Dash is a next-generation digital currency that can be spent anywhere. It can be used to make instant payments online or in-store private payments with the help of a fully secured open-source platform. The platform is hosted by thousands of users around the globe. Dash gives a voice to anyone interested in introducing their own projects to the network. Marketing, development, and anything else that can help Dash grow is eligible for funding. Users simply need to submit a treasury proposal and present their idea to the network to receive funding for it.
Dash has also managed to solve many of the shortcomings associated to Bitcoin. For example, it enables faster transactions, more privacy for financial operations, while developing a decentralized governance and funding system.
What Is Decentralized Governance?
Dash has created a completely decentralized system responsible for governing and funding the future development of projects. Anyone interested in the network can come up with an idea for a project that can help grow the Dash ecosystem. The proposal needs to be voted on by Masternode owners. When at least 10 percent of the Masternodes have voted in its favor, the project will be considered approved.
Also, when a miner solves a block, they will receive 45% of the block reward, while another 45% will support the second tier of the network. The remaining 10% will be withed by the Dash network instead of being generated. Every month, withheld DASH is created by superblocks. There is one block per each proposal that gets approved, which generates the DASH necessary for funding the proposals. The emission rate is not altered during the process, as the exact same amount of DASH is created as would have been generated otherwise.
What Is InstantX?
InstantX is short for “instant transactions” and is refers to the technology that enables transactions to be confirmed in just four seconds. InstantX was rebranded to InstantSend. It relies on the second tier of the Dash network also referred to as the Masternodes and it creates a “lock” once there is a new transaction on the network. The DASH connected to the respective transaction are locked and it is impossible to be spent twice. Every time someone will try to spend the locked DASH, the network will automatically stop the attempt by rejecting it.
What Is The X11 Chained Hashing Algorithm?
X11 is a popularly known and utilized hashing algorithm that was developed by none other than the lead developer of Dash, Evan Duffield. This chained hashing algorithm uses a special sequence of eleven hashing algorithms for the proof-of-work. The purpose of the sequence is to boost the level of decentralization by making Application Specific Integrated Circuits hard to create.
The main goal is to avoid reaching the same level of centralization like Bitcoin ever since the implementation of Bitcoin ASICs. Plus, when it comes to the X11 algorithm compared to Litecoin’s Scrypt algorithm, GPUs require 30% less wattage and run up to 50% cooler than.
What is DarkSend?
The Dash client stores automatically pre-mixed, denominated Dash in the wallet of a user. It can be used at any moment, instantly. The user does not have to lift a single finger for the mixing and denomination phases. Every ten blocks, all user clients across the network send the unmixed Dash they might have in their possession via the anonymization phase. This is where Masternodes mix the received coins and separate them into homogenous denominations. Coins are then sent to the next Masternode in the chain, or they go back to the wallets of the users at some addresses that will be generated randomly. The coins of a user will always be sent to different addresses within their wallet, which means they will never actually leave their possession.
Who Created Dash?
Dash was created on the 18th of January in 2014 by Evan Duffield. It was initially released as XCoin (XCO), but a month later it was renamed “Darkcoin”. At the end of March of the following year, Darkcoin became “Dash”.
Duffield first laid his eyes on Bitcoin in 2010 and was was impressed by it; but what he didn’t like was the slow speeds at which transactions were completed, and the fact that it didn’t offer enough privacy. He started brainstorming ideas on how to turn Bitcoin into an anonymous coin. However, knowing the Bitcoin’s core developers would never allow him to put his ideas into practice, he instead the BTC core code to build his brand new cryptocurrency.
Dash Coin Supply And Market Cap
Dash was created for a total supply of 18 million coins. It is estimated that the circulating supply of Dash will reach its limit in the year 2300. The variable block reward decreases at a 7.1 % rate with each passing year.
With an average block mining time of 2.5 minutes on the blockchain, Dash is four times faster than Bitcoin. And that is a huge advantage that definitely makes it an important competitor in the industry.
At the point of writing this article, the price of Dash was little over $142, with a market cap of $1,181,792,259.
Dash Features That Make It Unique
Dash has a few features that make it really unique:
- Private fund sending. Dash enables you to keep your payments entirely private and make sure no one can track you or your transactions. You will be the only person who can gain access to your financial information. Since your transaction will be mixed with other transactions, it would be practically impossible to identify your own. You will always have the option of using the anonymity feature, if you want to. There is a small catch, however, if you wish to use this feature, your sending amount will be limited to 1000 Dash.
- Send transactions in 1.5 seconds with InstantSend. Keep in mind Masternodes charges higher fees for processing these transactions. InstantSend has also managed to solve the double-spending problem. Masternodes are special privilege nodes owned by Dash. Anyone can form Masternodes by holding 1000 Dash as collateral. These special nodes allow you to the PrivateSend and InstantSend functions, as well as earn 45% block rewards. InstantSend affirms installments in around four seconds.
- Safe transactions. Thanks to the advanced encryption behind it, and the powerful protocol used to ensure complete security in the process of making a payment and using the anonymization process, Dash is one of the safest altcoins on the market.
- Cheaper fees. It also enables you to send money in any location on the globe, using the same low fees and fast speeds as if you were personally sending money to a next door neighbor. The majority of transactions costs a few cents to send, which is considerably cheaper than popular services like Western Union or PayPal, or regular banks and Visa cards.
How To Buy Dash?
Using Wire Transfers
You can rely on a number of altcoin exchange websites that accept credit cards, SOFORT, Skrill, fiat currencies, or SEPA transfers for purchasing Dash. Most of these sites will require verification and they will set buying limits at a relatively small amount (600 Euros for BitPanda, available in Europe only). Kraken is another world-popular exchange for altcoins that allows you to fund your account using USD and EUR via wire transfers, then buy Dash directly. In some cases, you may need to wait a couple of days to receive your Dash after verification.
You can use Dash ATMs in Oregon, New York, and Florida and buy Dash with zero delays and complications. The fees might be higher compared to other options, but if you are in a real hurry to make a purchase, this is the approach that will require the least effort.
WallofCoins is an escrow service that seemingly simplifies the buying and selling of Bitcoin and altcoins such as Dash. You can easily buy Dash by keeping money at a nearby bank the United States, Canada, Poland, Germany, Brazil, Latvia, and the Philippines. After receiving conformation that the money has safely stored into your account, it will take around 15 minutes to obtain the Dash coins. There will be a fee of around 1%.
Exchanging Bitcoin For Dash
If you already own Bitcoin, you can use a main exchange and easily trade it for Dash. Some example of trustworthy exchanges include ShapeShift, Kraken, Bitfinex, or Changelly.
All in all, the future of Dash looks encouraging, and its relatively steady ascent in contrast with other altcoins makes it a good choice that is definitely worth looking into.