In this ever-evolving digital currency ecosystem that is seeing plenty of demand for altcoins, it should not be surprising to see new ways for altcoins to work together without going through Bitcoin first. This week, we have seen an announcement of two new options for those looking to go from Dash to Ripple.
There are two ways this can go, one is an open-source gateway and one is for-profit. According to Dash Central, one is produced by “akhavr” and could potentially hit the market on June 19, after it gets the funding it needs, predicted to be 134 Dash, or less than $12,000. As of Saturday morning, the voting system within Dash has shown widespread interest and approval for this proposal, with “yes” votes outpacing “no” votes 14:1. The proposal needs another 62 votes to proceed.
The other option is posted by “ggololicic” and is not open-source in nature. This has a similar deadline on Dash Central (both are listed as June 19, 2017) and it will take similar funding (150 Dash, or just under $15,000.) So far, it is doing well but not as well as akhavr’s proposal, with a 2:1 approval rating. However, it still needs over 200 more “yes” votes, so it seems likely that it will be the second gateway to market.
“I’ve noticed a couple proposals to make a Ripple gateway,” said Dash Lead Developer Evan Duffield on Medium. He added:
“While I don’t have a problem with a service like this and adding ourselves to it, we should strive to support the most open and transparent ecosystem possible. As far as the two proposals go, one of them is open-source, directly from some stakeholders in the community and the other is a private for-profit company which desires to charge us to create a portal that they will keep the source.”
Akhavr’s open-source proposal features things like automated Dash deposit and withdrawal, trading against any currencies issued on the Ripple network, provable reserves and maintaining Ripple network ID with no KYC requirements. This would be a working gateway with no KYC as a proof-of-concept. Further, gateway operation might be funded either from fees or by the Dash network (through a separate proposal). Akhavr estimates a six-week period of implementation.
This is said to deliver automated Dash deposits and withdrawals to and from the Ripple network via the GateHub Fifth gateway. In addition, it will provide Dash trading against all currencies already issued on the Ripple network by any gateway plus currencies issued on RCL in the future, plus other features.