Living Room of Satoshi: A DASH, Down Under
Dash is one of the most popular cryptocurrencies in the world with a market cap of $65.7 million at the time of writing. Now, in a move to expand its utility in the world, the company recently announced a collaboration with Australian-based company Living Room of Satoshi, allowing people to pay their everyday bills using cryptocurrency.
From an early infancy as a privacy-centric project, Dash has morphed into a next-generation payments option for consumers, in perfect alignment with this new strategic partnership. It is like digital cash, easily to use online and at merchants and service providers globally.
Dash is managed by a self-funded, self-governed organization, a community of over 15,000 users, moving million of dollars across the network every 24 hours. Transactions are verified by users via a worldwide network of 4,000 nodes. Its built-in governance and funding system allows projects to be proposed and voted on by the community, and if approved, paid for directly from the blockchain. Dash has many appealing features including instant transfers, low fees, optional privacy and stealth security.
Dash’s new partner, Living Room of Satoshi, has revolutionized the way people pay their bills online. Founded in 2014, it has the distinction of being named the 2015 Australian Startup of the Year by StartupSmart. This recognition is tied to an innovative approach which allows Australians to pay their everyday bills like rent, utilities, insurance bills, phone bills, speeding fines, credit card debt, and government tax bills with cryptocurrency.
This service is linked to an online bill payment system called BPAY which is accepted by over 45,000 companies across Australia. Through this partnership, Dash now joins Bitcoin as the alternative currency options for bill payers on the network.
Living Room of Satoshi has seen a meteoric rise in popularity in Australia, with over AU$2 million (approximately $1.52 million) processed in the first three quarters of 2016. This represents a 250 percent increase from AU$800,000 (equal to $608,784 at current exchange rates) in 2015.
Founder and CEO of Living Room of Satoshi, Daniel Alexiuc spoke on the success of the company despite its relatively short existence:
“We attribute the success of Living Room of Satoshi to an unwavering focus on ease of use. When I pay a bill, I want the process to be as quick and easy as possible, and that attitude is reflected in every aspect of our service. Even those new to digital currencies have noted how simple our site is to use; there is no signup required, just simply enter the bill details, pay your bill, and you’re done.”
He goes on to says that Living Room of Satoshi has tested other coins like Ethereum, but frequent hard forks and reliability issues have made it unfeasible. On the other hand, Dash, he notes is perfectly suited as a payment system for bills and real world purchasing of goods and services. “From the start, Dash was able to fill the holes Bitcoin created. It has the ability to process transactions instantly, compared to prolonged bitcoin payments lagging over 10 minutes.”
Alexiuc, a software developer and entrepreneur who previously worked in banking, credit card payment and treasury sectors says that Bitcoin was a revelation to him, given his first-hand observations of the inefficiencies and inequities in the banking system. Yet, he says, the ecosystem was still very immature in 2013, which resulted in very little you could actually spend bitcoin on. That is what drove him to create a way for Australians to pay any bill with bitcoin.
“Paying bills is something most people do regularly, and usage rates for Living Room of Satoshi showed that this was a very useful service for Bitcoin holders.”
Continues Alexiuc, “Compared to other coins, DASH’s focus on being digital cash only, rather than something else like a smart contracts system or a Bitcoin testbed, means that the focus of development is always on being digital cash above everything else. This makes it perfectly suited as a bill payments system. Moreover, DASH’s development roadmap shows that ease-of-use will be the priority for future development too.”
In another significant development, Living Room of Satoshi will be tapping into Dash’s InstantSend technology when the Australian Banking Industry unleashes its New Payments Platform, scheduled for early 2017. The initiative will allow the possibility of real-time bank transfers between domestic Australian banking institutions. This means that Dash will be available for instant, international fiat payments to any Australian bank account anywhere in the world.
“The InstantSend feature of Dash separates them from every other cryptocurrency in the space. The integration with Living Room of Satoshi will ensure that money is sent and received faster than ever before, heightening user experience,” Alexiuc added.
Daniel Diaz, VP of Business Development for DASH, is just as optimistic about the immense possibilities inherent in this working partnership, where he stated:
“Dash is meant to be used as digital cash. Living Room of Satoshi focuses on providing ways for people to make bill payments using virtual currencies so this is the perfect application for us, especially because our InstantSend technology allows for an enhanced payment experience.”
Diaz concludes, “Dash users should feel confident that they can store as much value as they want on the Dash network and that they will have access to that value at their discretion and in a completely decentralized fashion. Services like Living Room of Satoshi contribute to raising user confidence and the overall utility of the Dash network.”