The private peer-to-peer cryptocurrency cash buying service will be adding support for Dash over the next few months. The integration will be funded through the Dash treasury in cooperation with the Dash core team. Robert Genito, CEO of Genitrust, the company that owns Wall of Coins, is encouraged that the cryptocurrency is investing in its infrastructure that will make it more usable to the general public. He said:
“It is refreshing to see a digital currency that is doing something different and useful to build its ecosystem. All of us with Wall of Coins are wildly excited about Dash!”
According to Ryan Taylor, director of finance for Dash, the integration will not only provide Dash a valuable cash-buying market, but will also make cash-for-crypto buying and selling faster than what is possible with Bitcoin. He said: “We are extremely happy to see such widespread support for the Wall of Coins integration. The ability to directly purchase Dash with physical cash is important for many of our users, and Wall of Coins enables this access at tens of thousands of locations in twelve countries – over 120,000 in the US alone. Besides Wall of Coins ease of use and their support of InstantSend, users will be able to obtain Dash in a just few minutes.”
Integration funded through Dash’s unique treasury system
The Wall of Coins integration will be funded by Dash itself, through a function of the coin’s unique block reward system. Unlike Bitcoin, which distributes all of its block reward of new coins minted to miners, Dash gives 45 percent to miners, 45 percent to masternodes (stakeholders holding 1,000 Dash) and 10 percent to a treasury for development purposes. The treasury funds are distributed to proposals as voted by masternodes and can fund anything the community finds desirable for the itself, from educational videos to development of the Dash core code.
According to Genito, this funding model is unique in the cryptocurrency world and provides a competitive edge in development. He said:
“Unlike other mainstream digital currencies, including Bitcoin, Dash’s block rewards also pay Dash developers, businesses, contractors, marketing teams and anyone on the planet that has an interest to expand and develop the Dash ecosystem.”
He adds: “The entities (or Dash addresses) that get paid are voted upon by Dash Master Node owners—who need a reputable stake in the currency in order to vote. This is huge for the Dash ecosystem’s future developments and currency security, as well as a brilliant inspiration to the fundamentals of the decentralized and autonomous corporations of the future.”
A step away from reliance on Bitcoin for altcoins
The addition of cash buying options for Dash constitutes a move away from a Bitcoin-centric cryptocurrency world. Currently very few currencies, such as Litecoin and Ethereum, have formalized systems in place to buy and sell for fiat currency. When it comes to private cash buying options, however, Bitcoin reigns supreme, with even privacy-centric coins having few peer-to-peer solutions.
The ability to buy and sell privately for cash becomes especially important when concerning coins that seek to improve on Bitcoin’s privacy. If a coin provides greater anonymity and untraceable transactions but must be acquired through Bitcoin first, its privacy offerings are significantly diminished. Dash’s upcoming ability to be bought straight for cash solves this privacy vulnerability.