Dash, called Digital Cash or “a new PayPal”, is a peer-to-peer cryptocurrency focused on the payment industry, based on open-source code. It is an altcoin that was forked from the Bitcoin protocol. It is also a decentralized autonomous organization run by a subset of its users, which are called "masternodes". The currency permits transactions that can be untraceable.
Why was DASH created?
Evan Duffield came across Bitcoin in 2010 and was impressed by its technology. But he soon realized that Bitcoin was not private and fast enough.
So to change this primary drawback of Bitcoin, Evan decided to use Bitcoin’s core code and build his own cryptocurrency- this is what we know of today as Dash.
Who created Dash?
Evan Duffield on 18th January 2014.
Which technology is used?
Dash was built on top of the blockchain technology that Bitcoin uses, however, some significant improvements have been made to it.
How does DASH work?
- Dash is an open-source cryptocurrency and is a form of decentralized autonomous organization (DAO) run by a subset of users, called "masternodes". It is an altcoin that was forked from the Bitcoin protocol. The currency permits fast transactions that can be untraceable.
- You would have to go through the following steps to make this transaction happen. You would send 1 Dash coin to your friend's public address by signing in to your wallet with your private key. Dash miners will add your transaction into A block is basically a group of Dash cryptocurrency transactions happening in a similar timeframe.
- If you chose the InstantSend service then your transaction will be instantly confirmed by the Masternode. Otherwise, it will be confirmed by a normal miner in around 2-3 minutes. Once that is done, the rest of the miners on the network will be told about it. They will double-check the results from the miner that verified the transaction to make sure there are no mistakes and that the transaction is valid. 1 Dash coin will then get transferred from you to your friend.
What problems does DASH try to solve?
Dash provides fast transactions, sometimes instant (with InstantSend), solves governance issues that most top cryptos face with Masternodes as well as integrated privacy as one of its top features (with PrivateSend).
Is DASH anonymous/safe?
- The Dash (DASH) network is now more secure than Bitcoin (BTC), according to several executives of the core team. An upgraded consensus protocol and instant-by-default transactions are expected to give Dash significant advantages in user experience and the network’s utility.
- Dash cryptocurrency, like other cryptocurrencies, offers a secure way to transact without the need of any third-party intermediary. Dash cryptocurrency, which is built over blockchain technology, offers a secure option by making the transaction process decentralized. Rather than relying on a centralized entity like a bank, Dash transactions are confirmed by 4,943 servers hosted around the world.
- PrivateSend transactions are where dash gets its reputation for being one of the most anonymous altcoins available.
What makes DASH Special?
- It sets out to solve some private payment issues with digital currencies, aiming at a more streamlined payment process, whereby people can use it to shop and make all kinds of payment online with privacy possible. Dash offers an instant payment system – InstantSend and private transactions system – PrivateSend. Dash is also one of the first decentralized and autonomous organizations (DAO).
- DASH investment is similar to the DAO project, the major difference is that it provides incentives to those who ensure the proper security and functionality of the platform. Key pillars include: Instant payments (Speed), Privacy and Secure payments. These qualities are essential for any ideal financial system; making it a lot friendlier on the front-end, and can, therefore, be relied upon to facilitate daily and regular spending of digital cash.