Dash Text, a Venezuelan startup that provides Dash transactions via SMS has decided to launch its public beta accessible to all. The system is based on offline transactions managed by five-digit abbreviated numbers, including those of Movistar, a leader in the telecommunications sector.
About Dash Text
The new system is as exciting as it is innovative. Unlike what is expected of Blockchain connected services, Dash Text only requests a five-digit code via the SMS system, a system also used in voting . The advantage of SMS commands is accessibility, since the user will only need a mobile phone with a messaging service to perform transactions.
On the other hand, the Venezuelan economic and social situation allows only 40% of the population to have a smartphone, accentuated by the instability of electricity and political crises. The introduction of cryptocurrency without considering online services fits perfectly to the situation of Venezuelans.
Lorenzo Rey, the co-founder and technical director of Dash Text, admits to having taken inspiration from Bitcoin Cash’s SMS-based wallet, Coin Text, to develop the service that is currently in public beta.
Now, customers of Movistar, one of Venezuela’s top three telecommunications companies, will be able to use it. Support for the other two is expected soon when launching the platform on a larger scale.
The main advantages
Since the bolivar loses about 3 to 4% of its value per day, the digital currency comes as a perfect alternative. Venezuelan citizens will be able to protect their money against hyperinflation.
Currently, Venezuela is experiencing a shortage of cash (fiduciary money), which has caused the collapse of the network of outlets . People spend hours paying for a simple purchase and standing in line to withdraw money at an ATM.
To remedy this, Dash Text provides for integration into local point-of-sale systems. Users of the platform will thus be able to circumvent the alarming liquidity problem on the banknotes.
In addition, Dash Text also allows cross-border funds transfers “free” and without Internet connection . Venezuela saves more than $ 1 billion in input funds from its citizens living abroad each year, and thanks to Dash these flows will be facilitated.
What do you think of the dazzling success of DASH in Venezuela? Will the adoption of the virtual currency be an alternative to the financial crisis of the current country? Share with us your opinion on the subject in the comments!