What is Dash Cryptocurrency? Are you also trying to learn more about Dash? Here it is, everything explained in detail.
With the rising popularity and gaining importance of Bitcoin through it reaching the mark $7300 in October 2017, people have gone crazy with investments in Cryptocurrency. To our utter surprise, the snowballing Cryptocurrency market which was previously at $17 billion bounced to over 500% leap and marked a stunning presence at $195 billion. Isn’t that a striking growth?
You may lower your raised eyebrows since this event of Cryptocurrency is something just like how information and content have been decentralized with the help of internet. Money is being decentralized with the help of this concept of Cryptocurrency. This concept of digital money has emerged with the introduction of Bitcoin so you may expect a few fundamental flaws that can be managed very smoothly in the very initial stage itself.
Out of a few, the most disturbing flaws that were not solved by Bitcoin are making it able for private and anonymous transactions. An absolutely new trend in the world of Cryptocurrency was born from this very need. This form is known as the Anonymous Cryptocurrency. And one of the most prominent competitors in this system is the Dash Cryptocurrency. Dash evolved from the concept of Digital Cash which it means literally.
Wondering about this again new inclusion in the world of Cryptocurrency? No, worries, this article is going to serve you as a one-stop answer to all your queries related to Dash Cryptocurrency.
What is Dash?
Formerly known as the Darkcoin and XCoin, Dash is actually a peer-to-peer open source Cryptocurrency which is one of the most user-friendly and features rich Cryptocurrency in the world.
Keeping Bitcoin far behind, Dash has excelled in providing a number of features like the Instant transaction with InstantSend and private transactions with Private Send. You would be enthralled to know that Dash is as real cash as that we use in our respective currencies like GBP/EUR/INR/USD or any other currency.
Dash is actually built on the core code of Bitcoin with the inclusion of a few brand new features such as quick transactions and privacy features. Some common features that BTC and Dash share are being Open Source with own blockchain, own community and wallet infrastructure.
The one thing that Dash overtakes on BTC is the transaction fee which is almost negligible. To add to your information, Dash according to the development community will remain as digital money only for the internet. Due to the decentralized governance and budgeting system Dash has emerged as a Decentralized Autonomous Organization.
History behind the creation of DASH
A new concept in every aspect requires a clear-cut knowledge about its history and establishment. The same is the case here. Let’s understand the history behind. Originally released in the market as XCoin, Dash started its journey in the year 2014 on 18th January. The two steps in the till the reaching of Dash was the naming as DarkCoin on Feb 28th, 2014 and March 25th, 2015 DarkCoin to Dash.
The proud developer of this Cryptocurrency is Evan Duffield. It was him who came across the concept of Bitcoin in 2010 and was pretty impressed with it. It took very less time for him to realize that Bitcoin needs some small revision and addition which could bring in great trend in Cryptocurrency.
There were numerous ideas hovering in the mind of Evan to make Bitcoin more user-friendly and he also knew that the Bitcoin core team would not allow him to do so since the core code was required to be changed in the process.
Evan was certain to improve the usability of the Cryptocurrency concept so he worked out a throughway for his dreams. He did change the primary flaws of Bitcoin with a new addition in the world of Cryptocurrency and named it Dash. In this, he decided to make use of the Bitcoin’s core code with all those new and advanced features which he wished to introduced to make the Cryptocurrency concept more hit and more acceptable in the market.
The team responsible for developing the currency has grown widespread since 2014 to 30 full-time employees, 20 part-time and dozens of volunteers. Dash today depends no more on donations or even sponsorships, all the employees currently working with Dash is paid solely from the budget of Dash itself.
To add to your array of wonders, Dash today trade billions of dollars per day.
Features of Dash
Taking a step forward Bitcoin’s single tier network has been overcome in the new and trendy Dash. Dash is equipped with a two-tier network. The two-tier network includes the miners working for certain network-related specialized tasks while the second level of network name ‘masternodes’ which works behind the performing of the Privatesend, governance functions and the InstantSend.
For near-instant transactions, the technology responsible is known as the instantsend. With the help of this system, the inputs can be easily locked to specified transactions and are verified by the agreement of the masternodes network.
In this, any kind of conflicting transactions and blocks are rejected very strictly. Even if you cannot reach a consensus, then the transaction receives validation standard block confirmation. The problem of double spending with longer confirmation times is ruled out with the help of InstantSend which was earlier a headache with Bitcoin.
With a number of modifications over the CoinJoin, the PrivateSend is also another coin mixing service. This technology uses masternodes instead of a single website. Forming a chain by mixing multiple masternodes, the mixing is restricted to only certain denominations.
A maximum allowed limit of PrivateSend transaction amount is 1000 DASH. An extra level of privacy is provided to the transactions due to the dead change matter present in other implementations like Coinshuffle and DarkWallet.
Dash Coin Supply and the market Cap
The design of DASH allows a total supply of 18 million coins. In today’s world of Cryptocurrency the total DASH that is circulated amounts to 7.4 million which would reach to a height of 18 million in the year 2300. The block reward that DASH offers is highly variable and tends to decrease at a rate of 7.1 every year. The mining time that DASH offers is 2.5 minutes and ranges to four times faster than Bitcoin.
You can imagine how popular and acceptable has DASH becomes today only by gauging the circulating supply which is 7.4 million whose each unit costs $282. You can very easily understand from this that how reasonable the market capital of DASH is. It ranges from approximately 1.5 billion. Based on market capitalization, DASH is ranked at 7th position as it was in June 2017.
How to Buy Dash?
Now when you are aware of these amazing facts about DASH your eagerness to grab your part of DASH is quite justified. To satiate your want for your DASH you may take help of this section of the article which is intended to inform you regarding the ways for an acquisition of your DASH cryptocurrencies.
There are several sources which are trusted and effective in providing you the DASH. Out of them one of the very convenient ways to grabbing your portion of DASH is the Changelly. The mode of acquisition here is to exchange. Through these instant exchange facilities, you can easily exchange various Cryptocurrencies. Changelly is basically an exchange market where you get to exchange a large variety of cryptocurrencies. Including DASH change now supports at max 55 cryptocurrencies.
The information that you need to provide are:
Another most prominent platform for exchanging cryptos is the Shapeshift.io. Via shapeshift you have to exchange your supported Cryptocurrency in order to buy your desired amount of DASH. 33 varieties of cryptocurrencies are currently supported for exchange including DASH. You can find a number of sites who could teach you how to carry out the transaction procedure for exchanging through Shapeshift.io.
Types of Dash Wallets
Dash has emerged as a highly popular and user-friendly as well as practical way of money transaction. This is just because of the great job being done by the management team and the strong foundation they lay. You need to hold enough Dash now if you have not done yet. Where you need to gather your Dash is the factor now. Dash wallets are in the trend now to hold your Dash cryptocurrencies. Based on the various needs and objectives the wallets are:
Trezor: A Dash supportive isolated environment that supports the signing of transaction locally. This is a hardware wallet though which you could use only when you are quite fluent in the use of hardware wallets. But the way-far user-friendly features help us to get used to it in a very short time. When security is the point Trezor holds the best position.
Keep key: The first ever Hardware wallets to support Dash were the Keep key wallet. This wallet is highly accepted in the market just because it is super refined in terms of security. Transactions are signed locally and thus no anonymous transaction is possible. Exodus:
Coinomi: You can also enjoy the medium level of anonymity with the help of one easiest wallet which is commonly known as Coinomi. This is one of the most powerful Android wallet solutions that supports multiple currencies at a time.
Jaxx: This is an Ether, Ether Classic, DAO, Dash, Litecoin, Bitcoin, and REP wallet that is in early Beta. The proud developer of this wallet is the Kryptonite. The main feature of this wallet is that they never hold or access onto any user fund.
Dash Paper Wallet: Paper wallets contain both public as well as the private key of Dash. This wallet is known for it being one of the cheapest forms of cold storage.
The technology behind Dash
One of the first autonomous open-source peep-peer Cryptocurrency which offers instant transactions, private transactions as well as token fungibility is this Dashcoin. It is the first decentralized autonomous organization that is been operated by a decentralized autonomous organization.
The technology behind this Dash coin is nothing but the working of a decentralized governance and budgeting system. Dash works based on chained hashing algorithm called X11 for proof-of-work. It uses about 11 rounds of different hashing functions instead of SHA256. Just next to Litecoin and before Monero, Dash is ranked as the 5th most valuable Cryptocurrency in the market today.
By now from the entire article it is clear that Dash is quite similar but pretty different from that of Bitcoin in today’s world of Cryptocurrency. Like Bitcoin it is also an open source peer to peer Cryptocurrency with pretty much difference.
Dash is actually a Digital Cash with which you may send payments privately as well as instantly through online or in-store. Rather than holding individual accounts in the bank, you can have complete control over your money with Dashcoins automatically. Few out of the trend features of Dash make it stand out of the Cryptocurrency market. They are:
InstantSend: This facility allows your transactions through Dashcoin to be pretty instant which is confirmed in less than a second and is very close to actual cash.
PrivateSend: This feature of Dash helps you to perform transactions in a much-secured way by keeping the balances and transaction history private.
Two-Tier network: In the first tier the miners carry out some of the primary jobs on the network and the second tier has the masternoids.
Self Governing and Self funding protocol: This feature allows anybody to propose new projects and after the due vote by the masternoids.
Despite having grown numerous competitors, Dash is not going to be faded out so soon. This is because Dash is quite flexible and easy to use and proving to be one of the most worth currency for investments in the years to come.