Whetheris a privacy-preserving cryptocurrency or not is somehow up for contention.
Dash Says It’s not a Privacy Coin
The recent de-listing of privacy-centric cryptocurrencies from major exchanges the world over has drawn considerable attention from the global crypto community.
It is speculated that pressure from financial watchdogs around the world forced crypto exchanges to take action against privacy-focused digital currencies that, according to some reports, are used extensively for committing cyber-crimes. However, other reports seem to suggest otherwise.
Regardless of the actual usage of privacy-centric cryptocurrencies for illicit activities, the crypto community hasn’t particularly been impressed by centralized exchanges’(CEX) decision to de-list major privacy cryptocurrencies such as Monero (XMR), Zcash (ZEC), and Dash (DASH), among others.
Surprisingly enough, Dash now claims that its privacy functionality is “no greater than Bitcoin’s.”
Replying to a tweet by crypto exchange Bittrex that announced the delisting of XMR, ZEC, and DASH, Dash’s Twitter handle tweeted the following:
From a technical standpoint, Dash’s privacy functionality is no greater than Bitcoin’s, making the label of “privacy coin” a misnomer for Dash. We have reached out to @BittrexExchange to request a meeting with their compliance team. Hopefully this will be rectified soon. https://t.co/QA66OoshPn
— Dash (@Dashpay) January 1, 2021
Essentially,now claims that technically, its privacy features are no greater than those of Bitcoin. The project is now scheduled to have a meeting with Bittrex’s compliance team and hopes to get listed on the exchange again.
Shortly after the de-listing tweet, DashPay CEO, Ryan Taylor, started a tweet thread explaining how the cryptocurrency, at its core, is far from being a privacy-centric digital currency.
9/ Secondly, Dash is not an AEC! As a literal fork of Bitcoin, all Dash transactions are completely transparent. All inputs, outputs, addresses, and amounts are recorded on each and every transaction and viewable – by anyone – on its public blockchain.
— Ryan Taylor (@RTaylor05) January 2, 2021
Bending to the Regulators Whims?
For Dash and its representatives to say it is not a privacy-oriented cryptocurrency is a little hard for the crypto community to digest.
As previously reported by BTCManager, Dash has cemented itself as the cryptocurrency of choice for Venezuelans who are having hard-time fighting hyperinflation caused due to international sanctions and unchecked money printing from the economically-troubled South American country’s central bank.
Further, on a recent note, BTCManager reported that Dash developers are poised to upgrade the protocol’s network to optimize its performance, enhance the user interface, and provide greater privacy and stability to Dash users.
Witnessing Dash give-in so readily to anti-privacy cryptocurrency regulations might be a cause for worry for crypto enthusiasts that are all about personal financial privacy and freedom.
Conversely, Dash trying to make its way out of the privacy-centric cryptocurrency list opens up room and market opportunities for other privacy-focused crypto projects vying to give competition to the likes of Monero and Zcash.