[ANN][DASH] Dash (dash.org) | First Self-Funding Self-Governing Crypto Currency

[ddink7]

The blockchain was never designed as a payments processor - it was designed as actual base money. The difference is that a payments processor plays around with numbers until things are "agreed", and then when the dust settles, sends the net balance to a more permanent settlement system for permanent "settlement".

There can be many layers in the payments processing process. In the example I described before, when you park your cornflakes too close to the person in front in the supermarket checkout queue and they get lumped in with the other person's transaction, the till staffer simply reverses it out of one and into the other. The software in the cash till buffers all that messing around and only later moves the settled balances onto the next "stage" (which isn't even the clearing bank stage yet).

A few hours later, all the till balances are dumped and reconciled and the transactions can sit in a payment processor ledger (like, say stripe) for a week where people get a chance to make claims, do chargebacks, resolve disputes and whatnot.

Maybe a week later the supermarket actually receives the money.

There are therefore several layers of "buffering" in the system - one at the cash till, another at the payment processor (Visa, Maestro etc). Only much later do the transactions actually hit the clearing banks and permanently "embed" themselves in the system.

In crypto, the blockchain is the "bottom layer" in the financial system - the permanent settlement layer. In a mature commercial economy, there's a very large gap between the payment processor and the settlement layer. i.e. you would never have a heavy duty commercial merchant doing blockchain transactions because:

a) the blockchain is not a payment processor and doesn't remotely support all the functionality needed at the point of sale
b) it's far too permanent and slow for heavy duty point of sale

On the bitcoin network, we're starting to see this "meta layer" of payment processor buffering appear. One example is the Lightning network but there are others such as coinbase that do payment buffering so that - although the bitcoin blockchain may have slow clearing times - transactions are instantaneous at the point of sale.

As the crypto economy matures, that layer will become progressively deeper and more of the front line transactional weight will be absorbed by the meta payment processing layer and possibly only a minority by the blockchain settlement layer.

Excellent points!

When the retailer swipes your card, the information is sent to a middle-man (the Acquiring Bank) which communicates with your card's issuing bank to determine if you have enough money/credit to complete the purchase. A hold for that amount is then placed on your account (if using a credit card) and decreases your available credit by that amount.

That transaction is held by the merchant until the end of the day and is bundled with all other transactions made that day and transmitted to the Acquiring Bank which begins the process of settlement. If your card was swiped and then you changed your mind and the merchant voided your purchase, the transaction will never be forwarded to the payment processor and the hold will generally drop off your account at midnight.

Credit card payments are of course reversible, unlike blockchain-based payments. In a very real sense, you could argue that settlement is not fully complete until 3-6 months after a purchase is made, because until that time limit expires, the customer could do a chargeback and the payment could be reversed (potentially allowing the equivalent of a "double spend" where you get the item and keep the money).

Also, all payments are netted and deposited in one lump sum in the merchant's account. So as a merchant, if I have 200 payments of $1 each and one refund of $50, rather than having 200 small deposits and one large debit show up in my bank account, I simply receive a payment of $150 from my payment processor. This reduces "bloat."

In the bitcoin world, services like coinbase already do this, as Tok said. If a transaction is sent from one coinbase wallet to another, the transaction actually never hits the blockchain...it's all done internally.

[eduffield]

Development Update - June 2, 2015

https://dashtalk.org/threads/development-update-june-2-2015.5070/

[Otoh]

Should I buy now?

Dash has gone through several cycles of growth and consolidation. I think this is a very good time to buy, it is really stable in terms of BTC ratio. Now BTC seems to be in a downtrend so the dollar may go down a little, I would buy slowly over the next few days until you reach your target.

I would really take this opportunity to buy, the dev team is working hard implementing some of the recent features that were agreed by the community, specially the new governance system that should provide budget for a range of new initiatives both in development and promotion. I think is fair to say that once that is implemented and we start reinvesting a little in developing the ecosystem that could help reach more adoption and spark the next growth phase, so this time of silence while the dev team is hard at work is ideal to accumulate, Evan tends to present news and developments when no one is expecting them so buying now feels like the smarter thing to do.

Nice Update & Good call

[UdjinM6]

Hit "Enter"

@UdjinM6 - I love your work - but - that was just a smart-ass remark. Of course I hit the 'ENTER' key - =plam to face - ugh

Sorry, but even when you insert "daemon=1" in you dash.conf config file (I wonder how are you able to run daemon without it) you'll still need to hit "Enter"

Please be more familiar with this command "dash-cli masternode start". "dashd" might not be able to do what you want in near future.

@TheLazieR - Please explain what you mean - Gonna need more than that from a "Newbie" and possibly a "Sock-puppet" Troll acct. but - I'm to damn lazy to go look at your post history - ugh

Migrating to 0.10 bitcoin will split "old" dashd to 1) dashd - daemon 2) dash-cli - lightweight cli program to run rpc commands

EDIT: and "dashd some_command" will not be available anymore

[Artoodeetoo]

This is great work team, how much work have you done!?

Looking forward to seeing the feedback.. Have a cheeky beer now!

[razen489]

Dash Price escapes 0.011 BTC uptrending back https://www.coingecko.com/en/price_charts/dash/btc

[Artoodeetoo]

Looks like its about to breakout

[BagHolder010]

Development Update - June 2, 2015

https://dashtalk.org/threads/development-update-june-2-2015.5070/

   \O/
WOOT !!!!

Awesome work!...

Looks like its about to breakout

Yup I said it before .01-011 was the old .006, it's just amazing how active the developers are in Dash + people really believe in Dash and +2.5m locked coins on Masternodes proves it.
My guess and I am no expert Dash will reach a newer supporting level can't wait to c what that level will be

[rentahash]

DASH is progressing smoothly!

Nice to see truly decentralization in action!

[Sub-Ether]

As this work was financed, all I can do is provide a sanitized screenshot.  This is a simulation of the FPGA version of the design using a UART interface:

Also note that my design has a number of compile time parameters/constants which affect the performance/throughput.  The above simulation is for a design with basic settings only and a nominal clock rate, so the time intervals shown do not reflect expected performance.

Thank you very much for your professional input (reminds me of my student days on the altera test boards, lol),
Am wishing you all the luck with your project and perhaps it will be brought to fruition one day in the future if the price goes way up and this becomes a viable project to manufacture and sell.
Small tiny last question please, am wondering roughly how many man hours or months of work it has taken to get this far?
(btw, 'beefdead' is a funny hex number, is kind of like 'boobless' in decimal)

ASIC X11 miner simulation for a FPGA

[qwizzie]

Development Update - June 2, 2015

https://dashtalk.org/threads/development-update-june-2-2015.5070/

very good news indeed and one amazing large update, here is to hoping everything goes smoothly in the internal testing
and hopefully we all meet on public Testnet again in two weeks (give or take a few days  ) .
 

[Sub-Ether]

Development Update - June 2, 2015

https://dashtalk.org/threads/development-update-june-2-2015.5070/

very good news indeed and one amazing large update, here is to hoping everything goes smoothly in the internal testing
and hopefully we all meet on public Testnet again in two weeks (give or take a few days  ) .
 

See you at the party!

[crackfoo]

To whoever asked about mining, meant to reply.. I use xpool.ca

Seems very good to me... Get a few Dash per week out of it

I've used xpool.ca as well, and I agree that it's an excellent pool.  I used my old sha256 asic there, and being I have no interest in bitcoins or any other sha256 coin, I simply let xpool use the hash where it made the most DASH for me, no worries

Just FYI, I've been banned for a while and haven't been able to post. I've now implemented a new fully automated payout system. This will now have daily exchanged payouts, except weekends. Mined coins are paid out every 6 hours. If you're using X11 (Really need more X11!) then you'll get your matured DASH delivered every 6 hours. Those using the other algo's get their DASH each weekday around noon time EST.

Cheers!

[coins101]

Development Update - June 2, 2015

https://dashtalk.org/threads/development-update-june-2-2015.5070/

Super cool update.

Thanks to all involved.

[coins101]

....Small tiny last question please, ..
(btw, 'beefdead' is a funny hex number, is kind of like 'boobless' in decimal)

..

You're hiding a few little secrets.

Come on Sub-Ether, do you work for GCHQ?

Are you the Fifth Man?

[Sub-Ether]

Come on Sub-Ether, do you work for GCHQ?

Are you the Fifth Eleventh Man?

If I worked for GCHQ I would know what I'm talking about   

[kointrend]

Development Update - June 2, 2015

https://dashtalk.org/threads/development-update-june-2-2015.5070/

Thank you sir, and all the team.

[coins101]

Come on Sub-Ether, do you work for GCHQ?

Are you the Fifth Eleventh Man?

If I worked for GCHQ I would know what I'm talking about   

That is the one and only answer that I would have expected from a spy.

The Manuel response: I know nothing.

[Sub-Ether]

That is the one and only answer that I would have expected from a spy.

The Manuel response: ''I know nothing''.[/url]

So deep undercover for so long, have forgotten original purpose for going undercover 
Anyway, stop off topic-ing me! I off topic very easy 

[alex-ru]

If somebody want to support-discuss my idea of Idea #4 Additional Dash Promo-Site.

Welcome to Dashtalk: https://dashtalk.org/threads/volunteer-to-support-dash-development-improve-dashpay-io-website.5058/#post-55663

Well I think our current dishpay.io is good enough (may be change background images for more suitable and make other design adjustments + and promo-video on main page - but I like it in general - structure and so on…).

Our current most important audience is investors - they need full information in formal serious appearance. Project is very technical complicated - so dishpay.io is not easy too (to better convert visitors into investors) - it is OK.

But. The more project is growing - the more we need not only investors but general users also…
And this type of visitor is absolutely different. They don’t care if coin has long-term perspective, does it have competitive technology and so on…

Most of them just:
1. Visit some site-shop.
2. See there Dash as payment option. - «What the f*ck is Dash?» - click.
3. Go to our site, have a 5-seconds look «What is it? Better than Bitcoin?» «Can I start using it quickly?» «Is it easy enough?»

So to better convert such visitors into users we don’t need to force them study «complicated» dishpay.io - we need simple «landing page - CPA-type of site»

What is landing page? Have a look at http://dogecoin.com - this site oriented on converting visitors into users, not investors. I feel Dash need similar promo-site in addition to dishpay.io
It must be:
1. Small-simple: 1-3 pages, minimum number of links.
2. Attractive-bright: video + big images and short texts + animated + responsive + interactive = FUN!
3. Download-centric-optimised. Main purpose - convert visitors into downloads-installs.
4. Minimum technical information (no! private keys, hashing, mining, masternoding and so on) - so every non-crypto person won't see any new «frightening words».


There are some examples of this concept I like:

http://thevoltapp.com/en/
http://www.spendeeapp.com
https://www.automatic.com
http://playwith.co
http://www.pixate.com
http://www.getsnippit.com
http://get.hike.in
https://kinhr.com
https://evernote.com/work-chat/
https://acorns.com

http://test.mgkub.ru/domovladelec/
http://test.mgkub.ru/women-training/
http://test.mgkub.ru/icg/