Dash Delivers Decentralized Governance System as “Superblocks” Pass Through Blockchain
The project team behind Dash, the privacy-centric cryptocurrency, has successfully passed three “superblocks” of data through its blockchain.
Evan Duffield, Dash’s leader developer, explain the significance of superblocks to AllCoinsNews:
Every month a few superblocks are created to reflect the current budget that has been determined by the Masternode network. These blocks have much larger coinbase payouts then normal blocks, thus we call them “superblocks”. This is quite significant because this is the first ever decentralized governance and budget method ever implemented.
The superblocks were created to work on the payment side of Dash’s decentralised voting proposals. If a proposal is voted in and confirmed by the “Masternodes” – the network constituents, a superblock will appear at certain block counts and take care of all payouts automatically as confirmed by the code. This secures the decentralized payment voting process.
Dash started implementing its voting system, known as “Self-sustainable Decentralized Governance by Blockchain”, in June to provide a decentralized governance system for the project’s funding proposals.
One of the greatest challenges for a decentralized project like Dash is getting enough funding to do the things we need to do to protect and expand the ecosystem. When it comes to other projects such as Bitcoin, they’ve relied on centralized funding and generous donations, but neither of those is robust enough to actually finance what needs to be done on a project like this. To address this issue, we’ve added a decentralized proposal system where anyone can submit a proposal to the network for a specific amount and purpose, then the masternode network votes on the proposals and decides which to fund for a given period of time.
According to Duffield, the Dash community now has an established method of financing public awareness, website design, core development, legal work and any other core requirements. The budget is 10% of the total amount of DASH coins created, which works out to about $21,600 or $2.50 per DASH per month.
If we use the money successfully to educate and draw investment, we should see price appreciation, which would allow us to create a “budget snowball” effect. For example, if the price hits $5.00 per coin, we would have an expanded by of $43,200 per month. You can see how powerful this type of system can be for a decentralized project like Dash. We are quite excited at the prospects.
The superblocks created and passed through the blockchain can be viewed in Dash’s block explorer:
More detail on Dash’s decentralized governance system is available in the project team’s original announcement in April 2015 regarding its proposal to the Dash community.
Formerly known as Xcoin and then Darkcoin, Dash is attempting to improve on Bitcoin by fully anonymizing transactions and making them instantaneous. Dash theoretically accomplishes more privacy through a mixing protocol utilizing a decentralized network of servers called “Masternodes” to avoid the need for trusted third parties that could compromise the integrity of the system.