TOKEN REPORT2018

D A S H D i g i t a l A s s e t M a n a g e m e n t L t d

w w w . d a m . g i

F i r s t F l o o r

S u i t e 1

C h a t h a m C o u n t e r g u a r d W o r k s

G i b r a l t a r

I n f o @ d a m . g i

VolatilityWeiss Crypto Rating

Top 10 Live Markets

Price Performance

Price: $318.12 USD Daily Volume: $76,189,500 USD Total Supply: 18,900,000 DASH

Summary/Vision: On January 2014, software developer Evan Duffield created XCoin, which was then changed to Darkcoin and nowformally known as Dash. Headquartered in Arizona USA, Dash is an open source peer-to-peer cryptocurrency anddecentralized autonomous organization (DAO). This Alt-coin consists of a two-tier network design in which"masternodes" add privacy functionality and decide on the DAOs governance. These masternodes receive 45% of allnewly created Dash as compensation for their services. Additionally, 10% of Dash block rewards fund development ofthe network.

Dash | Token Report | June 8th 2018 | Symbol: DASH

Market Cap: $2,582,604,436 USD Rank: 13 Circulating Supply: 8,118,360 DASH

Token Type: Utility Sector: Financial Transactions Website: https://www.dash.org/

A+AB+BC+C LOW Medium High

Copyright 2018 Digital Asset Management Limited1

Dash | Token Report | June 8th 2018 | Symbol: DASH

Product Design: Dash is the first privacy-centric cryptographic currency based on the work of Satoshi Nakamoto. The Alt-con is forkedfrom existing Bitcoin systems. This means that any existing or even developed bitcoin infrastructure can be easilyimplemented into the Dash system. Bitcoin uses the SHA-256 algorithm for mining whereas Dash doesn’t. Dash uses analgorithm called X11 which is a modification of the Proof of Stake algorithm. Both of these algorithms are run onApplication Specific Integrated Circuits, rather than a GPU rig which is used by Ethereum, Monero and ZCash. Thisallowed software designers at Dash to duplicate Bitcoins existent codes and strengthen any weaknesses stakeholderswere facing. This reverse engineering allowed for a distinct efficiency which provides a faster and more anonymousservice to its users. This is called the Masternode Network. Built on core of Litecoin, Masternode runs the Dash digital wallet, facilitates transaction locking under InstantSend,coordinates coin mixing through PrivateSend, and enables a decentralized governance platform. InstantSend allows forthe coin to be traded and accepted instantly (1.5 seconds at 48 transactions per second) rather than having to wait anaverage of 10 minutes like its competitor Bitcoin. The InstantSend (previously called InstantX) feature available to Dashusers solves the double spending issue by barring the amount of money that is sent without having to wait for a blockconfirmation to consider the transaction confirmed. Moving on to PrivateSend, Dash’s coinjoin mixing technique, whichanonymizes the transactions carried out by its users. Coinjoin mixes the transactions of multiple parties as onetransaction, instead of separate transactions. Causing it to be untraceable. Making speed and privacy a selling point forDash. Dash has used economic incentive as a starting point and instituted a system of Masternodes to simplify the verificationand validation of transactions. Masternodes are essentially full nodes with a starting stake (or, a “bond of collateral” as itis described in Dash’s whitepaper) of 1,000 DASH in their systems. “This allows the users to pay for the services andearn a return on their investment,” the cryptocurrency’s co-founders write in their whitepaper. This allows for a solutionto the scalability problems for transactions. The Evolution Version 1.0 Mainnet for Dash is scheduled to be released on June 2018. This state of the art security andprivacy blockchain technology has a user-friendly interface, almost as if they merged Facebook/ Paypal’s user interface.However, without any data collection due to its decentralised governance. Looking at the Facebook aspect of theinterface, merchants will be able to sell products on the interface as well as allowing users to select an individual fromtheir contact list and send them Dash. This Simple and effective e-banking solution will not be storing any private keyseither. However, there will be different security levels for different users. Some people want an ultra-secure setup andsome people prefer a looser system. Furthermore, Dash have provided their target audience with a solution to the lackof interoperability between operating systems and devices. Evolution will be available to use on several devices,including both computers and smartphones. Clients/ Partnerships: Exchanges/buying options - Dash was added to at least 14 different exchanges and buying platforms in Q1 2018.Mercury Cash, Bitit, and GODEX now allow customers around the world to have easy and streamlined ways ofpurchasing Dash, as does recently added Payza, which due to pending legal issues is unavailable in the US currently.Coinfield also launched in Canada, adding a new CAD buying option for Dash. Latin American exchange BitINKA,Brazilian exchange NegocieCoins, and Spanish exchange Bitnovo all added Dash as well, expanding buying options toLatin American and Spanish users. Vietnamese exchange Bitcoin.vn and Malaysian exchange RocketPay similarlyadded Dash, expanding its reach in Asia, and Coinfinity added the ability to buy Dash at gas stations and conveniencestores all across Austria. Finally, MorphToken added Dash to its instant cryptocurrency exchange platform, andWebMoney and Abra added Dash to their respective token-based exchange and investment platforms.

Product Overview 

Copyright 2018 Digital Asset Management Limited2

Dash | Token Report | June 8th 2018 | Symbol: DASH

Services - Dash was added to global online payment processor GoCoin, which enabled dozens of different integrations,including CheapAir, meaning users can now buy plane tickets in Dash. Merchant processor PayBear also added Dash,as did India-based QuikWallet, opening up Dash as a payment option for thousands of businesses around the country,including bill-paying services. Dash was also added to mobile refill services Piiko and BitRefill, as well as social mediaadvertising company StrikeSocial, and pawn shop merchant software Bravo Pawn Systems. In April 2018, Dаѕhpartnered with a digitаl рауmеnt system саllеd Alt Thirtу Six, whiсh has partnerships with some of the lеаdingdispensary buѕinеѕѕ mаnаgеmеnt ѕоftwаrе companies in the USA. Dash is available on over 36 Million PaycentMerchants. On this day, Paycent, a global company that offers a hybrid wallet that facilitates instantaneous exchangefrom fiat to cryptocurrencies, announced that Dash is now available across all its platforms. This partnership allowsDash to be accessed on Apple Store and on Android’s Google Play Store. Apple recently added Dash as a paymentoption on Apple App Store. This means that global users of Apple can use Dash to sell and pay for Apps (applications),music, movies, books and other products. This is a huge market with over 558 million users. Finally, the US Departmentof Energy’s National Renewable Energy Laboratory (NREL) partnered with BlockCypher to experiment with buying andselling electricity on smart meters using Dash. Partnerships and Ecosystem - In addition to the above-mentioned integrations, Dash has also secured numerouspartnerships with major players around the world, below being a list of some of the more major ones. One including apartnership with Arizona State University to fund research in blockchain development and instituted a scholarship forgraduate research fellowship on the same topic. According to Ryan Taylor, the company’s partnership with ASU isfocused on scalability because it is a customer and merchant issue for cryptocurrencies. Exploring the possibility ofcompact blocks and various technologies that can allow blocks to propagate through a blockchain network quickly. Promotional partnerships Most notably, Dash partnered exclusively with independent journalist Ben Swann, as well asthe associated Reality Check segment and the Truth in Media project, bringing Dash to millions of alternative mediaviewers around the world. On the MMA front, Dash was the highest sponsor of Bellator World Welterweight ChampionRory MacDonald, and partnered with fellow Bellator fighter and MMA promoter Chael Sonnen, bringing Dash awarenessmillions of fans through two of the most recognized figures in the sport. Dash reached a promotional deal with majorfantasy sports site FanDuel, achieved through negotiations by Dash Aerosports, which was featured prominently on USsports television channel NBCSN. Finally, Dash Caracas entered into its sixth and seventh conferences in Venezuela,reaching thousands, and onboarding hundreds of merchants to accept Dash in the country facing an economic crisis. Investment and research partnerships - Investment company Neptune Dash, publicly traded across various stockexchanges worldwide, became the first to mainly focus on setting up and operating Dash masternodes for its businessmodel. The FirstCryptoETF token followed suit, setting up a Dash masternode as a hedge. Finally, the Arizona StateUniversity Blockchain Research Lab received $350,000 in grants from Dash. Dash ecosystem - In addition to the various external partnerships and integrations acquired by Dash, several importantachievements were cemented in its own ecosystem. The Dash Core Group became a legal entity owned by the Dashdecentralized autonomous organization (DAO), likely the first legal setup of its kind, and hired a new CFO in order toexpand on its increasing duties in the network. Micro-proposal DashBoost entered its public beta, eyeing a wide releasesoon, allowing smaller projects to receive funding that would not be suitable to the main treasury. Proposalaccountability service Dash Watch has launched, keeping track of past contractors before the Dash network, allowingthe masternodes to easily verify the status of funded projects. Finally, Dash Force-run merchant listing siteDiscoverDash was relaunched, offering a much smoother experience and listing over 800 merchants at present, as wellas a live chat, which soon will offer 24-hour support to Dash-related questions around the world. Key management: (Key board members*) - RYAN TAYLOR – CEO* - HOLGER SCHINZEL - Quality Assurance, Automation, Testing* - FERNANDO GUTIERREZ - Chief Marketing Officer* - ROBERT WIECKO – COO*

Copyright 2018 Digital Asset Management Limited2

Dash | Token Report | June 8th 2018 | Symbol: DASH

Competitors: Below we have categorized 3 levels of competitors using examples: Level 1 competitors: Bitcoin Cash, Litecoin. Level 2 competitors: Visa, Mastercard, PayPal, Amex, Apple Pay, etc. Level 3 competitors: US Dollar, Euro, Yuan, etc. There are a couple of competitive coins currently available on the market that have ambitions to become a medium fordaily transactions such as Bitcoin, Bitcoin Cash, Litecoin and Monero. However, Dash's blockchain ecosystem is by farthe most technologically advanced when taking inconsideration its speed and privacy. They announced a monstrous400MB Block size, the release of a user friendly wallet (Paypal style) called Evolution. Bitcoin network is restricted to asustained rate of 7 tps, with the current 1MB block size. On 9th November 2017, the Dash Core CEO Ryan Taylorannounced a development that reduced transaction costs to 0.0001 Dash. Based on the current price of $318, the costis $0.0318 per transaction. This gives DASH a vital selling point due to its competitive edge over its competition whomdeal with micro and merchant transactions. Community Interaction: Dash’s social media reach has increased uncontrollably. Providing their loyal and strong community with quality contentin an efficient and effective way, targeting their audience through a lists of social media platforms including; Twitter(301000 users), Facebook (38000 followers), YouTube (23000 subscribers), Reddit (21000 subscribers), Discord, Dashforum, Dash Nation, Dash Central, News, Google+, LinkedIn, Bitcoin.com, Bitcointalk.org and GitHub. Conclusion: To conclude, DAM take on an advantageous position on DASH. Their unique network design allows many types ofservices such as decentralised mixing of coins, instant transactions and decentralized oracles using masternodequorums. They provide a long-term solution to crypto quantum issues, has a passionate user base that is easilyincentivized and motivated, and has gone beyond targeting privacy in focusing and optimizing usability for futureintegration. Their innovative blockchain ecosystem has attracted many followers allowing some stakeholders, such asdevelopers to believe that Dash is a cryptocurrency analogue for electronic cash. There's no telling at this stage whetherBitcoin will remain at the top, but with DASH lurking in its shadows it could possibly take over.

- PHILIPP ENGELHORN - Press & Multitool* - GLENN AUSTIN - CFO - BOB CARROLL - CTO - NATHAN MARLEY - Deputy CTO - ANDY FREER – Architect* - BRADLEY ZASTROW - Business Development - ALEXANDER CHOPAN - Head of Strategy - KELLY KOPP-SCHUETZ - Human Resources Director Key advisors: - EVAN DUFFIELD - Strategy Advisor - PERRY WOODIN - Advisor

Copyright 2018 Digital Asset Management Limited3

References: - Artistic Vision. (2018). Why Dash (DASH) is on the Rise to Rival Bitcoin as a Top Crypto. Available:http://technewsleader.com/2018/05/12/why-dash-dash-is-on-the-rise-to-rival-bitcoin-as-a-top-crypto/. Last accessed 8thJune 2018. - https://coinmarketcap.com/currencies/dash/ - https://cointelegraph.com/tags/dash - https://www.crunchbase.com/organization/dash-7#section-overview - https://www.dash.org/team/ - https://github.com/dashpay/dash-roadmap/blob/master/README.md - https://github.com/dashpay/dash/wiki/Whitepaper - Hackernoon. (2018). Dissecting Dash whitepaper in four minutes. Available: https://hackernoon.com/dissecting-dash-whitepaper-in-four-minutes-a1542be27db9. Last accessed 8th June 2018. - Joël Valenzuela . (2018). Dash Claims Over 23 New Integrations, Dozens of New Partnerships in Q1 2018. Available:https://www.dashforcenews.com/dash-claims-over-23-new-integrations-dozens-of-new-partnerships-in-q1-2018/. Lastaccessed 8th June 2018. - Leah Stella Stephens. (2017). Super Newbie Survival Guide to DASH. Available: https://medium.com/dash-for-newbies/super-newbie-survival-guide-to-dash-a4b434d8e612. Last accessed 8th June 2018. - Leah Stella Stephens. (2018). What is Dash Evolution?. Available: https://medium.com/dash-for-newbies/what-is-dash-evolution-feac4a9055bf. Last accessed 8th June 2018 - Max Middelman. (2018). Dash, the Digital Money of the Future. Available:https://medium.com/@maxmiddelman/dash-the-digital-money-of-the-future-190fe1c89f46. Last accessed 8th June2018. - Rakesh Sharma . (2018). What Is Dash Cryptocurrency?. Available: https://www.investopedia.com/tech/what-dash-cryptocurrency/. Last accessed 8th June 2018./ - https://www.trackico.io/ico/dash/#market

Dash | Token Report | June 8th 2018 | Symbol: DASH

Copyright 2018 Digital Asset Management Limited4

Digital Asset Management Limited is a Gibraltar Company with registered number 116618 in the process of regulatoryauthorisation as a Distributed Ledger Technology Provider by the Gibraltar Financial Services Commission inaccordance with the Financial Services (Investment and Fiduciary Services) Act 1989. Investments in Digital Assets arehigh risk and we would suggest that you review our Risk Notice available on our website www.dam.gi from time to time.Terms & Conditions apply. This report is provided for research purposes only and is not investment advice.