Cryptocurrency finally approves longawaited chaotic launch anticipated since 2015
The Dash (DASH) cryptocurrency’s Decentralized Autonomous Organization (DAO) has given the green light for the Evolution (Evo) upgrade. In an interview with Finbold, Joel Valenzuela called it the “most significant release” for Dash, referring to the “chaotic mainnet” approach.
The Dash masternodes approved a proposal called “Evo Accelerated Launch Release Schedule.” On June 23, Dash Core Group CTO Samuel Westrich announced the approval with 68% of votes in favor, excluding abstentions. The community has dubbed it the “Genesis phase” of the Evolution release.
As a result, the Dash Evolution platform will be released on July 19 in a “chaotic mainnet” with ongoing development activity. Joel Valenzuela, Business Development and Marketing for Dashpay, compared this release to THORChain’s (RUNE) “chaosnet” launch.
Valenzuela described the “chaotic” launch as a platform that is still not perfected while running on the mainnet—a production environment. He also mentioned similarities to the Ethereum (ETH) 2.0 launch, released before finishing the code for staking withdrawals.
Joel, a pioneer in the crypto space, has been fully living in a crypto standard since 2016, when he closed his bank accounts.
The Evolution upgrade will enable decentralized applications (DApps) to run on the Dash network and create other data storage functionalities. Joel Valenzuela explained that Evo will implement data contracts, a “more efficient version of smart contracts.”
The Dash blockchain may see popular Web3 features like social payments contact lists and NFTs with the Evolution platform.
The recently approved proposal passed with 460 “yes” votes, 222 “no” votes, and 21 abstentions. This resulted in a narrow approval of 67.44%. The controversy lies on whether Evolution should launch in this “chaotic” environment, not fully finished, or wait for a more polished version.
EvoNodes will still not be able to spend their earnings early on, which is another reason for the controversy. Joel Valenzuela declared being in favor of the accelerated release because he deems it important to show a “real release after all these years.”
As of this writing, DASH trades at $23.79, down 24.72% year-to-date. Dash is one of the first cryptocurrencies created to solve Bitcoin’s (BTC) scalability, currently with a $280 million market cap.
In closing, Evo will have its launch on July 19, when Dash nodes should upgrade accordingly. This platform will allow novel data storage and transaction functionalities, which could boost demand for the network and the native coin, DASH. Despite the controversy over the accelerated release, the community is mostly in favor and excited about the Dash Evolution platform.