Binance has recently announced on its website that the Dash network will stop producing networks after encountering an issue with the v19 activation of Dash Core. Due to the issue, Binance Pool will stop distributing the DASH mining rewards temporarily and indefinitely.
Binance and Dash keep mum about the situation
Binance did not make any further comments on the issue and clarified that no further information would be posted about the situation. Nearly 10 hours after the issue was first reported, the Dash Network is still not producing new blocks, and Binance isn’t releasing any further comments or answering user questions.
The announcement pointed users to a project team tweet for more information, but the tweet only regurgitated the same thing as the statement.
While Dash CTO Samuel Westrich promised to provide updates on Twitter as soon as more information surfaces, he hasn’t sent a tweet since, hinting there’s something tragically wrong with the activation.
What is Dash?
Dash describes itself as a “self-governing, self-funding model” aiming to become a user-friendly, payments-focused cryptocurrency on its website. With its description, it’s more of a PayPal competitor than a Bitcoin or Ethereum competitor.
The cryptocurrency is a fork of Bitcoin but offers significant improvements in privacy, governance, and transaction speed, making it a better payment solution than Bitcoin. Some of its distinguishing features include InstantSend for instant transactions, built-in 51% attack protection, and decentralized governance, allowing users to vote on significant decisions that affect the ecosystem.
On May 15, Dash CTO Samuel Westrich announced the “locking in” of the v19 of Dash Core slated for activation this week, and he promised more announcements were coming. While Westrich probably had a lot of fun things to announce to the Dash community, he probably never expected to announce the ongoing situation.