Dash Evolution Genesis launches today. Meanwhile, the DASH crypto is still down 98% from all-time highs. Will this platform revive demand?
The year is 2018, and Bitcoin, Ethereum, and altcoin holders suffer. Prices are melting after the euphoric rise in 2017.
With momentum fading, something interesting is happening: Dash, against all odds, is widely successful in Venezuela and Zimbabwe.
These countries are being ravaged by hyperinflation, and to deal with scarce USD and black market merchants charging exorbitant fees, citizens have turned to crypto, specifically Dash.
Dash was among the first cryptocurrencies. Even though it has fallen down the pecking order, it has a vibrant user base.
As of late July 2024, Dash had a market cap of over $328 million, according to CoinMarketCap. Although it is changing hands at nearly $30, it is down 98% from 2017 highs of $1,640.
However, those who got in early when DASH launched in 2014 are up 127X, even at spot rates.
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What’s cool about Dash is its privacy features–a double-edged sword–, low fees, and high scalability. It remains to be seen when or whether DASH price will break into the top 100 and reclaim its lost glory.
Everything You Need To Know About Dash Evolution
For now, attention is being paid to its ambitious project: Evolution.
We trust @SamWestrich to deliver Evolution to us tomorrow!https://t.co/AyM5P0MrT2
— Dash (@Dashpay) July 28, 2024
According to developers, Dash Evolution, whose Genesis launches today, will usher in the age of data access and dApp development on the decentralized network using decentralized API.
Evolution will offer reliable access to decentralized data so that the same data can interact, permitting computing through data contracts. Data contracts will provide a structure and rules for storing and managing data.
A modified version of Cosmos’ Tendermint consensus called Tenderdash will enable this, powering the Platform Chain sidechain parallel to the main net.
Because of Dash Evolution, users will retain control over their data while building Dapps in a developer-friendly environment. At the same time, because the Platform Chain is scalable, data retrieval will be fast and efficient.
Name Service And DashPay: Will They Ignite Demand?
To demonstrate the power of Evolution, Dash developers have launched a name service for users to register human-readable usernames linked to their Dash addresses.
At the same time, a payment solution, DashPay, allows for cheap P2P payments between Dash users.
With Evolution in the picture, Dash supporters are upbeat.
(DASHUSDT)
Looking at the DASHUSDT chart, the immediate resistance lies between $30 and $31. A close above this level could see DASH push higher to March 2021 highs of $45.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
