Dash now on wallet.trezor.io
(MN’s by 12.1)
Dash now on wallet.trezor.io
While Bitcoin value and use continue to grow year after year, cryptocurrency is still a far cry from total main street adoption.
While some online heavy hitters such as Overstock and Amazon through Purse.io significantly improve the usability of cryptocurrency, the average storefront business anywhere in the world will likely not accept digital currencies. CoinMap lists barely over 8,500 Bitcoin-accepting businesses worldwide. Cryptocurrency evangelists have their work cut out for them.
Cointelegraph spoke to John Bush, owner of Brave New Books and head of the Dash to Adoptionproject, about the dos and don’ts of the cryptocurrency adoption strategy that he learned during his push to get new businesses to accept Dash.
Cointelegraph: What were your goals coming into the adoption push?
John Bush: My goal was to help 100 businesses get set up to accept Dash within 100 days. I also wanted to study the ecosystem in order to determine best practices for furthering adoption
Cointelegraph: How were your results?
JB: I ended up falling quite short of my goal. I was able to sign up 24 businesses with several others who committed but haven’t finalized the setup. I am still working to complete the 100 businesses but it will take well more than 100 days. I’d be happy to reach 100 in 200 days. As I said before the campaign was approved, whether I make the goal or not, I will continue to work towards the original goal of 100.
Cointelegraph: What was the main component of the project’s success that you underestimated?
JB: Time. I was expecting a better closing rate than what I had. I reached out to thousands of businesses and only a small percentage of them responded and a smaller number responded with interest. More time would mean more potential businesses reached. I honestly thought it would be easier to reach businesses that already accept Bitcoin. Perhaps not having many Bitcoin customers led them to not be so excited about a new cryptocurrency.
Cointelegraph: Which were the easiest businesses to reach?
JB: Businesses owned by people I know personally!
Cointelegraph: And the most difficult?
JB: Businesses that did not accept cryptocurrency.
Cointelegraph: Then is it fair to say that Bitcoin is the “gateway drug” to other coins?
JB: I would like to think so. One of the hangups I had with Dash was the lack of a solid tool for utilizing InstantSend. One of the few ways to make this happen is to use the Core Client, but of course, customers aren’t walking around with their laptop so there often wasn’t a way for the customer to send using InstantSend.
Cointelegraph: Have you had any success in taking businesses from zero to Dash, or is Bitcoin-first a must?
JB: I did have some success with crypto noobs.
“Many of my friends who are business owners setup Dash before ever accepting Bitcoin.”
Cointelegraph: So do you think other coins can gain direct public acceptance without having to field the “But what about Bitcoin” question?
JB: I do, once InstantSend is more widely available I think Dash will stand out as a cryptocurrency with great value for businesses.
Cointelegraph: What proved to be a winning approach to get businesses on board?
JB: Start with people you know and work from there.
Cointelegraph: How did you approach them? Email, call? What did you say?
JB: For businesses I knew or that were within my sphere of influence I gave a phone call. For businesses I was not familiar with, I sent an email that I would vary slightly depending on the industry.
“I related the benefits of Dash and the exposure the business would get for adding a new currency. I shared a YouTube video I produced to help explain the benefits. Then I followed up and engaged further if they were interested.”
The biggest selling point
Cointelegraph: What was your single biggest selling point? The one reason businesses should adopt cryptocurrency.
JB: The number one selling point for businesses to accept cryptocurrency is to be a pioneer in the space of digital currency and attract new clients to their businesses. A close runner-up is the ability to receive your money almost instantly instead of waiting days for credit card money to deposit.
Cointelegraph: What was one approach/line that didn’t work?
JB: The cold email was less effective than a phone call of course. There is an old adage in organizing and sales that one handshake is worth ten phone calls is worth 100 emails.
Cointelegraph: How optimistic are you about cryptocurrency adoption among the general economy?
JB: I am optimistic that eventually, in the long run, cryptocurrency will be widely adopted. I think it is inevitable. In the short term, however, with entrepreneurs focused on short term goals and most always overloaded. I don’t think the value proposition exists for mass adoption to come soon.
Rationale for Multi-currency
Up until now, TREZOR Wallethas only been offering a simple Bitcoin wallet interface, while TREZOR itself has been expanding support to various other cryptocurrencies. With development of the latter, a growing voice of the community has requested integration of different currencies into TREZOR Wallet as well.
After investigating the viability of this project, we realized that this was doable into a certain extent. TREZOR Wallet utilizes Insight/Bitcore in order to grab information about cryptocurrency/blockchain. A functioning Insight is therefore the main requirement for integration of any coin into TREZOR Wallet.
Zcash T-addresses Only
TREZOR Wallet only supports T-addresses only. This is due to the hardware limitations of the device and the requirements of Z-addresses. We apologize for the inconvenience caused.
Bitcore Servers Deployed
Some of you might not be surprised by this update, as you have been testing it on the public beta version of TREZOR Wallet. However, the reliability of the beta was not always perfect, which pushed back full release.
We are happy to announce that this spottiness will no longer be an issue. We have successfully deployed additional Insight/Bitcore servers for multi-currency support to address availability issues on the beta. As we are now using self-hosted servers, the speed of the Wallet should be greatly increased.
Currently on Zcash TREZOR Wallet, unconfirmed transactions are not visible. This is currently being worked on, and the fix will be deployed soon.
Currency Switching in TREZOR Wallet
Simply choose your selected coin from the drop-down menu in the left panel of TREZOR Wallet. If you want to explore additional settings, or set your own Bitcore servers, you can go to the App Settings, also accessible from the left panel.
With 2017 now in play, peer-to-peer digital currency Dash is in the midst of a major new initiative to propel its efforts forward. Known as Sentinel, this significant software upgrade will fuel Dash’s new decentralized payments system called Evolution.
The release date is set for February 5th and it’s the largest upgrade to their software in over a year. Says Ryan Taylor, Director of Finance for Dash:
“The Sentinel release represents a complete redesign of the software underpinning Dash. It offers a significant improvement in the performance of certain features for users. Most of the changes associated with Sentinel, however, are “under the hood” and are designed to allow Dash to deliver new functionality quickly without requiring users to upgrade their software.”
Dash is built upon Bitcoin code, but with many added features and enhancements. This includes Instant Send, Dash’s instant payments technology, that enables transactions to confirm in less than two seconds. The Dash community views this as a key feature towards an improved user experience, arguing that Bitcoin’s 10 minute confirmation times are inadequate for point-of-sale use cases.
Dash officials state that 25 percent of transactions are facilitated using Instant Send. They also tout enhanced privacy features for keeping user transactions and balance information secure.
Dash transactions are verified by users running over 4000 master nodes across the world. The company’s built-in governance and funding system allow projects to be proposed and voted on by the community, and if approved, paid for directly from the blockchain.
With the upcoming Sentinel release just weeks away, the Dash team is finalizing plans for Dash Evolution, due out later this year – a move that Dash leaders say will completely change the way consumers and merchants experience cryptocurrency.
Says Taylor: “Evolution is our organization’s landmark effort to reimagine the entire experience of digital currency and finally enable it to reach mass adoption. The design of Evolution will deliver proven payments industry best-practices to digital currency to enable it to reach this huge market. architecture to accomplish.”
Perry Wooden, CEO of the blockchain governance company Node40, one of the leading service providers for the Dash network says that because Evolution is still early enough in its development, he’s uncertain as to what the new specs will be for running a masternode. Wooden points out that one can assume though that the minimum requirements will increase, which means the hardware needed to run a masternode will become more expensive.
“The beauty of the Dash incentive model is that as Dash increases in value this increased hardware expense can still be supported through its rewards system. We end up with a positive feedback loop. New and better features require better specs and the valuation change from the new features supports the additional costs, ” remarks Wooden.
As to the new features in Evolution, Wooden says that Node40 is very much looking forward to integrating with the merchant features. “We were able to test the proof-of-concept with Evan Duffield (Dash’s lead developer) last year. This new feature will allow merchants to request payment directly from a customer. No more sending public keys to your customers. Trusted merchants will be able to request payment directly to a customer’s wallet, and the customer can simply click accept or reject.”
Concludes Dash’s Taylor: “I think Bitcoin will continue to dominate the market, but I believe we will witness much greater exploration of specific use cases, and blockchains created to suit those purposes. We also should see an increasing focus on usability, and I think Dash will play a leading role in pushing for this aim in the year ahead. Whatever happens, it will be exciting!”