The Dash Network is set to fund the creation of two separate Ripple gateways, one on GateHub and one open-source.
The Ripple Consensus Ledger is a cryptocurrency network that allows for the rapid and seamless exchange of currencies across the network via gateways. These new proposals would integrate Dash, one into the GateHub major gateway, and the other open source. According to Andriy Khavryuchenko, project lead for the open source gateway, both proposals work well in tandem:
“That’s why both Ripple proposals are important: GateHub integration could bring liquidity, open source gateways may create a wide selection of gateways, reaching obscure corners.” Ripple gateways will allow for seamless Dash transfers through gateways
Integrating Dash into Ripple gateways will allow Dash to be seamlessly exchanged for other cryptocurrencies, as well as fiat currencies. Additionally, it would allow Dash to be an intermediary in an exchange between two separate currencies in cases where that would be the most efficient method of transfer. Khavryuchenko explains how this would work:
“Having Ripple gateways would allow Dash to participate in growing fiat integration projects, without end users even realizing it.
For example, user may do an UAH payment to a Chinese supplier. And supplier would get paid in CNY. Ripple payment routing would find the cheapest path to make it, and if there are UAH<->DASH and CNY<->DASH gateways, the payment would be finally settled in local currencies and Dash.
The best thing, however, is that gateway operators and liquidity providers don’t have to know or even care about each other: everyone would benefit, earning their commissions. And, for commissions to be low enough, there should be enough liquidity.” Dash’s welcoming community and masternode system attract collaborators and investors
Cryptocurrency in general, provides an attractive lure for those who have been burned by the old financial system, and Dash in particular, because of the masternode system, offers better investment opportunities. This led Khavryuchenko to investigate Dash.
“I was sold on crypto when our company was hit by Cyprus crisis in 2013 right at the moment when we wired developers’ salary to a Bank of Cyprus account. After buying some Bitcoins and doing some early work on Ripple projects, I was seeking some kind of passive income and found Dash masternodes. Quite soon after this, I’ve read a “seek for developers” post by (Dash Core team member Tungfa) and since then was checking what I can do as a developer.” In a world of cryptocurrency that can be rife with trolling and discord, Dash presented to Khavryuchenko a welcoming alternative, much more suited to collaboration. “Since 2014 I’ve found that dash community is much more open, friendly, and focused on getting stuff done, instead of now-usual holy wars. And this spring price increase gave me resources to reorganize my life and contribute back to the Dash system.”