Darkcoin to Dash: The 5-Year Fight to Rebrand a Privacy Coin – Decrypt

In brief

  • ShapeShift recently delisted Dash, along with Monero and Zcash, from its trading platform.
  • Dash, a Bitcoin fork, contends its transaction protocol is the same as Bitcoin’s.
  • Dash, now known for pushing “digital cash,” retains an optional coin mixing feature.

In the form of 2014, Wired ran a narrative titled “ Darkcoin, the Shadowy Cousin of Bitcoin, Is Booming. ” It was about a nascent privacy mint that was selling for closely $ 7 .
If you ’ ve never listen of Darkcoin, that ’ mho because it ’ randomness now called Dash. And although it was the first coin to integrate CoinJoin mix, its contributors say it ’ south immediately nobelium more a privacy mint than Bitcoin. so, when ShapeShift recently delisted Dash, along with privacy-first Monero and privacy-optional Zcash, the group that helps run the Dash net took issue .
“ We ’ ve always had a amply guileless blockchain with all inputs, outputs, amounts, addresses in full transparent, ” Dash Core Group CEO Ryan Taylor told Decrypt. “ We ’ rhenium very gallant of our implementation of CoinJoin, but there ’ s no legal basis for treating Dash any differently than Bitcoin because it ’ s an identical transaction protocol. ”
The root of the privacy coin label is half a decade old, when the network launched DarkSend, since relabeled as PrivateSend, Dash ’ s “ brand name for the specific CoinJoin execution found in Dash ’ s background wallet. ” PrivateSend is a march users can implement before a transaction that mixes up wallet holdings then that “ an external observer is unable to determine the source of financing. ”

That was dreamed up by Evan Duffield, the creator of Dash, who exited the company at the begin of 2017, leaving it in the hands of the Dash Core Group .

In Dash ’ mho tell, it hasn ’ t done much with privacy since. “ The primary focus has kind of shifted to speed and serviceability as opposed to optimizing for privacy, ” said Taylor. The current privacy option, he said, “ is thoroughly enough to keep your nosy neighbor out. ”
“ Is it good enough to keep the CIA from analyzing your transactions with tools like Chainalysis or CipherTrace ? ” he continued. “ No, but that ’ s not what this is attempting to accomplish. ”
What Dash is attempting to accomplish is becoming a daily transaction currency. It ’ randomness now the 29th-biggest coin by report market crown, which stands at $ 678.9 million. Dash ’ s main emergence market is Latin America, where it ’ second taken off as a classify of alternative to Bitcoin Cash and is integrated into the payment systems for several retail and restaurant chains, including Burger King .

taylor estimated that entirely about 0.2 % of transactions use CoinJoin on the Dash net. “ You can ’ t consumption CoinJoin and transact at the lapp time, ” he said .
Yet the early privacy coin label has stuck even though Bitcoin users can do basically the same thing, provided they use a service such as Samurai Wallet or Wasabi Wallet .
Glenn Austin, CFO of Dash Core Group, speculated that the Department of Justice Cryptocurrency Enforcement Framework released last calendar month may have played a character in the ShapeShift delist. That composition stated :
“ The credence of anonymity enhanced cryptocurrencies or ‘ AECs ’ —such as Monero, Dash, and Zcash—by MSBs [ money services businesses ] and darknet marketplaces has increased the use of this type of virtual currency. ”

The reputation far contends that these coins can help get around anti-money launder ( AML ) and combating the finance of terrorism ( CFT ) regulations. therefore, it said, “ Companies that choose to offer AEC products should consider the increase risks of money launder and finance of criminal natural process, and should evaluate whether it is possible to adopt allow AML/CFT measures to address such risks. ”
Though the report stray by claiming Monero, Zcash, and Dash run on “ non-public or secret blockchains, ” some exchanges have no doubt considered the ennumerated risks and deemed them not worth it. ShapeShift Chief Legal Officer Veronica McGregor told Decrypt as much earlier this workweek, saying, “ We are de-risking the company from a regulative point of view, so, for nowadays, we are not working with those coins. ”

taylor and Austin told Decrypt that Dash has worked with exchanges before—both to stop them from delisting Dash and to convince them to re-list it. That includes eToroX, which delisted the coin in 2019, merely to reverse course .
Dash Core Group wants to work with ShapeShift, besides. According to Austin, “ We heard rumors that they were considering [ delisting Dash ] and reached out to [ McGregor ] on multiple occasions over the last few months….Unfortunately, our outreach remained unanswered. It is particularly thwart because the delist could have been wholly avoided by a simple 10-15 minute predict. ”
That doesn ’ metric ton sit well with Taylor. “ The engineering is technically different than Zcash or Monero, in which this information is obfuscated on the blockchain, ” he said. “ On Dash it isn ’ thymine. So we have a intemperate time being bucketed in with Monero and Zcash as a submission risk, when there is no submission hazard. ”

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source : https://ontopwiki.com
Category : Finance

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