Lauren Loftus/KJZZ

The cryptocurrency Bitcoin has catapulted into the limelight in recent years. But bitcoin has some problems and other cryptocurrencies have been vying for market share.

One that’s been gaining notoriety is based here in Phoenix.



The Dash coin currently has the seventh largest market cap of all cryptocurrencies in the world.



Ryan Taylor, the Director of Finance for Dash, said their coin is based on the bitcoin software but with some increased functionality.



For example, one of Bitcoin’s main selling points is that in theory, users collectively make a decision about how they want to change the Bitcoin software. And then in order to implement the updates, users have to actually install the new updated software.



But in reality, necessary updates have stalled for long periods as key users haven’t agreed about what to do.



“A much better system is to actually have people vote through the network itself based on their holdings,” Taylor said. And to do that, they've built a voting mechanism directly into the coin.



Taylor explained that’s just one of the ways they’ve made a better digital currency. But they are also attempting to address Bitcoin's other drawbacks, including speed of transaction and privacy concerns.



Which cryptocurrency will ultimately reign supreme is unclear, but with cryptocurrency advocate Mick Mulvaney joining the Trump administration as Director of the Office of Management and Budget, the future of digital currency in the U.S., including for Dash, might be about to change.