Dash cryptocurrency CEO Ryan Taylor is under threat of dismissal as per the latest proposal. Dash is a privacy coin that has recently expanded into Venezuela with the market gap left due to the ongoing economic crisis. Taylor is a former hedge fund manager who left Wall Street to join the Dash cryptocurrency project.
The dismissal proposal
The owner of the proposal is named ‘SavingPrivateDash’. The proposal will likely fail, but more are on the way. Both the CMO and head of Dash cryptocurrency business development are likely to be hit with similar proposals –
“If this proposal does not pass in this cycle, I will still submit two other ones on the next: one to fire Fernando and another to fire Bradley. Also on 2019 Jan 01, I will submit this exact same proposal again. Let’s see how many of you change your mind after realizing Evolution was not delivered, and deadlines from the roadmap were missed yet again.”
The masternode owner was very critical of Taylor, saying that he seriously mismanaged more than USD 30 Million in funding and has destroyed numerous community projects despite having ludicrous amounts of money available. The fact that Dash Core Group (DCG) has over USD 500,000 in monthly expenses was also cited, with little to show for it in the past eight months. The Private Send feature was criticized as taking far too long, and there have been no significant wallet upgrades in two years.
The criticisms may be a little harsh, given that the market as a whole is in a slump and all cryptocurrency projects are lagging behind various promised solutions. However, the message will stick and put Taylor’s performance in the spotlight.
“Ryan destroyed the market’s confidence in Dash by repeatedly breaking promises and missing deadlines. Vault accounts, usernames, friends lists, easy to use mobile wallets, marketplace. None of the 2016 promises were kept. Even Amanda Johnson, once Dash’s biggest fan and now nowhere to be seen, said publicly she would give DCG until Dec 31 2018 to deliver on Evolution.”
What is Dash cryptocurrency?
Dash (‘Digital Cash’) is one of the earlier cryptocurrencies, and the most well-known privacy coin apart from Monero. It was created in 2014 and enjoyed early market dominance, but has since slipped back to 14th, trailing behind Monero. While Monero is technically a better coin from a privacy standpoint (according to the vast majority of DLT engineers), Dash has good marketing and business presence, enjoying more expansion. However, its Evolution upgrade has been a long time in the works.
The way the Dash cryptocurrency governance system works is that masternode owners vote on proposals in a decentralized governance structure. A portion of the block reward is kept for community projects, which Taylor allegedly mismanaged.
The likelihood of Taylor actually being dismissed from the role are minimal given the current votes. However, it does put pressure on Taylor to deliver on the Evolution upgrade by December, which is the deadline for the eagerly awaited innovation. The management team will need to deliver and rectify any issues the masternode owners have, as they effectively maintain the network.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.