In a new interview, Dash Core CEO Ryan Taylor explains why he thinks Bitcoin will fall behind due to the developments made by Dash and other cryptocurrencies. Here are his provocative thoughts.
Ryan Taylor is unlike your average cryptocurrency guru. CEO of the Dash Core Group (DCG), a for-profit company funded by the Dash Network, he is usually sporting a sharply tailored suit. In an exclusive interview with Breaker Mag, he tells us why he is bold in his predictions that Dash will someday eclipse Bitcoin.
Taylor is a crypto personality who emerged from the embedded financial and consulting firms in the New York area.
Holding leadership positions in consulting firms like McKinsey, he went on to join hedge funds and payment companies until being first exposed to Bitcoin. Once he discovered it, he knew it was “designed by someone who knew nothing about the payments industry.” He took it on himself to make Bitcoin’s actual goal a reality; a form of digital cash, which he now believes Dash is making great strides towards achieving.
Dash has changed quite a bit since Taylor found first discovered digital currency way back in 2014. Previously known as Darkcoin, Dash has since gone through many evolutions.
Dash now boasts InstantSend and has pioneered the Masternode model which other cryptocurrencies have tried to emulate. Most impressive of all, it has remained a top cryptocurrency for 4 years now, which says a lot given this fast-changing market.
The Problem with Bitcoin
Bitcoin, according to Taylor, is far too centralized. “Bitcoin and most cryptocurrencies allocate 100 percent of the new coins and all transaction fees —basically, the entire revenue of the system—towards miners. And that to us was absolutely crazy,” he said.
In response, Dash decided to do things a bit differently. It split its block rewards three ways: 45 percent goes to miners, 45 percent goes to Masternodes, and the remaining 10 percent goes to development, which is voted on by Masternode operators.
Dash, he says, is far more decentralized than Bitcoin. In Bitcoin, “there are like six miners that control all decisions… but in our system, there are checks and balances.”
Masternodes can veto the decisions made by miners, and reach consensus on their own terms. Because there are 4500 Masternodes, “I can’t point to six people that control the Masternode layer,” said Taylor, making the case that this structure ultimately means that Dash’s network has extra security.
So what’s the problem with Bitcoin? Part of the issue lies in that most of us are accustomed to treating Bitcoin as never going away simply because it has first mover advantage. However, for Taylor, this is a gross over-simplification.
‘The Superior Product Always Wins’
“I don’t think Bitcoin will survive long term. Lightning Network isn’t a solution,” Taylor explained. At a fundamental level, Bitcoin lacks a governance model, which means it is unable to change and adapt to the marketplace. This, ultimately, will be its downfall.
For Taylor, “the superior product always wins,” regardless of first mover advantage. As he told Breaker Mag, Betamax was at one point way ahead of VHS. However, the user experience was sorely lacking because tapes only lasted two hours. Despite having a prime mover advantage, Betamax fell behind and now no one ever talks about it. “I think that will happen again,” Taylor affirmed.
Is Bitcoin the Betamax of cryptocurrency? Can it properly scale and survive to compete against fast-growing cryptocurrencies like Dash? Let us know your thoughts below in the comments below!
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