Welcome everybody to the first — probably not the last — Dash Open House. Yes!
Thank you for coming.
So, I was tasked with explaining to you today, what is cryptocurrency.
So after I have done so, you will have the much greater privilege of hearing from two others.
I don't know if they've decided on the order, I'm sure they'll surprise me.
Alright, so next after me, you will hear from Ryan Taylor.
And Ryan Taylor is the oft-called Director of Finance within the Dash Core team.
After you hear from Ryan, you will finally hear from Evan Duffield, who is the founder and lead developer of Dash.
And both of them just so happen to be Phoenix locals, which is also great.
And once they have finished, the three of us — although I don't imagine you'll have many questions for me —
the three of us will take questions for something like 15 minutes.
And that will conclude the formalities of this event space.
Alright.
So, I must give a special thanks to this gentleman here, John, whom I met this evening.
Because John approached me before the festivities began and began asking me all sorts of questions.
And he helped me to realize — because in the crypto sphere
we can begin to forget that 99.9% of the world has no idea what any of this stuff is —
and John helped to remind me of that.
So, what is cryptocurrency?
First of all I'm not going to call it cryptocurrency
because I think that's a horrible name that was invented by a nerd.
And I'm sorry — thanks for the invention, leave the name at home.
So, more often you'll hear the term digital currency.
And that, of course, I am quite confident that you are likely familiar with.
Because if you have a bank account of any kind, Paypal of any kind,
you're quite used to sending value in a digital manner.
So then what could this other stuff that we're talking about possibly be?
Well, there are quite a few people — many in this room, many not in this room —
who believe that there is a better way to do digital currency.
A way that allows one to be in control of what happens to ones' units of money.
The base element of it is a ledger, essentially.
A digital ledger that's been given the nerd word blockchain — I kind of like that word.
So this blockchain, this ledger — we're also familiar with ledgers,
and so it just so happens that in the digital currency that we all know and use with banks,
that each bank keeps their own ledger, right?
You do a transaction in. You do a transaction out. They update their own internal ledger.
So then what's the difference of what we're talking about today? What is Dash?
Well Dash is an open ledger. It's a shared, common, perfectly auditable ledger.
And now, we weren't the first one. The first open ledger was called Bitcoin.
And Bitcoin is actually how most of the people who work on Dash came into open ledgers to begin with.
Most of the people who are interested in any of these sorts of fancy blockchain-based digital currencies
came into the open ledger that was called Bitcoin. Because it was the first.
It was launched in January of 2009 by a pseudonymous person
— maybe pseudonymous — by the name of Satoshi Nakamoto.
Fast-forward a number of years later, Evan Duffield — who you'll hear from today —
realized, this ledger is so fantastic, but I have got to say I have noticed one thing,
and that is that with a perfectly open ledger — that would be something like the end of privacy in finances.
There would be no cash equivalent.
And so Evan thought, well, is there a way to have an open ledger, for it to be perfectly auditable,
for the monetary supply to be knowable at every moment of every day,
and for every transaction to be provable and recorded,
to allow us to know the monetary supply at every moment, at every day,
and yet, to also be able to obscure our transactions if we want to?
Turns out there is.
It was born as XCoin for what, 24, 48 hours?
They then decided to call it Darkcoin for something like a year.
And then, when finally — no, I paid a bit of attention when they were called Darkcoin,
but I do remember thinking, that's a silly name.
But then in early 2015 they wised up and… to this excellent rebranding to Dash, digital cash.
And so, that is, at the very basest level what we are able to offer.
That is, transfers of units — I would call them monetary units but we're not used as money yet. That's the goal.
Transfer of units from one account to another on a perfectly open and auditable ledger
in a way that you can be private if you want to.
Now, there are a few other selling points of Dash that I will cover quickly because again, I forget.
I forget that people don't know all of the stuff that there is to know about Dash.
So how do we compare to other cryptos?
Maybe you have seen — there's a big favorite website, called CoinMarketCap.com,
where you can go check the price per coin
and the market capitalization of all of the competitors in this space at any old time.
And so, you will see that Dash is one of many.
And so, how are we different?
Why are there people in this room who are betting — both literally and figuratively —
that Dash is a good train to get on in this space.
Well, another thing that Evan and Ryan figured out is,
in order for this ledger to be even something that any of us would want to use as a money,
in real time, with real people, is that
the element of cash — privacy is an element of cash
but what's the other element of cash that makes us love it so much?
It's that, when we hand someone cash, we know we're done with the transaction.
The transaction is complete.
There merchant doesn't have to worry that we'll do a chargeback on them.
You know, like I've heard happens a lot on Paypal.
A merchant doesn't have to worry about, when is this transaction going to clear?
Is it two days? When will this money be available to me as liquidity?
So the other great thing — other than privacy — about cash,
is that it allows us to feel confident in the moment of sale that this is legit, this is secure, we're done here.
And, you might not believe me, if you don't know a lot about cryptos, but it is true,
that there is no other cryptocurrency — I'm sorry, digital currency — in this entire space —
that I'm aware of, let me know if I'm wrong — that can do an instant transaction.
I think the one that is nearest is something like many 15 seconds out but even then,
that's one block found, we're not going to go into that.
So allow me to drive home the gravity of that for you if I may.
Dash is the only digital currency that is able to offer an instant transaction.
And in nerd-speak that means that the merchant doesn't need to worry about getting double-spent.
If you want to see how a Bitcoin double-spend works I invite you to visit a website called GlassHunt.co.
And they're a bunch of kind-hearted hackers
who have made an online tool available to show people that any digital currency
— in this case Bitcoin —
is unsuitable for real-world commerce
if you can snatch the payment right back from the merchant after you walk out of the door.
And you can do that with Bitcoin if you use GlassHunt.co.
So, I've talked to you a bit about privacy. I've talked to you a bit about instant transactions.
And the final thing that I would like to talk to you about in terms of
— first, why am I here talking about Dash today, right?
There are a lot of places I could be.
And actually, the main reason I was attracted to Dash is that, in my point of view,
is that this blockchain business is bookkeeping 2.0.
It's really just very fancy, very technical, kind of glorified bookkeeping.
And bookkeeping is very important.
And, if we're offering bookkeeping, we're service providers.
Which means we're bookkeeping-as-a-service, Money-As-A-Service.
I don't know if that will ever get used widely. I would like it if it did. Money-As-A-Service.
So if we're service providers, certainly we need to be able to function like service providers.
Certainly we need to be able to come to an agreement
on what features our product should have and be able to roll it out in a timely manner.
And we should be able to pay the people we need to roll these features out in a timely manner.
And we should be able to pay all of these computers that are like
blip-blip-blip-blipping all around the world right now,
keeping the Dash ledger current and secure, right now.
Certainly all these people should be able to be paid.
And that's another major differentiator about Dash, in that,
not only do we pay — if you've never heard of these words forget I ever said them
— but not only do we pay our miners, but we pay our masternodes,
and we have a treasury left over that allows us to hire —
we hire Ryan, we hire Evan, we hire me, we hire several people in this room.
There are several people in this room who get paid magic internet money to work on Dash. Today.
And it's awesome.
And it's created — as I've heard other people put it — a positive feedback loop.
In that the more value we bring to customers, the more Dash we sell.
The more Dash we sell, the higher the value of a coin.
And the higher the value of a coin, the greater the purchasing power of our treasury.
So that just to me, seemed like a winning formula.
And so almost a year ago I asked the Dash network for a job, and they said yes.
You can make Youtube videos for us. And I said thanks. And that's still what I'm doing to this day.
So if you'll notice when you sat down, you may have seen a little card on your seat,
that is the Youtube show that I produce with my partner Pete. It's called DASH: Detailed.
We publish every Wednesday and Friday.
Wednesday's a sort of news update show,
if you care to be kept in the loop about developments in the digital currency Dash.
And then Friday is an interview show,
where I seek to show you the real faces of the real nerds and investors and people who are behind Dash.
Because you don't want to see me all the time, I wouldn't.
And so I invite you to do that. And with no further ado
— please will you stand right where I'm standing for the livestream purposes —
here is Ryan Taylor.
Well, I like to walk around quite a lot so this is going to be quite the challenge for me.
To stand in front of the cameras the whole time.
I'd normally be right over there and back over here.
Well, first of all, before I get into it, thank you all sincerely for coming out.
Seeing this many people in the room for a simple open house,
it truly warms my heart that all the work we put in to our currency is getting such support.
And we wouldn't be able to do what we're doing without all of the investors, users, volunteers that have sacrificed
— literally for years — to get to the point that we're at.
A point where we are self-sustaining and truly able to employ our workforce and everything.
It's really been an incredible journey. It's a journey no other coin has gone through.
And I think that's a segue into what I want to talk about,
which is, the inevitability of our situation that we're in right now.
And I'll expand on that idea. But, before I do —
I've been involved with the coin since early 2014. First as just a regular community member.
Then I moved here for personal reasons. Reached out to Evan. Started a relationship.
Started talking about what features and things should be incorporated next and,
how do you really gain adoption with users.
How do you phase it through to the point that you could continue to grow it.
And I became more and more involved.
And last year I quit my job and joined Dash full time for something like $700 a month,
in order to see it continue to grow.
And Dash's growth has been astounding. We've had triple-digit growth, every single year.
And in our fourth year, we already have triple-digit, nearly quadruple-digit growth. In 2017.
So what is this growth doing for us?
We started out this journey solving one problem, which was privacy.
How do we make transactions more private?
Nobody wants their balances published on a ledger for all the world to see.
Nobody wants their transactions published on a ledger for all the world to see.
Some people and organizations do need transparency
— if you're an NGO, a non-profit of some type — you might want your transactions actually visible.
And so you need to provide both. And so we came up with a solution to do that.
Next, we recognized that Bitcoin transactions take a really long time.
I don't know about you,
but I don't like sitting around waiting 60 minutes to see if my transaction went through to make a purchase.
No other payment system is like that. And so, we went about solving that issue.
Next, we recognized that there was a governance issue in Bitcoin.
And gosh, governance is really important.
We need an explicit means to make decisions on our network before it becomes an issue for us.
So we introduced a simple voting mechanism at the time. Early 2015.
And at that point, then you start to recognize that, well this isn't sustainable.
We can't get people to volunteer their time on this project forever.
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