On October 12th, blockchain governance company Node40 announced the release of a new Portfolio Insight tool for Dash Masternode owners (DASH is one of three privacy-focused assets, along with Monero and Zcash). This feature provides an asset performance dashboard for each investor in the community.
This portfolio offers insights into how each node fully tracks against the U.S. dollar on a monthly, quarterly and annual basis with realtime custom ranges available in future releases. Moreover, it shows masternode owners how their cryptocurrency gains compare against other assets and investments such as property, saving accounts and stock market returns.
Founded in 2015 by CEO Perry Woodin and CTO Sean Ryan, Node40 is one of the leading server providers for the Dash network. The company hosts an incentivized node that yields monthly rewards, all designed to encourage participation and boost value to P2P networks and the crypto world. Much of Node40 momentum is due to Dash’s position as one of the top ten cryptocurrencies in the world in terms of market cap value.
According to the founders, The Masternode Portfolio, which went live on October 9, was created for two reasons: First, the vast majority of masternode owners needed a layperson’s view of realized and unrealized value fluctuation pegged to fiat currency. Secondly, users needed a simple solution to capture the necessary reports for end of fiscal year tax filing requirements.
The Masternode Portfolio Insight reports show realized and unrealized gains/losses. While taxable income reporting is dependent upon one’s tax jurisdiction, it provides the numbers needed to help with compliance. The reports calculate realized deposit basis and then breaks down realized short-term (<12 months) vs realized long-term (>12 months) gains/losses.
Says Wooden: “Prior to this sort of report, compliance was difficult because an accurate assessment of the realized gain was really just a best guess.”
Over the next 12 – 18 months, Wooden says that Node40 will continue to develop features that investors often request from traditional investment applications. The company will also begin integrating other cryptocurrency assets who, like Dash, have adopted an incentivized model for infrastructure.
“Support of multiple assets will provide our customers with options when it comes to deciding how they want to invest in crypto-currency,” said Woodin. “Within the next 12 months, our goal is to ensure that customers are able to track the performance of multiple crypto-currency assets. Node40 will provide the tools necessary to compare their cryptocurrency investments with traditional investments.”