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Why not DASH?


DASH is a contender in the peer-to-peer cash space and works very well as a currency. There are some concerns, however, about its origins, governance systems, and overall utility.

Fastmine:

Very early in its history, the DASH code had a bug which resulted in many millions of coins being mined very quickly. This affected the distribution in an unfair way. Since DASH masternodes rely on DASH staking, there is concern about centralization. It is impossible to know if the vast majority of masternodes are controlled by only a few entities or not.

On the other hand, Bitcoin Cash started in 2009 (at the time, known only as Bitcoin) and had a perfectly predictable and fair distribution of coins through proof-of-work mining.

Proof-of-Stake:

DASH relies on a combination of proof-of-work and proof-of-stake. This means that, while new coins are generated through proof-of-work mining, a subset of the functionality is secured through the ability to stake a certain amount of coins.

While mining is perfectly competitive (anyone can join the network at any time), proof-of-stake systems have a higher barrier to entry and the status quo always have an advantage. Such a system tends toward centralization, which could, in theory, censor transactions or make damaging changes to the network.

DASH DAO

DASH has a built-in Decentralized Autonomous Organization (DAO). 10% of DASH block rewards are diverted to the DAO for the purpose of investing in network improvements. While such a built-in fund may seem advantageous, it creates a form of gatekeeping and makes DASH less than permissionless. It also introduces the potential for corruption. The DAO may fund less helpful initiatives for the short-term gain of the DAO members.

Bitcoin Cash, on the other hand, relies on permissionless innovation. Anyone is welcome to propose improvements and create infrastructure. Progress is not limited to the whims of a single organization.

Programmability:

While DASH works well as a simple currency, it lacks programmability. There is no advanced scripting capabilities on DASH, limiting its utility as an electronic cash system.

Bitcoin Cash, however, has advanced scripting through the various opcodes designed in the protocol. Such scripting leads to numerous capabilities such as time locks, tokenization, atomic swaps, and many other features.

Brand Recognition:

While DASH is quite a capable currency, it falls far short of the Bitcoin brand recognition. Bitcoin Cash, as a major fork of the original Bitcoin implementation, has wide recognition as a top peer-to-peer currency. Bitcoin Cash is accepted at thousands of merchants around the world.

In summary, DASH operates effectively as a peer-to-peer currency, but concerns arise regarding its origins, governance, and utility. Issues such as the Fastmine bug and reliance on proof-of-stake raise questions of fairness and centralization. While its built-in DAO offers funding for network improvements, it risks gatekeeping and corruption. DASH's limited programmability contrasts with Bitcoin Cash's advanced scripting capabilities, and it lacks the widespread recognition of Bitcoin Cash, hindering its adoption.

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