Dash's purpose goes beyond the primary investment objective of most existing cryptocurrencies. The digital asset has accumulated so much value from the innovative ideas implemented and has met many banking expectations that are lacking in traditional financial institutions. Unlike most altcoins, Dash was built with the goal of perfecting future payment for people around the world.
In some parts of the world, it has been actively used as a medium of exchange and is still spreading to the other part of the world. Its adoption rate has been impressive and it can rub shoulders with Bitcoin in no time, as several companies accept Dash as payment for coffee, airline tickets, and phone bills.
The difference between Dash and Bitcoin lies in the algorithm used. Bitcoin uses the Proof of Work algorithm, while Dash uses X11, which is a modification of the proof of stake algorithm. Aiming to become a means of daily transactions, Dash has extended its initiatives to the United States and other Latin American countries.
According to Ryan Taylor, CEO of Dash Core Group, the demand for digital assets has skyrocketed in South America, and its adoption rate has increased over the years and more is expected in the coming years.
From May to December 2019, Dash recorded a massive 562% increase in active users of the Dash wallet. In December 2019 alone, there was a 29% increase in wallet users.
According to Dash's Director of Media and Public Relations, Mark Mason, the data does not represent the installed wallet, but rather active users (who accessed their wallet at least once a month). The number has definitely increased from January 2020 until now, as the popularity and speed of digital currency adoption are only behind Petro and Bitcoin.
In the first quarter of 2020, Dash registered an increase in commercial payment in Latin America by 104%.
Dash Core Group is currently exploring possibilities to extend the scope of its project to Africa. In 2019, a group called Dash Nigeria participated in a movement to drive Dash adoption for the rapid growth of the West African economy. Several stores reportedly accept Dash in Nigeria with interest influenced by the fast transaction speed and low transaction cost compared to Bitcoin.
Dash has been taking advantage of the bad financial situations of the countries to present itself as a solution. The team plans to expand its adoption rate in Latin America and extend it to other parts of the world, and it is undeniable that once they execute their plans and expand the audience, Dash will rub shoulders with Bitcoin.