DASH differs significantly from dozens of other altcoins on the cryptocurrency market. It is completely anonymous cryptocurrency by its unique two-level system.
Anonymity and the ability to use DASH as a daily payment tool allow this altcoin to be stable in the TOP-10 capitalization of cryptocurrency. Progressive systems network, high level of protection and unique distribution of rewards between participants give unlimited opportunities for the growth of the rate of this cryptocurrency.
What is Dash?
DASH is a digital currency with a high level of anonymity which was originally created as an alternative to bitcoin. Cryptocurrency is completely decentralized, which means the absence of a central issuer and the equality of network participants, while for its mining are not needed high capacities such as in the case of bitcoin.
Decentralization in DASH is not only the equality of all owners and participants. Each member of the network can contribute their ideas on the development of the cryptocurrency or vote for other initiatives. The idea of Decentralized Governance or DAO is fully realized.
In 2014 Evan Duffield, a senior developer of this network launched the crypt that was called DarkCoin. Then its name has changed to XCoin. After that was done another re”branding and the new name DASH was taken. According to one version, this name means “upward” or “rushing up” and at the same time is an abbreviation for Digital Cash.
Evan Duffield, talking about the creation of a new cryptocurrency, stresses that the main thing for him was and remains anonymous. Initially, the developer became interested in Bitcoin and proposed changes to the protocol of the world’s first cryptocurrency. He was not listened to, and this became the catalyst for the creation of DarkCoin in 2014. If then on the project worked several people, now the team includes over 60 specialists.
DASH is convenient to use for everyday payments, since as in this cryptocurrency there is a function of instant transactions. It works with the help of InstantSend service. As a result Dash Core, company that develops DASH, signed a strategic agreement with the online banking platform Wirex in October 2017. This agreement provides the integration of the cryptocurrency into the banking system, which will allow Dash owners to settle at 40 million VISA card acceptance points in more than 210 countries around the world.
Dash cryptocurrency, like Bitcoin, is based on the blockchain. But there are conceptual differences between these cryptocurrencies:
- Availability of DASH’s InstantSend service for instant transactions;
- Availability of PrivateSend service for additional anonymity of operations;
- Mining does not require such powerful installations;
- A fully decentralized network in which each participant affects its development;
- Several cryptographic algorithms are used at once;
- The whole system is two-level.
DASH retains the status of “the most decentralized from the decentralized digital currencies” due to the implementation of the decentralized program interface DAPI. It is an open environment in which companies and developers can create wallets and software to interact with the network. Its work is provided by Masternodes that have the primary load of verification of transactions and guarantee the high speed of any operations.
Differences between DASH and Bitcoin
The key difference between these two cryptocurrency is the platform architecture. If Bitcoin is a peer-to-peer network that is based on the Proof-of-Work protocol and developed by individual developers, then Dash is a much more democratic and decentralized network with two levels at once. Here are bitcoin elements in the form of Proof-of-Work protocol (miners) and an additional level in the form of DGB with Masternodes (nodes).
Final feature allows DASH to fully implement decentralized autonomous network management with internal voting on all key issues. And also implement such functions as instant transactions (InstantSend) and additional anonymity (PrivateSend).
Thanks to DASH is a more open currency for innovation. Each node has the right to make its own proposal for the development of the platform.
There are differences in the mining and distribution of rewards. First, DASH uses its own X11 algorithm, combining 11 hashes at once and does not require such capacities as in the case of Bitcoin mining. Secondly, reward after receiving block is distributed in a specific proportion.
Where to buy DASH
If you want to own this promising cryptocurrency, you need to get a wallet.
After you have created a wallet, you have several options for purchasing:
- Buy DASH on exchange online;
- Buy DASH at the cryptocurrency exchange;
- Obtain DASH independently (mining).
In terms of the first two options, we recommend using the exchange rates monitoring sites for digital currencies and CoinMarketCap – monitoring the rate and capitalization of cryptocurrencies and major exchanges.
Sphere of DASH application
DASH team sets a goal to become the number one among all the other cryptocurrency in non-cash payments. And taking into account the peculiarities of this platform, this development is quite realistic.
Now team is engaged in the evolution of the entire platform. The launch of a new generation application with free transactions, the opportunity to invite other participants via e-mail, the integration of the messenger is planned in June 2018.
Steps to integrate cryptocurrency into the banking system and launch of DAPI show how much potential it has as a payment instrument. At the same time, the project team is constantly expanding and has stable funding. It is embedded in the DASH platform itself.
Created as an alternative to Bitcoin, the DASH has managed to go its own way and differs significantly from a number of other cryptocurrencies, which has huge potential.