Early Bitcoin pioneer Charlie Shrem, co-founder of now-defunct Bitcoin exchange BitInstant, is pursuing a new venture, a Dash-branded and Dash-accepting debit card. Rather than seeking startup funding through more traditional means, however, Shrem has instead sought funding directly from Dash itself.
Instead of the entirety of the block reward going to miners like most other coins, Dash gives 45 percent to masternode stakeholders, and 10 percent is set aside for development and other community projects.
As this card would constitute a community project to grow Dash’s ecosystem, Shrem submitted a proposal to the masternodes, seeking funding from the decentralized autonomous organization (DAO) within Dash itself. The proposal currently counts an overwhelming majority of favorable votes, meaning that it will be funded unless an unexpected torrent of “no” votes materializes.
Cointelegraph spoke with Shrem about his proposal, seeking to become involved with Dash and his history in the cryptocurrency movement.
Cointelegraph: Congratulations on your first Dash treasury proposal doing well! What led you to pursue this avenue?
Charlie Shrem: I’ve been working with Payza since 2014 on various crypto integrations. Recently, in Miami, I met the Dash Business Development team and introduced them to an exchange that has integrated Dash. I then increased my position in Dash as I got to understand the project better. I like the concept of MasterNodes and the simplicity behind it. I decided to put together my own plan to launch the Dash debit card and put together a budget. I realized that people would be more comfortable holding Dash as a store of value if they could spend it whenever they wanted. I created a pre-proposal and the excitement grew!
CT: How did this, doing business with a coin itself rather than a company, differ from traditional ways of doing business?
CS: It’s really interesting and I know other coins have tried this. Steem for example, when the witness payouts were higher, the witnesses would allocate funds to various projects. With Dash, anyone can submit a proposal and if they receive 10 percent net yes notes, the protocol automatically allocates the budget to them. It’s awesome self-governance and economic incentivization.
CT: Has this changed the parameters for how to do business, like in terms of what you can accomplish with this card?
CS: This card has two great things to it. Merchants accepting Dash can now instantly withdraw their funds and use the card to pay bills. The second is psychological. When you are holding a form of value, the harder it is for you to spend or use it, the less you want to hold it. One of the things that give Bitcoin its utility as a store of value is the widespread belief by holders they can sell/spend/buy whenever they choose anywhere they choose. There are over 20 different Bitcoin debit cards available, it’s time for a Dash card.
CT: You've been involved in the world of cryptocurrency for a long time. What first got you involved? What was that one moment or aspect that ignited your imagination?
CS: What got me passionate about crypto was a lot of things, for the first time people didn’t need to rely on their individual liberties being defended by governments or corporations, rather we take our own rights and defend them with technology.
CT: Does that remain the same today?
CS: Of course.
CT: Back in the day it was Bitcoin’s world. Is that any different today?
CS: I don’t think it’s changed, but there are a lot more businesses and services around Bitcoin now, so you can use a custodial wallet but you have less freedom and can be frozen, or use your own wallet.
Spotify Acquires Blockchain Startup Mediachain
In what is likely the highest-profile purchase of an industry firm so far in 2017, music streaming giant Spotify has acquired blockchain startup Mediachain Labs.
As profiled by CoinDesk last year,
Why Blockchain Needs ‘Proof of Authority’ Instead of ‘Proof of Stake’
The cryptocurrency world is maturing and the debate over the right long-term consensus protocol is intensifying. The outcome of this debate will shape the future of the entire ecosystem. The
Ethereum Price Analysis: April 19 - 26
Ethereum price is currently trading at the peak of its uptrend. How will the launch of the TokenCard debit cards impact the market? Ethereum price keeps balancing at the top limit of its medium-ter
Americans Skeptical of Bitcoin, Asia Surpasses US, Europe in Fintech Investments
Finder.com has recently conducted a study to examine the current trends in the international money transfer space. Olivia Chow, the company’s Lead Researcher had a chat with Cointelegraph revealing
Bullish Bitcoin Price Breaks Beyond $1,300
Bitcoin price is booming as April winds down, reaching a high of $1,311.9 (and climbing) on the Bitstamp Price Index (BPI). As it stands, bitcoin is within $50 of its all-time high of $1,350, scaled l
Charlie Shrem Joins Bitcoin Unlimited Skeptics, Calls It ‘Glorified Polling’
Charlie Shrem, a longtime bitcoin supporter, has joined the cadre of Bitcoin Unlimited (BU) skeptics, calling it “glorified polling” in a recent tweet, adding that there is nothing t
Nevada Senators Unanimously Advance Blockchain Tax Ban
Senators in the state of Nevada have unanimously backed a proposal that would block local authorities from instituting taxes or fees on blockchain use.
According to public records, after just over
Ripple Adds 10 New Financial Firms to 'Blockchain Network'
Ripple is adding 10 new banks and financial services providers to what it's now calling its "blockchain network".
Founded in 2012, Ripple has raised nearly $100m for its distributed ledger tech