In these modern times, people already recognize and widely used cryptocurrency. The most famous and enormous example is bitcoin. They are not tangible cash but balances held by a public ledger that anyone can access. Computer systems verify the transactions, and they do not depend on institutions. Even though they are not legal tenders yet, people massively use them. Due to this reason, there are a lot of new cryptocurrencies that came out aside from Bitcoin. We call them altcoins. One of these hard forks of Bitcoin that came out is Dash.
What is Dash?
Dash is a cryptocurrency like Bitcoin. Even though its basis is the Bitcoin software, it is nothing like it since it has a feature where transactions are untraceable. Dash is formerly known as XCoin and Darkcoin. The mastermind behind Dash is Evan Duffield, and he created it in 2014.
Dash wants to be a digital asset that gives people financial freedom. They offer services where people can make payments that are fast, easy, secured, and little to zero fees. They aim to give people a decentralized payment method since they built it to support real-life use situations. If this becomes successful, people can buy things from different massive sellers and shops and trade them at significant exchanges and brokers globally.
Why did Evan Duffield create Dash?
Dash’s basis is Bitcoin. It is very similar to a lot of things like the function use cases. The only thing that sets it apart from Bitcoin is the improved privacy.
Also, its blockchain is proof of work. Its block generation times’ average is more or less 2.5 minutes. People can mine Dash coin using the X11 mining algorithm. The composition of its system’s second tier is Masternodes.
If you wonder who or what a masternode is, he or she holds at least 1000 that can have a stake in the ecosystem. They can also use specific functions like instasend and privatesend.
What is more to Dash that sets it apart from other altcoins and even Bitcoin?
Some of Dash’s outstanding qualities that other cryptocurrencies do not have or lack are its governance, privacy, and speed. These features are the most important ones in a decentralized community, so Dash decided to improve them.
Let us explain what Dash improved on these areas in this enumeration:
- Governance. Dash has a systematized government, unlike most blockchain networks that do not have. The Masternodes are the ones who are responsible for network proposal voting and operations facilitation, such as privatesend and instasend that occurs in its network’s second tier. They receive 45% block rewards for doing all the responsibilities, but an individual needs 1000 Dash first to become a Masternode.
- Privacy. This element is the cornerstone of Dash that a Dash coin is often called a privacy coin.
- Speed. Dash’s instasend feature is more advanced even when compared with Bitcoin and other altcoins. When people use Dash’s instasend feature in their transactions, the Masternodes locks these funds and do not unlock them unless there is a reason.
As a conclusion
Any cryptocurrency needs to have some aspects like good government, privacy, and speed. It is a good thought that someone like Evan Duffield made ideas into action when he made a cryptocurrency that improved all these elements and put it all in Dash.