Being studded with highly controversial attributes in its wide array of offerings, cryptocurrencies often have to bear the backlash of the financial heads.
The privacy coins which offer the facility to users of hiding their crucial activity information on the network have always been the hot topic for scrutinizers and experts. The lack of security compliance recently resulted in the delisting of several virtual assets from cryptocurrency exchanges.
Dash, the popular cryptocurrency coin, is also considered as a privacy coin because of its PrivateSend transaction option. This scenario, made Ryan Taylor, CEO of Dash Core Group to come up with his views in a recent interview interaction.
Taylor made his point clear by saying that the PrivateSend feature of Dash platform was initially developed on top of the masternode layer and was a ‘branded implementation’ of CoinJoin.
CoinJoin is a privacy technique which is also supported by Bitcoin and Bitcoin Cash wallets, said Taylor, while advocating the legal status of Dash coin. He further clarified that the technique did not render any changes in the protocol code.
Because Dash was the first to market with this feature, it has been labeled a privacy centric coin by the press.
The spearhead applauded the efforts of the regulators to curb the use of privacy coins but made it clear that Dash did not support any hidden addresses on its platform. As per the statements of Taylor, Dash and Bitcoin are similar when it comes to functional operations as every transaction on Dash network was transparent.
He mentioned that Dash performed PrivateSend transactions on the Bitcoin network to strengthen its claims in front of the regulators. According to him, less than 1 percent of the trading activities on Dash used PrivateSend, and that too was only subjected to privacy issues without any involvement in illicit trading transactions.
Ryan concluded his clarification by saying that,
On top of that, Bitcoin has deployed the lightning network, which completely obscures those transactions off the blockchain completely. And so to regulate dash any differently than Bitcoin is already regulated is absolutely irrational.