Dash in the early development was one of the pioneer of privacy coins that hide the wallet users identity and hide transaction records. However, in the platform, dash has dash evolution. Dash evolution is a kind of development from dash developers to improve dash coin in all aspects. Dash core decide to change the privacy coin to public coins. Though, some exchanges still consider as a privacy coin, dash core developers continue to the development of dashpay. Dashpay is social cryptowallet that enable users like getting social to send dash from the account.
Dash announced the testnet of social cryptowallet with dash pay.
Dash also announced the release of DashPay to the public alpha phase. DashPay is a social crypto payments wallet with human-readable addresses via the Dash Platform Name Service layer.
https://cointelegraph.com/news/dash-announces-new-update-social-payment-wallet-enters-testnet
Dash may take the advance steps to respond world regulation about cryptocurrency. KYC and AML can not be avoid. Some users also feel comfortable with traceable the public transaction. They do not worry because they use the money for legal and in secure ways. One of the risk of using public blockchain ledger is that the flow of the fund can be tracked. This invites some hackers to root the id and IP address of the wallet holders. Hackers still can not steal the money as long as they do not know the private key. They will try to send some phishing to steal the private key from wallet holders.
Development of social crypto wallet must have been through security testing for dash core team. Sending fund form social account , is much more convenient when the security layers is high and strong. One can send money just typing the amount of the fund in the message. They do not have to login or enter with long privatekey or pasword.
The author has opinion that this type of wallet will be the future money. With the name of account in social payment, users will minimize sending fund to misspelled address. Bitcoin address and other cryptocurrency address consists of combination of numbers and with with long tail words. This is my dash wallet Xrr7jvqp55Ks44MKn6iHiGG4Uuu5hK1gQL. I even can not remember the address combination. I Just remember three letters in the front, and two letter in the end. Misspelling and sending fund to not needed address is very possible in sending money. When I make transaction I should check the recipient address many times. With social wallet , one can send just type the account name. The network, will detect if the wallet is valid or not. After the wallet is valid, then user can send the money in single click. That will be comfortable for social crypto wallet users. One thing that should be remember is that the level of security should be high to protect the social account wallet.
Social cryptocurrency wallet more compliant to KYC and AML
Social cryptocurrency wallet will be more compliant to KYC and AML because the account can be tracked with the name. Some coins have used the method but the popularity and the interface of the coins is not user friendly. Hive, steem and bitshares have used naming like social account but those coins are not too popular. Not many merchants accept the coin. In the future, social cryptowallet with multiple asset can be the future cryptocurrency wallet.
Buy me a cup of coffee with Dash : Xrr7jvqp55Ks44MKn6iHiGG4Uuu5hK1gQL
