HomeArticlesLegends of Crypto: Chuck Williams, Tech Lead at DASH + Contest
Legends of Crypto: Chuck Williams, Tech Lead at DASH + Contest
August 13, 2019
Hi guys, today from Acapulco. Today we will talk about DASH – meaning digital cash. I will conduct an interview for you with Chuck Williams. Chuck Williams is a crypto legend and a lead developer in the DASH project. Please note this is not an investment advice, I am not your financial advisor. This is just an interview. I haven’t invested in DASH at the moment, and I am not paid for this interview or rewarded by DASH in any way. So please meet with me Chuck Williams. Let’s start with resolving the contest from the last crypto video. As I said among the people who leave their Byteball address in the comments I will give away some Byteball bytes. I have given away over $10,000 in Byteball bytes in the year 2018 so far and today I will give away also 150 million Byteball bytes. The main winner will get 100 million Byteball bytes today, let’s see who is it gonna be. Who is gonna be the Byteball multi-millionaire today. bbb byte, congratulations to bbb byte. 100 million bytes – I will transfer them to your account soon. The next winner gets 10 million Byteball bytes, another multi-millionaire, another Byteball multi-millionaire. Andrew Ball. Congratulations to you Andrew, 10 million Byteball bytes go to you. The next winner: 10 million Byteball bytes again. CzaS Leci, congratulations to you, 10 million Byteball bytes for you. The next winner: 10 million Byteball bytes go to… Peter Gillis. Congratulations to you, Peter, 10 million Byteball bytes, I will transfer to you soon. The next winner: again 10 million Byteball bytes. Rafal Krzepisz, congratulations to you, 10 million Byteball bytes go to you. And the next winner. Last but not least 10 Byteball bytes go to Dejmien. Congratulations to you. I will transfer to you 10 million Byteball bytes. Congratulations to all the winners, to you and to all the others – stay with me till the end of this video. There will be again a contest and real money to win. Hi guys from Acapulco, I will introduce to you today another crypto legend. This is Chuck Williams – Tech Lead of DASH cryptocurrency. Chuck, tell us how you found your way to the crypto world. You know, it was 2015 and actually I was giving a talk at an activist group called ‘We Are Change’ And I had an idea that I was proposing but I’ve been working on for a long time about how to organize people using incentivized mechanisms. And you didn’t know this was actually what crypto is about, right? Exactly, at that time I had no idea. I mean, I had some idea… I had heard about Bitcoin but the challenge that I was having with my particular idea As I presented it to the community I realized… Well, I knew at that time that I needed a database that could not be changed. And somebody in the audience said to me: ‘Well, have you looked at Bitcoin because that might help with that’? And I said “Well, no I haven’t”. And that night I’ve read the whitepaper and I fell in love and it really was the solution that I was looking for. And I have yet to implement my idea but I think I’m actually gonna implement it on the DASH blockchain. So, it was 2015 when I bought my first couple of Bitcoin right after reading the whitepaper and I’ve been in love ever since. More or less probably at the same time when I did, I bought my first Bitcoin when it was $200-250. $250! I bought 2 for $250. I got lucky at that time. I mean I baught a little bit more. I could only buy 2. Ok. But how did you then switch / come to DASH from Bitcoin. Right, so I spent pretty much all of 2016 trying to work in the Bitcoin space. And I found it to be very hard and it was the end of 2016 where Amanda B. Johnson announced that DASH was looking for UI developers. And I’ve been an UI developer for about 20 years. So, I very quickly emailed and said ‘Hey, I’m your guy’. So, they hired me on in January of 2017, and I’ve been working there ever since and now it’s February 2018 and this year’s gone by so fast. Ok, so explain to my viewers what’s the main idea behind DASH an how is it different from, let’s say, Bitcoin. Sure, so DASH is a Bitcoin fork at its core, but it’s modified with a couple of additional features. Namely, instant send and private send. And we also have faster block times – about on level with Litecoin. So, the instant send gets you 2-second transactions so it’s ready for retail. How does it work? So with instant send it uses the second tier network called the masternode network. So we also have miners just like in Bitcoin but we have a second tier network called masternodes which are staked nodes And they process the instant send transactions. Those nodes receive the transaction that is marked as an instant send. And they prevent double spend across the network. How does consensus work on that level? So, the consensus protocol was modified in such a way that the masternodes are able to lock inputs instantly. So, that they cannot be respent by miners. I understand. Ok, so you need to have trust into masterodes, right? That’s right, and we have about 4700 master nodes, in addition to about 7000 miners. So there needs to be some consensus between them. I mean not everybody can lock in every transaction? That’s right. Ok, so there’s some additional protocol to ensure that. That’s right, and it actually happens with a quorum of masternodes – a subset of the masternode network. Ok, so the first mechanism was instant pay and the other was private send. It’s an on-chain coin mixing. So, it’s like a coin join kind of thing but on protocol, not a separate service. Masternodes manage the mixing. OK, is there, let’s say, any plan to introduce more privacy? Like it’s in Monero, Z-cash or Z-coin? Well, one of the nice things that I’m learning and that the core team has discussed is we live in an open-source world in cryptocurrency. So, some of our team members have looked at the the technology like ZK snarks, Schnorr signatures and various other kinds of technologies… And we’re not opposed to bringing those technologies on if we find them to be compatible with what we’re doing. This year we’re not focused on additional privacy because the current privacy that we have has never been broken, so it’s very solid. OK, tell us about the fees. In DASH, the mining reward is actually split into 3 parts. So, in Bitcoin 100% of the mining reward goes to the miners. But in DASH we split that into three parts: 45% goes to the miners just like Bitcoin. 45% goes to the masternodes for processing instant send and private send transactions. And the remaining 10% goes into the treasury and that’s how we get self funding. My salary comes from the treasury and the treasury is voted on every month by the masternodes. I understand, what about the fees? Are they split the same way? Yes. So, these fees are backed into the mining piece. Ok. And they are cheap. We have sub cent transaction fees. I understand, and what about the governance because you were telling us… 10% in the Treasury and masternodes decide about that. What about the other community or do you have, let’s say, delegated vote or something like that? Not yet. Right now we are looking at some of those other voting mechanisms like what IOHK has been doing with Cardano and such. But right now the voting mechanism is very simple. Basically how it works is with 5 DASH anybody can submit a proposal to the network. And the masternode network will vote on the proposals and one masternode gets you one vote. So if you own multiple masternodes, you do have multiple votes and you need at least a 10% margin of the total masternodes. So, right now we have about 4700 roughly masternodes. So, in order for any vote to pass there must be a 470 masternode margin. So if you have 100 “No” votes, you need 570 “Yes” votes in order for a measure to pass. And that includes the core team salaries proposal that Ryan, our CEO, submits every month for my salary. I understand, so actually every spend from treasury needs to be voted on. That’s right. Ok, I understand. There is another function from what I heard and this makes sense what masternodes are good for… Because you need actually to lock in some coins in masternodes in order to run them and it makes the stability of the coin price. It does add some stability to the coins. Right now about 60% of all the DASH coins in existence are not locked but allocated to masternodes. Because the wallet that a masternode is backed by must have a thousand coins in one transaction. But you can spend those coins at any time and if you spend them below 1000 then your masternode does not receive its mining reward. I understand. To make it visible for my viewers, could you tell us about some most spectacular cases of the projects that you voted on? That show how effective this network works? Sure, so one of the most recent exciting ones that just passed… Our largest one was the Ben Swan’s proposal. Ben Swan is a very large media and news person who is famously known for his ‘Reality Check’ series. He does a lot of truth-oriented news presentation. He was basically shut down by Fox and CBS in United States and for a full year was not able to promote or broadcast anything because of those restrictions. His measure passed and he is now 100% sponsored by DASH and he can do basically whatever he wants. So that’s pretty exciting. What is the amount of money he applied for to make it visible? Yeah, it was about 1.5 million spread out over about three months. Wow. And every month… there’s somewhere in the neighborhood of 30 to 50 proposals that are put forth to the network every month. And those 30 to 50 proposals are voted on by the masternode network and I would say probably about 70% of them pass. What is the biggest challenge right now for DASH? The biggest challenge… Well, that depends on who you ask. But for me right now the biggest challenge is bringing together all of the various developers that are working on different parts of the protocol in a way where we have a streamlined roadmap. We’re working on really updating our roadmap to a milestone focus rather than a time-based focus. Because we found that as we make discoveries in software development things change. And our roadmap isn’t able to reflect that very well and so we’re trying to find better ways to communicate with the community while protecting the intellectual property that we have right now. So, when we release it won’t immediately be stolen by the rest of all these copycats out there. So, the challenge I think that we’re working through right now is organizing our teams around our products in a way that’s cohesive and supports the vision, strategy that DASH wants to do which is a global financially free payment system. OK, talking about copycats and payment system. There’s a lot of cryptocurrencies on the market. DASH is one of the largest ones. I guess range 12 at the moment on the market cap, something between five and six billion dollars in the market cap. But who do you see as your major competitors and how do you position yourselves? Where do you see your niche? We want to be a payment system. We wanna enable all the developers of the world and all people of the world to be able to transact person to person without any censorship. So our competitor is Bitcoin and anybody else that wants to be in that payment space. We’re trying to enable business partnerships and entrepreneurial partnerships in addition to on-ramping for individual merchants and making our end-user applications as easy as possible. So that’s anybody who’s working in those spaces in competition with us is our competitor. OK. What are the next steps for the DASH Network, what do you see as the next step? The thing we’re doing right now is we want to get a prototype version of the evolution platform out to the community. So, that they can begin to evaluate and give us feedback by this summer. And with that, with those prototypes and those evaluations beginning to come in we will realign ourselves to focus on what the community is saying. That they want the most. Because those prototypes that we deliver will be samples of the DASH platform and enable everybody to learn and understand how we’re doing what we’re doing. So, Evolution platform for the people to understand because you were explaining that just a couple of minutes before but my viewers may not know about that. Right, so the Evolution platform is a collection of products: DASH Drive which will enable you to store data in an encrypted manner. DAPI which is a decentralized API which will be like a restful service where you can conduct transactions and monetize individual transactions digitally on any application using any code base that you like. And also the DAPI SDK which will be a library that you’ll be able to plug in to your applications to enable blockchain transactions without having to learn how to work on the blockchain. And DAPI will allow also for smart contracts on Dash? DAPI will allow for smart contracts in the way that you’ll be able to store data. And you’ll be able to write your own processing logic and then store the results of that logic on the blockchain and hash it. So that you have a secure location that cannot be manipulated. Ok. Now coming to a general situation on the market. What is your shot at the market situation right now because we had a major correction. Are we in a recession now? I think we’re about to take off again. I think that by the end of February we’ll see some upward swing. I suspect that the whole cryptocurrency market is going to grow. It’ll be ebbing and flowing throughout this year but I personally suspect that will probably double two to six times before the end of the year. not only DASH but the whole market. I made some predictions at the beginning of the year… (of course, nobody can predict the future) but just to see how wrong or how right I am at the end of the year. What is your most non-intuitive prediction you think that may happen this year that nobody would think about in the crypto space? Well, I’m a little bit biased because I know what’s happening behind the scenes of DASH. And my personal opinion is that everybody’s going to be surprised by what DASH delivers. I really believe that because by the time we release evolution people are going to… The light bullbs are going to come on and DASH will be taking over the payments industry. You told me you were giving a speech about free economy and that’s why you learned about cryptocurrency or about freedom. What is the best book you have read on that topic that you would recommend? Well, I like economics and I just finished the book… Let me see if I can remember the name of it… ‘The end of money and the future of civilization’… or something like that. Let me see if I’ve got it here. I can’t remember the name of it! I read a lot of books but this by Thomas Greco Jr. He goes through the history of money in America and how currency and money came to be. And offers some interesting solutions about how to build marketplaces that are good models. I think for us at DASH to create good, solid marketplaces with stable currencies and a deflationary system that will not exclude anybody. So I can’t remember the name of it, I apologize. But I just finished that book. Let me recommend another one that I had just finished ‘Principles’ by Ray Dalio. That’s a really, really good one. I’m a principle-oriented individual myself and his book was really, really good about just establishing principles for work and dealing in with relationships and working with people in general. The very last question. You are in this space actively for over a year now or inactively 3 years roughly. What is the most important lesson for you, you learned about cryptocurrencies, maybe the cryptocurrency market? I think it’s important for anybody coming into this space to be comfortable with ambiguity… you never know… I think uncertainty is the thing that most people had a lot of challenge with. We don’t know what’s gonna happen, we don’t know whether something’s going to go up, we don’t know if something’s gonna go down. We don’t know what coins are going to exist two to five years from now. I think having a level of comfort with uncertainty and just doing what you think is right all the time in this space is the strongest, most effective method of finding your way in this space. Yeah, this is one of the things I talked to a friend of mine just recently and I record a video about that. Dealing with probabilities and with investing also… there is no 0 and 1 in this space. You have to deal with how probable this or other event is and then act accordingly. Yes, probabilities… That’s right. Okay. So, that’s it. Thank you Chuck. It was pleasure having you here. Thanks for your insights. I wish you and your project a lot of success. And probably see you at some other conference. Yeah, I plan to be here next year. I hope you liked this interview. If yes, give me a thumb up, subscribe below and don’t forget to press the bell button. In order not to miss other interviews in the series ‘The Legends of Crypto’. Tell us what you think about DASH, what is your perspective below this video and don’t forget to provide your Byteball address. If you don’t have a Byteball address, if you don’t know what Byteball is, go to Byteball.org, download the wallet and provide your Byteball address. Among the comments with Byteball address I will give away some Byteball bytes in the next crypto video. But please, don’t spam the comments. Only contributing comments, the comments that contribute something will be taken under consideration. Share this video with your friends, with your loved ones, with people interested in crypto or with people who need to know about crypto. They will thank you for that sooner or later. I talk a lot about cryptocurrencies, I talk about my investments into crypto, I provide interviews with crypto legends, with key persons in the crypto world. I talk also about how the best entrepreneurs in the world think, how the self-made billionaires think and act. So, if you liked this film, you will probably like my other films. Here you will find some of my best videos. Thank you from Acapulco. Have a fantastic day. Let’s do something extraordinary today. and hash it so that you have a secure location that cannot be manipulated. DAPI will allow for smart contracts in the way that you’ll be able to store data.