Also, most ledgers are public and can represent an issue for those of us that value their financial privacy.
Most cryptocurrencies are still not ready for every day to day purchases. But you can do a limited amount of buying these days see our article: How can you spend Cryptocurrency?
This is where Dash comes in, a peer to peer cryptocurrency and an open-source payment system. As stated on the official Dash website, Dash is a digital cash you can spend anywhere.
All Dash transactions are recorded in a digital open ledger on the blockchain, developed like a cryptocurrency, thus with all the desirable properties of a fiat currency.
It was launched in January 2014, under the name Xcoin and it was developed by Evan Duffield.
Dash is a fork derivative of Bitcoins protocol, thus instead of Proof of Work, it is using the Proof of Services protocol.
After a while, because payments with Dash were mostly untraceable, it got named by the general public Darkcoin, because it was mostly used for purchases on the DarkWeb.
Dash is a fork of decentralised autonomous organisation, commonly known also as DAO, run by users called masternodes.
It is a currency that originally has been forked from the Bitcoin protocol, and it can permit faster transactions and it can be untraceable.
As of April 2018, Dash market capitalisation got as far as $4.3 billion being in the top 12 cryptocurrencies.
The governance over it is handled through DAO where decisions are made on the blockchain via masternodes.
Matenodes perform the standard node functions like hosting a copy of the ledger, relaying messages and validating transactions on the network, also act as shareholders and voting on proposals
for improving the Dash ecosystem.
To become a master node, you first have to have 1000 Dash, also it requires to have a static IP address and a minimum requirement for the CPU, ram and disk space.
Until 2018, Dash coins were mined using the proof of work algorithm using the hash function called x11, with an average time of creating a block in 2 – 3 minutes.
The total amount of Dash coins was 18 million, no more coins will be generated, and the total amount of coins released in the market is approximately 7.85 million, with a market cap of $5.4 billion.
The main features of Dash
The use of masternodes, being the first cryptocurrency of its kind that implemented the mastermode protocol in its system.
Masternodes, generally act the same as the nodes in the case of Bitcoin, thus in this case in order to be a masternode you will have to stake a sum of 1000 Dash coins as an investment, later to be paid in dividends on their investments and also making sure in the process that the masternode is bearing in mind the wellbeing of the system.
The use of Private Send which maintains fungibility within the blockchain, is swapping coins among all the users to break the traceability of the coins.
Dash has the best of both worlds, fiat and cryptocurrency, it can make faster transactions and is also untraceable.