Dash Core’s CEO expounds on masternodes on the network and the evolution of Dash

Recently, Ryan Taylor, the CEO of Dash Core appeared in an interview on The Crypto Show wherein he discussed Dash Core, Dash as a digital currency, its workings, and evolution in detail.

Ryan Taylor stated:

“Essentially, Dash Core is indirectly owned by the network. All our shares are issued to a trust and the trust beneficiaries are the Dash masternode owners. We have set it up in such a way that we don’t really have a profit motive. Our motive is to serve the needs of the masternodes and the network.”

Taylor comes from a traditional finance background where he worked with McKinsey for several years and became an associate partner in their financial services practice and spent several years at a hedge fund investment company in the payment space.

The CEO of Dash Core believes that one of the benefits of having a financial background is the ability to view cryptocurrency in the context of the broader payments’ ecosystem and not simply in relation to other cryptocurrencies.

Taylor said that Dash is a payments-oriented digital currency and there are a lot of different use cases for it. He further added that Dash is essentially focused on the payments use case wherein several improvements over the Bitcoin code base that Dash forked from has been made. Taylor stated:

“Dash has enhanced privacy features and faster transactions. We have transaction speeds of about a second and a half and that’s on par with what you would expect from a credit card authorization. It makes us viable at the point-of-sale which we’re seeing in a lot of different markets like Venezuela right now.”

The other aspects that make the network unique is very low transaction fees and the ability to scale on chain, according to Taylor. A lot of that comes from Dash’s masternode Network and the capabilities it provides to the network, he added.

The CEO believes that in most cryptocurrencies, governance is dictated by the hash rate of miners and the version of the software supported is determined by that level of support. But Dash, according to him, has a much more explicit governance model in which the digital currency is imbued with self-funding.

He stated:

“The way governance model works is that our block reward is split between not only miners but other needs for the network as well. We are the first network to recognize more than one need to an operating a payment network. Mining is important but it’s not the only thing.”

Taylor added that 45% of Dash’s block reward goes to miners, 45% percent goes towards masternodes and the last 10% percent goes towards anyone who wants to put up a proposal on the Dash network to receive funding and provide service to the network. The masternodes themselves vote on these proposals and the highest-ranking proposals pay-out as part of a monthly budget. This provides Dash with the ability to be self-determining.

Taylor further stated that the things that require support receive it directly from the network and not from some other third party. It also makes the governance explicit and allows the network to vote on a decision, he concluded.