network And this is all funded from the blockchain so we utilize a interesting voting mechanism that I'll talk about later and then those votes are tallied in these blocks are created to to pay out exactly what the network wanted And as we were saying earlier the the main bread and butter of what we're doing is instant transactions and user privacy

And the privacy is really important for fungibility sake And what that means is that with with a digital token, even more so than a physical token, you do not want to hold the history of the last hundred people who had the token that you now hold We might be okay with that but normal everyday people, once they see that first person on the news that gets arrested or gets their coins seized for having laundered money, or any any association with criminal activity it's going to cause issues for the entire network in that that's not something you want We want to be able to run this thing for years and years and years and not have people concerned about the actions of others on the network So the decentralized infrastructure — we've kind of already went over fungibility, transactions, the decentralized infrastructure is one of the most interesting parts as well

It's the masternode network as we call it So anyone can get a piece of this network They can host a node for us So imagine Paypal And this is kind of what what I do when when trying to design these features

I take something that its existence and I try to figure out: How would you do that using only decentralized technology? So with a decentralized Paypal you need thousands of servers to support what the users are doing on the network And you don't want to pay for that yourself And don't want to hold the infrastructure yourself and so you need some mechanism to allow other people to do it for you And that's essentially what this is — it allows anyone on the network to participate in hosting our own infrastructure And this is how we do decentralized decision-making

So this is a pretty good visualization of how it works You can have masternodes all around the world and then you have proposals that come on to the network They can be presented by anyone on the network and they could be for anything you can think of Like: Let's make a new type of wallet and you know for this new wallet we're going to need some mock-ups, we're going to need designers, we're going to need programmers and then you can itemize that out put it put it all on the blockchain and then have everybody vote on it And then you'll see votes coming in from literally all over the network

And then you tally those up and then the funds are them allocated from that That allocation is an interesting in a way that it's just completely different from anything else in the space With Bitcoin you have one hundred percent of the block reward going to network security And so that was the first thing we changed We decided to split it so that security would get 45%, infrastructure would get 45%, so that's the masternode network, and then project funding would get 10%

So that the infrastructure is what is actually voting and then the the project funding is then signaled from them but it doesn't account for you know that much money right now it's only 10% Although even at just 10%t of the emitted coins, we're at 12 million dollars a year in funding And you can you think of this in a completely different way than you would think of like a normal start up With an ICO or corporation seed funding you start by getting money up front and you say, "I need 10 million dollars and I'll give you half of the company

" We have no collateral to give and we don't want to centralize around a single funding source So the alternative to taking money upfront is admitting money by the blockchain and then as you make good decisions hopefully they actually increase the value of everyone's holdings and then we actually have more money to spend month And so our success actually will add to the the future revenue that were able to spend And the inverse — if we make a mistake it draws of a little bit of the funding down and we can correct So you'll see a curve go up as as we get more successful and as we start to acquire users that number will actually go up

And then we'll be able to build branch offices, and hire more people, fund the foundation's better And do all of the things that you know, Paypal is doing This is essentially the seeding phase of the project Were just at the very start of it We don't even really have a project yet, a product yet

We have a about a half-done implementation of the Evolution wallet and so what we plan on doing is implementing the rest of this Rolling out these features to to everyone next year, and then we should have a good deal more money to work with And then we can start introducing the features that everyone's used to Like walking into an office and talking to somebody The neat thing about that is that everyone's used to doing it and we we want to make everybody feel comfortable with the technology in a way that they're probably not with the existing implementations of all of these is blockchain technologies

So the ten percents divided up And like I was saying earlier, there's these separate DAOs So there's the core DAO and we probably take about eighty percent of the funding currently But then there's a few other DAOs And anyone can start one of these

The — what they do is they provide some sort of some sort of needed feature, some sort of needed information, or something the users need to expand the ecosystem or provide for our the services that we provide And so anyone can actually start this This is actually how we're planning on drawing in more interest on the business side of it Imagine we start branch offices eventually and we need to hire tellers Now there''s gonna be somebody that maybe wants to run a branch office for us

They become a DAO and then they can pay their their staff directly from this project funding And then what we do is, we would run these companies as not-for-profits So this is a completely different model that's never been tried before Imagine trying to compete with a series of not-for-profits that run a bank all around the world and we're literally running it based off of the blockchain funding And you don't care if we make money

That's the thing, we just want to provide a good service if you think the product is good then you'll invest within it, right? So that's that's how the investors make money off of it It's not about selling the profits of actually doing business later on The project funding has grown exponentially since we introduced It started out at thirteen thousand dollars a month, which is great It was a it was about thirteen thousand dollars more money than we had at the time

And you know that led us to being able to start paying people Thethe volunteers that we're doing a lot of the work And they, they were just extremely happy to just receive a couple hundred dollars for helping us And so that led to a lot more work and then the quality of work increased

And that's been, you know, going over and over again We've had about twenty percent per month in added revenue through the system And we just reached a hundred thousand dollars a month of funding It does seem to be working It seems to be working really well for what we're doing

So now, now that we've kind of established how we operate, how it works, what we're doing, what is Dash Evolution and how does it work? Why should we all be interested in it? So again it's a system your mother could use But it's also something that will provide a competition to Paypal Particularly the API side Money as a service is, I think, a new concept And what we want to do is provide APIs where you can hit a collection of masternodes and they will validate requests

They will tell you you know how much money's in this wallet or you know, which chain is the the best one to be on Anything that the users need to run these wallets will be provided by via these APIs And what that means is that we can actually start building a service where you you can click a button on a website and you buy something And that website will just have to drop a little bit of code just like you do with Paypal And that code hits the masternode network in a completely random decentralized way and then you can do, you know, anything you can think of of doing with with Paypal, you know, with our system

The whole approach here is to make it as mobile friendly as possible We want everything accessible from there So you'll be able to go login, Send instantly to your friends Send via email Privately send to your friends

So you'll have a public balance, which is semi-anonymous And then you could move money to your cash account and you can send money from there completely anonymously And you also have access to — you know if you have masternodes you would have access to that And you know, literally all of the other features along with the chat and some other things like that So you know what we're trying to do is if you take all of the green boxes from Paypal and the green box from Bitcoin — we're combining these two things together and we're really not trying to compete against Bitcoin

Bitcoin is just not what we're trying to do And, you know, I thought originally this was probably, you know, what is needed in the space to bring this to mass adoption And since no one else is interested in doing it, we thought we might as well try it Whereas Bitcoin will reach this, but it will reach it by using centralized companies Centralized companies provide all of the services that the users utilize

And the Bitcoin developers and the Bitcoin protocol is just a protocol And that's what it was intended to do And so what we intend to do is build the protocol and be the Apple of crypto And we plan on making a suite of tools where you can log onto your your laptop, you can log on to your phone, you can log — anywhere and you'll see the same — the same types of screens They'll be understandable

And you can move from one to the other without losing any data So you login with username password on the website and you'll see the transactions in there You can send your mother, you know, five, ten dollars or whatever Login to the other one on your phone and you'll see that the transaction pop-up So we want that type of complete, streamlined experience throughout the project

This is a sneak peek of some of the mock-ups that I just got two days ago This is how you would, how it would look to create an app And this screen here, if you collapse it down, it collapses into what looks like a mobile phone So you could run this from a mobile phone, you could run it on your your web browser like really small Here's my accounts

So you'll be able to create accounts and move money around like I was talking about Along with apps Apps is this concept where a store can create an app, and then this will allow them an identity on our network to do business through Whereas maybe you have to go to the website to buy socks, you know, through a merchant on there, on this though however you will be able to go into apps search for the sock provider that you're looking for and then you can actually buy it straight off of here Or you can see the purchases that are associated with this

You see the description See what, when, where, why, all of the the information that is a missing from from crypto So I think that's about it That's Dash Evolution And that was my presentation If anybody has any questions, either Evan or myself would be happy to answer them

So there's a few ways of doing Oh! I'm sorry I forgot Would you mind repeating his question into

So the question was, "How do you turn Dash into cash?" There's definitely not a whole lot of options for that currently We're working on fiat gateways in some of those types of services as we speak actually You know, if you look in a few months you'll probably see a brand-new way that that we've been working on for now over a year

I wanted to add to that also because that is also something that actually I have to do on a regular basis Because as I said, I don't have a bank account, and so to pay all my dollar denominated dollar-denominated expenses, I have to do just as you say Because I'm paid in Dash And something that Im looking forward to that I hope starts to develop like a nice liquidity is the wallet Mycelium will be adding Dash as their first non-Bitcoin currency I believe this October And there, I don't know if you're familiar with the Mycelium wallet but they have a feature called "Local Trader" where you can see who within an x-mile radius is buying or selling Dash for cash near you

So that's what I hope to use Just here in a couple months Anybody else have a question? Yes, you He wants to know how much higher are miner fees for Dash than Bitcoin Which type of miner fees are you talking about? I think he means transactions fees

So the question is how much higher are transactional fees on the Dash blockchain than Bitcoin And the answer is actually cheaper Our fees are pretty low the blockchain is not to the point where there's competition yet on the transactional activity, which is actually a pretty good reason to use alternative coins if it it's possible because they're probably usually going to be cheaper And we plan on keeping it that way We want to use a fixed amount of transactional fee per transaction

So maybe a standard like three to five cents or one percent, or half a percent, or something like that So the question is, "How does one ever even claim like that transaction on that block chain is an illegal one if it's all just like cryptography?" Yeah, I mean, it's not something I would ever do, but there do exist people who for example, accosted a young man named Ross Ulbricht in the library one day and he had his Bitcoin wallet open and because people had been I don't know like spying or something fast forward to yes there was a day in US court when someone said that transaction on that blockchain is illegal

And so, like in the more general sense there is a technological method called — I don't know, is it called blockchain analysis? Or like clustering or something? Where if someone does reveal one of their addresses and like connects it with them in real life, whether they wanted to or not, Like there are actually companies that are starting to try to like sell this information where they're like we think that address belongs to this person, that address belongs to this person, that address belongs to this person, and here's a graph we made of every transaction we think that they ever made Whether or not that's true, whether or not that's morale is up in the air But people do do this I'd actually like to add to that a little bit The whole point of having anonymity in, built into the protocol itself is because I see there being a a profit motive for companies to start looking at the blockchain analyzing it

Using machine learning, using graphing technology, using any of these more advanced technologies, and then selling it And I know, no one wants their information sold, so why should we allow it to happen? If we're making something directly for the users we should make it something that they want Privacy is important It's a human right and so unless you've done something wrong and they can prove that you've done something wrong they shouldn't be able to go through the transactions and point at you and say, "That one We want that money

" Yeah And so that that — that's really what we're trying to stop So we have a process — it used to be called DarkSend, it's now called PrivateSend — and it's an on-protocol mixing technology, that's decentralized, hosted by the masternode network Essentially what it does is you and a couple other people get together and you'll each send the same denomination of coin So let's say the pool that you're mixing in is a one Dash pool

And so each of you send two or three, two or three inputs of of one Dash And now you have a transaction where all of the inputs from all three of you are all one Dash All of the outputs from all three of you are all one Dash And then you merge them together and do co-signing And the masternode then is just, the it's just a platform for doing this and allowing people to do the mixing

The mixing is actually done only using your own wallet You're sending transactions to yourself and you're just using it as a service Have you read the mimblewimble white paper? The what white paper? He's asking if you've read the mimblewimble white paper Yeah, I'll have to definitely check it out That's a great question

The question was Since it requires a thousand Dash to become a masternode, is there a risk of centralization over long periods of time? And there is a risk but we're mitigating it The idea here is called masternodes shares

So as the the technology begins to take off, the requiring of a thousand Dash for masternode is going to put out of the reach of most investors But if if we can break up masternodes into 1,000 shares, 10,000 shares, 100,000 shares, then we can start offering something that is akin to interest-bearing accounts What if in the Evolution wallet you can move money into a savings account it would automatically make the masternode shares, publish them using the protocol, and the masternodes would be made on your behalf you would just get small pieces of that total revenue That puts masternodes in the hands of not just a few thousand people, but the millions Potentially

So the question is, "How do you make DAOs in Dash?" Ok, currently there there is no mechanism The DAOs are essentially just agreed upon Essentially I would say, you know, I'm running the the Dash core DAO Actually it's not just me, it's a bunch of people And then, there's a few more of them

But we're really not socializing with those people We're doing projects with those people And so we don't want to be associated with their funding And so we split it off and we call them different DAOs In the future there's there's an upgrade called Sentinel coming

And that is the foundation of allowing us to make many different types of objects These are not really smart contracts like you would make with Ethereum or make with The DAO or something like that They're governance objects And you can make governance objects, you can make one of a DAO and you could add users to it and then could add other information It's a tree structure

So that will be coming soon I don't know if we'll make a hard-line decision of what to support, but I would say that most likely most of the DAOs that do core functionality of the network will probably be ran as not-for-profits Because there's really no reason for them to make profit Unless they don't want to be funded directly by the system and they want their profit to the be the funding mechanism It might be one or the other

You know, I don't think we've decided yet The question is: "The masternode voting mechanism seems to be a lot like proof-of-stake "Have you ever thought about just taking it to the next level and not using proof-of-work at all?" And yes, we've considered that at great lengths The problem that we found with it is, we rely on proof-of-work hashes Because we're seeding a random number generator mechanism across the network using common hashes so that we can get this thing listing order

And that's how a lot of the functionality works The reason why it's secured by that is because nobody can really pick those numbers that are really hard to generate But they're known across the whole network so they're usable in that way The question is, "Is it typical for it to take 24 hours to pre-mix a number of coins using the mixing mechanism?" Currently yes There's a mechanism on the core chain, the core protocol called PrivateSend

And it takes a while to mix because it is having to do in a completely decentralized way And having to do with multiple rounds as we call them Through separate masternodes because they know you are and so if you hop multiple they can't follow the history back And we don't want them exposed to the history of these mix transactions So yes, it's typical but it's not something that will last forever

The solution that we've come up with is to add a secondary mixing layer on the Evolution side where you could actually reach out to a masternode using the same type of functionality but you would actually get the coins mixed in just a few seconds The question is, "Are you working on atomic swaps between blockchains?" And nope We're not The question is, "Did I have a once upon a time when we did The Daily Decrypt — my first tryout, of the Dash — I call it the treasury — that ten percent you saw in the slide that is voted out to contractors, projects, basically whomever else works for Dash And so this last December, when I was doing The Daily Decrypt, Pete and I thought maybe Dash would like to advertise on our show

Because we took advertisers And we can apply through their blockchain Like we can be, like we can apply to be like blockchain employees for these two weeks or a week we we're going to put them on our show And it did pass and it went really well And actually never re-applied and was never

Do Oh ok, I think I know what you mean Okay yes, so about a month and a half ago, I guess no, about two months ago after we put in the proposal that DASH: Detailed, my show be funded from the Dash block reward One element of the proposal, one of like seven elements that were in the pitch was that a mirror Youtube channel that existed, that that will be deleted Is that the one you mean? Ok Ok yes

And everything in my proposal ended up being popular and awesome and it got funded Except this this one element of like the person who is currently running this mirror channel that had a copy of all the videos was like, "No I want to keep that up "Like you're totally not deleting that" And yeah and so actually like I communicated with Evan at the time because like we came upon this thing that didn't exist before Like as I said before, like blockchains don't compel human action

Like the most that we can do is incentivize people to do things or not incentivizing to do things And so at Evan's recommendation a separate vote was put up, like 'Okay everyone let's get specific here: Should this other Youtube channel be deleted or not?' And like it seems like so it seems like so silly when talking about it now it's like oh this is like a 90 million dollar market cap currency and I'm like, "No we need to listen to me about Youtube! We're going to vote on it" But yes — but the the decision-making engine, as I call the governance process, as Evan dubbed, it really came through Because like a cryptographically provable majority of stakeholders said, "No Amanda, I don't think that mirror Youtube channel should be deleted" And so there were no there were no debate, they weren't like long-lasting, maybe there were some tears but like they dry quick because it's a quick voting process

So the question is, "How does InstantSend work in more technical detail And how does it prevent double sending?" The masternodes — they organize into groups that we call sub-quorums A sub-quorum is essentially a group of maybe five to ten masternodes of 4,000 And they're randomly elected using proof-of-work A proof-of-work hash

So if you take all 4,000 of the masternodes, and you take a very specific block hash, and you seed a random number generator, and then you organize that list according to that proof-of-work hash you'll get the same ordering on every node across the network And then the next thing it does is it takes the top 10 nodes and those are your quorum And so what happens is that you'll send the message, it hits those 10 nodes, and then they look at it and they say, "Did it make it in the memory pool? Does it look okay?" And that type of, type of analysis And then they rebroadcast approval or rejection It takes six of 10 of them to do what we call transaction lock

Transaction lock just simply stops you from spending any input associated with that transaction in any other transactional, any other transaction So you can either publish that one transaction that you agreed upon and promised to do or nothing Oh, so my Currently as I said So like the, our in and off ramps using fiat are currently limited Perhaps there's a site called Exmo

Well yes So I've checked out Exmo It's Exmocom and they just take like non-traditional fiat deposits You know maybe like a bank wire, or like a NETELLER transfer, or a Skrill transfer, some things like that

And then you can buy Dash directly that way should you choose to transfer fiat that way The way Exmo does An almost even faster and easier way — depending on where you live, depending on what you're banking situation is — is to buy Bitcoin first at this point Like be it through Coinbase if you don't mind that process or like LocalBitcoinscom

I bet it's hopping in Atlanta Like there's so many ways to get Bitcoins on LocalBitcoinscom Also WallofCoinscom is like a nice, relatively private way

And then an ShapeShiftio Like just shape-shifting Bitcoin into Dash It's pretty simple and easy Do you mind remembering that question while I add one more bit to answer his? Absolutely

I just! Also a way to get Dash is to like if it's something that you're really interested in is like apply to work for the Dash blockchain Also a possibility just so you know I actually released a video just today on how anybody can make a treasury proposal to Dash's blockchain So the other question was, "With Bitcoin and SegWit, do we plan on bringing that in? "If we do, since it's kind of controversial, would we put it up for a masternode vote? "And would it be coming from Bitcoin or Litecoin?" We are a Bitcoin-based currency We actually re-forked from them

We originally forked from Litecoin but they didn't keep up the very well and we want to keep really up-to-date with the changes in Bitcoin And so we actually re-forked And we keep upstream We keep merging with upstream Like constantly

Every few months So it would actually be abnormal for us not to add SegWit If the network has any type of issue with it it's absolutely going up for vote That's really the only network – it's really the only dispute-resolving mechanism that we have Otherwise it's just one of us saying you know what, what is going to go for the whole network

For a $100,000,000 network And that doesn't really make that much sense Currently we take ideas from all over the network and try to implement them There's no like private equity type of investment going on except from the blockchain directly, which private equity In the future we plan on, on kind of rolling out a larger system

Eventually we won't need all of the money the blockchain generates as revenue for the network, or investment for the network And instead of building products we might actually start companies We could actually start a company — theoretically according to the lawyers — own it through a foundation And the masternodes would actually own it on paper And and then as it made money it could distribute some of the earnings back to the masternode network

So this gives us a kind of neat way of reinvesting This idea that Evan is talking about is also what is the plan to keep net– transaction fees as near or at zero as possible Because, so Dash has a maximum coin supply It is not infinitely inflationary and so at some point the inflation which is currently incentivizing our network to run it that will be gone And so we, kind of run-of-the-mill story that you hear in other networks which are also not infinitely inflationary, is that fees will will have to make up the void that inflation leaves behind

And so as Evan and as other people in his team have talked about recently it's this creation of other revenue wealth generating streams outside of that that will subsidize transaction fees to keep them down The question is, "Why, do we know, do we know why BitFinex stopped trading Dash a number of months ago?" I know I don't We had some conversations with them and they said the volumes too low It was low for a really long time They actually added us during the first peak

If you go look at charts we went up to like $15 right after the launch And you know, we've been around now for three years Right after that f$15 they added us because they're like, "Oh, new coin It's trading a lot" The volume went to near nothing because we just started working on the product and trying to get investors at that point

So the question is, "With Paypal in the early days they were able to incentivize people to to join and gain mass adoption by giving away $10, and do we plan on doing something similar to that with our model?" Not 'do we plan it' but 'does the model support it?' The model completely supports it As at the network begins to grow we'll actually have extra money One of the early plans wa's to incentivize merchants Because really, with Paypal they were going after users there, they weren't really going after merchants because you could spend it on eBay, right? So we have to first find a way to spend it, and so, why not you know, for anybody that joins and is in the top 10 list of merchants for that that month we give them like $500 or something Like, who knows? But the model surely supports that

Ah well, you've been around since the beginning I mean I know about everything that's happened in the last year but The question is, "What is the largest or most interesting proposal that has passed?" We've essentially funded everything that's happened

So conventions, air fare the swag that we have, the soda machine The soda machines of great one We've taken a soda machine to multiple places Florida and California And the soda machine supports instant transactions

And we actually built that with a proposal as well And so pretty good example Thank you wife Alright, that's it Thank you everybody

If anybody wants as, as Evan mentioned there's like free stickers and bags And over there, also there are some t-shirts for sale if you want any of that migrated on over And thank you so much for having us Did you know that anyone who believes they can provide value to the Dash network can be given funding from the treasury? With roughly $1,000,000 worth of Dash per year to hire contractors with and sponsor projects, Dash's treasury offers a pretty good opportunity for people who are interested in working directly for a blockchain The process to apply for funds is three part