Each cryptocurrency has its peculiarities and differences with respect to others, and Dash It is based on Bitcoin, but with advanced features. Perhaps it is not as well known to the general public because it is much more recent, from February 2014. However, not among the people who are most active in the world of cryptocurrencies. Furthermore, it was initially launched as XCoin, and after changing its name it was finally baptized as Dash, whose name comes from the merger of "Digital Cash."
It is one of the coins that has found the most uses in the market since its creation. Bitcoin has quite a few shortcomings and drawbacks, such as long transaction periods or the lack of a consensus system. Dash, for its part, offers a solution to these problems. Among its main differences we would find:
- The master nodes. This system revolves around a network of servers whose users have at least 1000 Dash in their possession. Masternodes allow instant transactions thanks to their immediate verification, which also streamlines private exchanges.
- Instant transactions. In the case of Bitcoin, at least 6 confirmations are needed for the transaction to be valid on the network. This means that waiting times can take a long time. However with Dash, by using a master node system, your transactions are instantly validated.
- Consensus on the web. In order to reach a consensus in the blockhain network, it is necessary to know in advance what the consensus rules will be. That is, to know what the blocks must comply with to be admitted into the chain. In the case of Blockhain, that consensus must be majority, and by using it by so many millions of people and requiring a majority vote, it makes reaching an agreement very difficult, if not impossible. And normally, it is achieved through a "hard fork". In Dash's case, these consensuses are handled by the master nodes, offering a quick response when changes need to be made to the network.
This series of unique characteristics make Dash an ideal cryptocurrency for the exchange, speed and privacy of transactions. In addition, it has mechanisms for self-management and support for entrepreneurs.
Dash's story
It was launched on January 18, 2014 under the name XCoin. After about a month, its name was changed to Daskcoin. But it really wasn't until 2015 that his name was changed to what he is known today.
During the first days of its creation, a total of 1 million coins were mined (this proportion of mining is known as instamine). Its programmer and creator, Evan Duffield, commented that it was a code failure, which meant that mining was easier and faster than expected. Currently in April 2019, almost half of the total Dash that may exist (8'7 million out of 18'9 million) have been mined. Despite not being the expected result, it did not prevent Dash from opening a gap in the market.
At that time, scams and scams in the ICO market were the order of the day. As usually happens in new markets, which begin to be accessible to the general public. Not because they are something bad, but because there are always some who want to take advantage of "something more", as happens in many places after all. Dash, for her part, managed to gain the trust of those who invested in her, and currently the Dash Core team that is in charge of the development of the coin, is one of the most recognized in the world.
Services offered by Dash
- InstantSend. It allows us the instant transactions of which we had spoken before, thanks to the network of master nodes of the Dash network. It is compatible with many virtual wallets and providers. This speed in sending or receiving cryptocurrencies makes it comparable to credit cards, without the need for any centralized authority. For more information about InstantSend, you can find it on its website.
- PrivateSend. A huge financial privacy with coin mixing. All the Dash in your wallet can be interpreted as separate and discrete coins. This process is achieved thanks to the masternodes and not from a single website. And the transactions are recognized and mixed together with another person who can also make a transaction, with values of 0'001, 0'01, 0'1, 1 and 10 Dash. This preservation of anonymity, which occurs when you want to make a transaction, is done automatically without any intervention or hassle on the part of the user.
To see a summary to understand how these services work and configure them, you can find them on the Dash.org website itself.
Decentralized and Autonomous
Technology Dash is based on two levels. On the one hand we have the miners, who are in charge of recording all transactions and recording the new blocks of the chain. And on the other hand, the master nodes, which confirm the transactions, and confirm the unique services of Dash.
Both levels are awarded for their work, and the benefits that come from mining are divided into three parts:
- Miners. They stay with him 45% of the benefits.
- Master Nodes. The owners of them stay with another 45% of profits.
- Treasury. The 10% remaining will stop here. And with this it gives life to the first autonomous and totally successful decentralized organization in the Blockchain-based economy.
Dash's DAO (decentralized governance) allows masternode owners to vote to determine what to do with 10% of the treasury. In this way, the power to decide on what to do or what improvements to integrate in the code, updates, marketing, proposals, etc. is achieved. In this way, it is not necessary to depend on external sponsors for example. So successful is this way of working, that there have already been several replications by other cryptocurrencies to work the same as Dash.
Dash Evolution
The main objective of Dash Evolution, is make cryptocurrency accessible to those less familiar with its technology. An application for the use of virtual wallets allowing you to pay and make financial transactions, in shops, or the online purchase of products. In such a simple way that anyone without prior knowledge can use it.
Dash is positioned as a perfectly balanced cryptocurrency. That jointly houses the necessary characteristics to function and can be expected. Decentralized with autonomous governance, anonymity, instantaneous, innovative and accessible to the entire public.
