What is Dash? Dash is a blend word for “Digital Cash”.
This cryptocurrency appeared under the name
of Xcoin in 2014, but it was later
renamed DarkCoin. In 2015, it got its
current name, Dash.
Dashis based on the original Bitcoin code. It is an attempt to improve Satoshi’s currency essentially at two points:
In its six years of existence, Dash has
managed to build a strong community of supporters around its project.
Currently, as this article is being written, this currency is in the tenth
position in terms of market capitalization, with an approximate value of 1.150
Next, we will explain in detail what Dash
is, the features of this cryptocurrency and its future prospects.
What is Dash: Origins
Dash was created by American developer Evan
Duffield. In 2010, Duffield was delighted with the Bitcoin project and the
possibilities that Blockchain offers: fast, cheap and independent transactions
from traditional financial institutions.
However, Duffield soon realized Bitcoin’s
weakness: slow transactions. This hinders Bitcoin’s adoption by a wider
audience, as a transaction time may vary depending on the demand of the network
and its size. The average transaction time is 10 minutes.
Another weak point Duffield spotted was the
fragility of Bitcoin’s anonymity properties. Bitcoin wallet transactions are
available in a kind of public spreadsheet. Although the creation of a virtual
wallet does not require any type of registration, it is not difficult to track
a user’s identity through their IP address and thereby learn their identity.
Dash was created to avoid these two
problems. In order to do this, some modifications to the original architecture
of BTC were implemented.
What is Dash: Architecture
Just like Bitcoin, Dash works through a
mining system with Proof of Work (PoW), from which new cryptocurrency units are
generated. It uses an algorithm called X11, which was developed by Duffin
The maximum number of Dash coins that will
be available is 18 million. It has been estimated that this number will be
reached in 2300. Currently, there are around 9.2 million Dash in circulation.
Masternodes are one of the main innovations
that this altcoin brings in relation to Bitcoin.
Bitcoin network transactions go through
Full Nodes. They are the ones verifying transactions, and their main role is to
create and verify new blocks. Without Full Nodes, the Bitcoin network simply
Anyone with a reasonably good computer can
make it a Bitcoin network Full Node. There is no compensation for this (unlike
with mining). Some advantages are related to greater anonymity and speed in
Dash enforced Masternodes, which are quite
similar to Full Nodes. However, investment in Dash is a precondition to
becoming a Masternode: along with having a powerful computer, a Masternode must
have 1000 DASH.
As a reward, the Masternode receives a
percentage for each mined Dash block: 45%. This makes the investment in
Masternodes extremely attractive for both individuals and companies.
From the network’s point of view, this innovation is extremely beneficial. As there are many Masternodes, with powerful computers, Dash’s transaction speed is much faster.
In addition, Masternodes have voting power
over network update decisions. A vote is taken each time developers want to
implement changes to the Dash network. This makes decisions about Dash
cryptocurrency more democratic.
With the PrivateSend system, Duffield and
his team managed to create complete anonymity for DASH transactions.
As mentioned above, Bitcoin individual
transactions are stored in a kind of public spreadsheet, and tracking the owner
of digital wallets is not a difficult task.
Dash works differently. Instead of
individualizing transactions, as in Bitcoin, the altcoin system makes a
“mix” between various transactions, which are all performed at the
This makes it impossible to know from which
wallet each transaction started, thereby ensuring complete anonymity.
Another innovation of Dash is the
InstantSend system. In this mode, transactions take a few seconds to be
confirmed. This system allows Dash to compete with fiat currency transaction
speeds and be easily used on a day-to-day basis.
As it was mentioned, in the PrivateSend
mode there is a “mix,” so that the anonymity is complete. However,
the waiting time is a bit longer: transactions are stored in a kind of
“waiting room” (the so-called mempool),
in which they await validation by miners and Masternodes. This can take a few
In the instant delivery mode, transactions
do not wait in the mempool. This is a special type of transaction, which is
sent directly to one Masternode. In turn, it sends copies of the transaction to
ten other Masternodes, which verify that there is no error or attempted fraud.
Dash InstantSend transactions are executed
in a matter of seconds. The only drawback is the somewhat higher cost per
transaction, a few cents, which are paid to the Masternodes. In any case, it is
a low-cost alternative.
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