Dash (formerly known as Darkcoin, also known as Digital Cash) is a digital currency that has quietly crept its way into the top 10 largest cryptocurrencies. It was developed by Evan Duffield in 2014 and according to the founder, it was the first cryptocurrency that could be used as digital cash. As such, Dash pursues similar goals to many other cryptocurrencies, but is very different from Bitcoin.
Dash - an anonymous cryptocurrency with special features
It is an open-source peer-to-peer cryptocurrency based on the Bitcoin code and is therefore compatible with all relevant exchanges and wallets.
After a new feature was installed last year, Dash is able to handle completely anonymous transactions just like Monaro. This is made possible by the Private Send system, which hides or mixes all transaction information and is based on a "no trust mix" protocol level. Here, transactions are mixed with other transactions in equal proportions and packaged in a block so that it is no longer possible to track which sender sent a transaction to which recipient.
All Bitcoin transactions can be tracked in the public Blockchain explorer directory. For Dash, this is only possible to a limited extent due to the data protection features described. In the past, it was suspected that anonymous cryptocurrencies such as Monero, Dash or ZCash were used for illegal purposes. However, there has never been any clear evidence to prove this and therefore these allegations were considered unfounded and have been dropped.
Another innovative transaction method, "Instand Send", allows transactions to be made as fast as one second. Transaction costs are less than a penny. A direct comparison with the competition means that Dash is considered very fast and cheap.
When we get together, there is more power to be mined to make the Dash network work properly. The revenue (block rewards) generated through mining in the Dashboard network is used differently compared to classical proof-of-work based cryptocurrencies. The revenue generated will be split 45-45-10 between Miner, Master nodes and the Dash budget.
The Dash budget, also known as the Dash Treasury Fund, accounts for 10% of all monthly revenues. Through the refinancing of the project, Dash coin does not rely on donations or external donors to raise funds for the development of the business. This fact has become controversial internationally because, on the one hand, it contributes to steady progress. However, on the other hand, the area or location of the inflow of funds is not always 100% transparent.
In general, the proceeds will be used for future research, community projects and marketing. In addition, all participants in the network are rewarded according to an incentive model, so that all participants have access to financial resources. This allows the technical resources to be adapted to the performance requirements of the network.
In addition, Dash is ASIC resistant and suitable for CPU mining as well as GPU mining. x11 is used as a proof-of-work algorithm. x11 is a hashing algorithm that uses 11 different algorithms to secure the network.
The Dash DAO is organized using DGBB, a governance system that helps you decide on steps and measures quickly and efficiently. The most prominent example of this type of issue is the strong unrest within the Bitcoin community, which decided to activate SegWit.
The same scaling issue occurred in the dashboard network, thus increasing the block size, but the issue was resolved within 24 hours. The core development team submitted a proposal, which was accepted by a majority of over 99%.
Master nodes have a special place in the network. master nodes in the Dash network are similar to full nodes in other proof-of-work systems. The master node has a security of 1000 dashes and is the only node in the DGBB that has the right to vote. To operate a master node, more information can be found on this page.
Is it worth investing in Dash?
Dash is the Altcoin with great potential, but for some time now hardly any updates have been executed in the Dash ecosystem. The previous high altitude flight with high prices (Dash-Coin) trading at over €1,000 seems to be over for now.
The decentralised management of the Dash network ensures that projects are constantly developed on a global scale and that decisions are balanced. the PrivateSend and InstaSend functions make Dash a potential candidate to be used as a legal tender in countries around the world in the long run. Next time it will be shown in which direction the network is moving.
