Previously known as XCoin or Darkcoin, Dash is one of the latest altcoins to have hit the crypto market. Like Bitcoin and its forks, Dash is also a decentralized, open-sourced, peer-to-peer digital currency that comes with a set of exciting privacy and security features. Dash targets to become the world’s most user-friendly crypto coin in terms of convenience, accessibility and scalability. Unlike other coins, it supports features like instant and private transfers via InstaSend and PrivateSend. It is based on a self-funding and self-governing model which allows the Dash network to make payments to individuals as well as businesses for undertaking work which adds value to the network. The unique budgeting system of the Dash interface makes it a decentralized autonomous organization (DAO).
Dash was initially launched as XCoin (XCO) in January 2014. The name was soon changed to 'Darkcoin'. In March 2015, it was renamed Dash (a portmanteau of 'Digital Cash'). Within the first 48 hours of its release, 10% of the total Dash coins (close to 1.9 million) were already mined. The credit goes to Evan Duffield, the lead developer of the Dash network and his team for launching this private coin.
In stark contrast to Bitcoin's single-tier system, where all transactions are carried out by the miners, Dash has a double-tier network. Most of the functions on the network, including the creation of new blocks, is performed by the miners. Tier-2, on the other hand, is governed by the 'Masternodes' which perform the InstantSend, Private Send and a few other functions. Rather than using a single mining protocol like SHA-256 (Bitcoin) or Scrypt (Litecoin), Dash is based on the X11 algorithm. It is basically a combination of 11 algorithms that ensure a uniform distribution of Dash coins between individual miners.
The Dash core network runs on the popular blockchain technology and is protected by a consensus mechanism known as 'Proof-of-Work'. By using special computer hardware, miners solve complex mathematical problems. With every correct solution (authenticated by the network), a new block is added to the existing blockchain.
Masternodes need to have at least 1000 Dash coins as security to counter Sybil attacks. This insurance amount may be used at any time; however, such an act eliminates the related masternode from the Dash network. Since the masternodes present important functions on the network, the Dash mining reward is equally divided between the masternodes and the miners. Both receive 45% of the block reward, while the remaining 10% is reserved for the 'treasury' system.
Dash Coin is quite strict about its network security. It deals with its ICO bottlenecks via its smart feature, InstantSend. Taking advantage of the Masternode network to secure inputs, Dash makes sure that all transactions are instantly cleared with a little extra fee during high traffic. All your important transactions will be cleared in the flash of time, while you can get your backlogs cleared one by one. The InstaSend application increases the fee by a decimal point. This replaces the typical bidding conflict for transactions wherein the battle over confirmation time doesn't speed up charges beyond a fixed, low level. With Dash's PrivateSend feature, one can anonymously send or receive currency. This helps users maintain their privacy.
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