Dash is a cryptocurrency that stems from a fork of Bitcoin. This altcoin allows for money to be exchanged on a secure, open-source, peer-to-peer network. Dash is a decentralized cryptocurrency in the sense that central banks do not hold user's money. Transactions can be untraceable, instant, and initiated with little or no fees.
Cryptocurrency expert, Evan Duffield, founded Xcoin (predecessor to Dash) in January of 2014. He had discovered Bitcoin in 2010 and was eager to add anonymous transactions to the protocol. Duffield did not receive traction from Bitcoin developers, so he decided to create his path and build a platform that would supplement the aspects that the Bitcoin protocol was missing.
Xcoin's name changed to “Darkcoin," and then rebranded as Dash in 2015. They took on “Dash” as the official name since it is a portmanteau of “digital cash." Roughly 1.9 million Dash coins released after launch.
Dash prides itself on being an equivalent to “digital cash.” It was primarily constructed to compensate for Bitcoin’s pitfalls. Dash has a mining cap at 18 million, meaning this is the maximum number of Dash that can ever exist.
Dash’s governance protocol is worth noting. They use a form of decentralized autonomous organization where blockchain “masternodes” make decisions. Masternodes serve various functions. They can validate network transactions, host copies of the blockchain, and pass along messages. Additionally, masternodes can act as shareholders by casting votes to pass proposals. These proposals can be put into place to improve the Dash ecosystem.
To be in charge of a masternode, the user must have a static IP address. They must also obtain minimum RAM, disk space, CPU and network bandwidth. Finally, masternodes must own at least 1,000 Dash coins. In addition to Masternodes, both miners and standard nodes take part in the Dash system. Why would these masternodes put forth the effort to meet this long list of requirements? 45 percent of all newly generated dash go to the masternodes (10 percent go to Dash’s treasury). To make sure that masternodes are using the most up to date blockchain protocol and that it is functioning, Dash uses a proof-of-service protocol. Since the start of 2018, the average time it took to mine a Dash coin was about 2.5 minutes. Miners used a hash function called X11, with 11 rounds of hashing.
One of Dash’s premier features is InstaSend. It uses masternode consensus and transaction locking to conduct instant transactions. Another feature of Dash transactions is PrivateSend. PrivateSend enables users to initiate transactions that are untraceable. It does this by scrambling user’s unspent coins before the execution of transactions.
As of September of 2018, there is much controversy over how decentralized Dash is. Early adopters gained a disproportionately large amount of coins; approximately 2 million on launch day. Since there is a mandatory 1,000 Dash coin buy-in price to become a masternode, many people have criticized the system’s high barrier to entry.
Dash has seen a rapid increase in price since its founding in 2014. At the beginning of 2017, Dash priced at just $10. In less than one year, it surpassed $300. While it did not quite maintain this price range consistently, it did manage to stay within the top 15 cryptocurrencies rather steadily.
In September of 2018, Dash placed at number eleven at $1,587,161,943 on the cryptocurrency market capitalization charts. Their team plans to develop further integrations, more user options, and enhance their user experience in the future. Examine a Dash coin price chart for insight into the coin’s past trends.
Firstly, users must download or purchase a secure, trusted wallet that supports this cryptocurrency. Available wallet types are mobile, desktop, paper, or hardware.
Second, Dash gives users two purchasing options:
This method is more straightforward and can is done on many cryptocurrency exchanges like Bitfinex, ShapeShift Kraken, or Bittrex.
2. Trade in Bitcoin for Dash
While trading Bitcoin for Dash is doable, it is a more complicated process. However, two exchanges that support this type of transaction are Kraken and BitPanda.
Finally, you’ll want to place your Dash coin securely in your wallet. Always steer clear of leaving your cryptocurrencies on an exchange, as they can be subject to hackers.
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