Dash is a digital coin that ensures the privacy of the holder at all time in any transaction. Transactions cannot be traced and are made instantaneously. This video explains it well.
Since the birth of bitcoin, the world has welcomed about 1k cryptos, and Dash is one of them. It is a peer-to-peer cryptocurrency that acts as the medium of instant transactions and private transactions without the interference of any middleman.
Unlike other cryptos, dash is a self-governed and self-funded currency and thus, it is able to pay individuals and groups that add values to it.
Therefore, it is called a Decentralized Autonomous Organization, shortly, DAO.
The token started its journey on January 18, 2014, as XCoin (XCO). Within a few days, it changed its identity quite several times.
On January 28, it took the name Darkcoin, and it was again rebranded as Dash on 25 March 2015. It stands for “Digital Cash”.
Within the first two days of being launched, total 1.9 million coins were mined! Evan Duffield, the founder, ascribed a bug created during the modification of the Litecoin code for this incidence.
He proposed to start fresh, but the community opposed strongly. Therefore, a large portion of mined coins was redistributed to the coin exchanges at a low price and further modification of the project was carried on.
Unlike most of the cryptocoins single tier platforms where the miners are, all in all, dash has put forward a two-tier platform where the miners can control or execute a definite function like maintaining the block and the rests such as InstaSend, PrivateSend, governance etc. are performed by the “masternodes”.
It is based on CoinJoin and intended to provide coin-mixing service; was rebranded from DarkSend to PrivateSend in June 2016; Provides privacy by means of mixing similar inputs from several users into a single transaction with different results. With similar inputs, transactions become nearly untraceable, obscuring the flow of value. It allows different units of dash to be exchangeable by ensuring the similarity of values of the coins.
InstaSend was rebranded from InstantX in June 2016. Dash provides instant transaction service known as InstaSend. In this process, inputs are targeted to definite transactions and certified by the masternodes. Suspicious blocks and transactions are not allowed. If a block cannot be confirmed by the consensus of the masternodes, it is validated by the process called standard block confirmation.
Governance and funding
Unlike many cryptocurrencies, dash has its own governance structure. Therefore, it is flexible in case of making any change based on the agreement of the governing body without going for a hard fork and the decision can be implemented swiftly.
Dash is self-funding too. About 10 percent of newly created coins are reported to the treasury for the development of the system, advertisements and user support centers and so on. The rest is divided equally among the miners and the masternodes.
Advantages of Dash
Dash provides faster transaction facility than many other cryptocurrencies. It takes only 4 seconds to confirm a transaction, whereas bitcoin takes 10 minutes or even more.
Transaction fees are also user-friendly compared to other cryptos.
Each transaction costs only 0.4 USD in dash when a user has to pay 6 USD to conduct a transaction in bitcoin.
With other facilities, dash provides anonymity which has both bright side and dark side. Criminal Minds used to take advantages and carried on crimes.
Despite this one, other features of the coin have dragged it into the top 11 cryptocurrencies.