Login to your account

Username *
Password *
Remember Me

Create an account

Fields marked with an asterisk (*) are required.
Name *
Username *
Password *
Verify password *
Email *
Verify email *
Captcha *
Reload Captcha

The Pros of Dash

Written by  Feb 03, 2020

We can see that Bitcoin and most cryptocurrencies have evolved since they first appeared some years back, but most of them still struggle with slow transfer processing times.

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.

History

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.

Advertisement

Masternodes

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.

Advertisement

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.

Conclusion

Dash has the best of both worlds, fiat and cryptocurrency, it can make faster transactions and is also untraceable.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Follow Us

Advertisement

Ethereum Price

Popular in Alt Coins

Jun 08, 2020

Tron CEO is to make an exciting announcement today, but what is it?

The CEO/founder of the Tron project, Justin Sun took to Twitter at the end of last month to announce that there will be ...

May 08, 2020

Monero: Private cryptocurrency of the future

Monero is a cryptocurrency for those who value their financial privacy; besides being private it is also decentralised a...

Mar 16, 2020

What is Tron (TRX)?

Tron is a blockchain-based technology that struggles to build a digital content environment using a peer to peer decentr...

Jan 17, 2020

Dogecoin: A bit of Cryptocurrency fun

To make the cryptocurrency market a more fun environment, Jackson Palmer founded Dogecoin as the result of a joke in Nov...

Jan 24, 2020

The History of Ethereum

In late 2013, Vitalik Buterin was working on the Mastercoin project. Being an early Bitcoin enthusiast, he envisioned bl...

Apr 23, 2020

Libra could encourage Crypto adoption say Binance

Crypto industry might really benefit from Facebook's Libra coins adoption, according to recent Binance Research. ...

May 19, 2020

Visa CEO is warming to the Libra project

Payments giant Visa has suggested that its interest in digital currencies is not over, and – although it is still dist...

Feb 03, 2020

The Pros of Dash

We can see that Bitcoin and most cryptocurrencies have evolved since they first appeared some years back, but most of th...

May 07, 2020

Can Ethereum get past $210 & $220?

Ethereum is struggling to gain bullish momentum above the $210 and $220 resistance levels against the US Dollar. ETH pri...