‘Bitcoin is not secure’, says Dash CEO Ryan Taylor in an Interview with Cointelegraph
Ryan Taylor, the current CEO of Dash Core was interviewed by Cointelegraph on 11 July 2018, where he shared future plans, vision and current progress of Dash. He revealed that the community at Dash and the people who are working for Dash are truly passionate about the mission of every project.
When he was asked what’s his attitude towards some of the old payment industry’s best practices, be a barrier for moving ahead and whether Dash is seeking any new template, he instantly replied, the adopting factors are mostly universal across time and technology. But for a customer, there are three major factors to be considered for cryptocurrency transaction namely, usability, security and switching incentive. Out of the three, at least two should be addressed for a given market in order for a switch to occur.
He further evaluated the first generation cryptocurrencies and claimed it lack security. Bitcoin is the perfect example of the cryptocurrencies’ first generation. It was the first cryptocurrency ever launched into the market in 2009. It represents a revolutionary technology for the financial world, but in fact, no major transformation has occurred ever since 2009.
According to him, Bitcoin is incredibly secure for the recipient only when the transaction is through blockchain. But for a consumer Bitcoin transaction is not secure at all. Once customers pay for something and there is no recourse if they fail to deliver the goods or services. Bitcoin provides security for the merchants, but that’s where security is almost least important on the switching incentives. In addition to this consumer has to pay to use this technology whereas, a credit card will repay users through cash back, rewards and other offers.
Dash team is mainly aiming to improve all the three criteria of cryptocurrency transaction. “We’re working on all three on the consumer side on the merchant site,” Taylor said.
Taylor revealed that Dash is planning to adopt factors that apply to any new payment methodology that is specific to cryptocurrency. He said,
“So for Dash, we’re focused a lot on the ones that are applicable to any new payment method because we really don’t think that the first generation cryptocurrencies nailed those and they could be done in a much better way. I think that the first generation cryptocurrencies were designed by computer scientists and you know cryptographers and people that understand the tech, but they didn’t necessarily Understand the payment space. So by taking payments industry best practices and applying them. We think that we can have a much greater impact.”
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Ryan Taylor is currently the CEO of Dash Core, leading the growth and development of the number one digital currency for payments. Dash is an innovative digital currency that offers a number of improvements over Bitcoin, and is a popular payments option for consumers online, and at the Point of Sale. Ryan is an expert in the payments industry, with over 15 years of experience in financial services and technology. Prior to Dash, Ryan was a hedge fund analyst covering a global stable of payments industry investments for the private equity and public market funds of a $20 billion investment firm based in New York. He possesses a comprehensive understanding of the payments landscape and the drivers for success within the payments industry. Ryan was previously an Associate Partner in McKinsey & Company’s Business Technology Office in New York, where he served senior executive clients of some of the world’s largest financial institutions, covering a wide variety of strategy and technology topics. Ryan holds a Master of Business Administration degree from Columbia Business School with a concentration in Finance and Economics, and a Bachelor of Science from W.P. Carey School of Business at Arizona State University. [Dash]
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