What is Dash?

what is dash

May 18, 2019

FrederikNielsen
32

This cryptocurrency was created on January 18, 2014, by developer Evan Duffield, who took Litecoin / Bitcoin code as a basis. It was originally released under the name XCoin, and ten days later, on January 28, 2014, it was renamed Darkcoin (“dark coin”) to emphasize its purpose for secret payments. Finally, in March 2015, it was re-branded again and assigned the name “Dash, friendly to regulators,” an acronym for the phrase Digital cash.

what is dash

Why Dash is better?

Dashcoin cryptocurrency is a lot like Bitcoin, but at the same time, it has a lot of advantages. One of the first key differences is to call the unique X11 Algo algorithm written by Duffield, which is a two-tier structure that provides high anonymity and excellent payment protection. At the time when transactions through Bitcoin can be traced using the appropriate key points and algorithms, in Dash, all links between payments and account are erased, excluding the possibility of any manipulations.

Loyal following

The first thing that made the creators of Dash – branded Bitcoin and Litecoin label “pseudo-anonymous.” Since the data on all transactions (amount, time, addresses of the sender and recipient) are stored in the public blockchain, financial transactions can be monitored and compared through special software. For example, if a person decides to purchase an air ticket for BTC, then the passport data left by him can be linked to the Bitcoin address and see his entire financial history.

Speed

If it’s not privacy that matters, but speed, then another method is available for “digital cash” transfers in Dash – InstantSend. When using it, it is not miners who check transactions that are produced, but 6–10 randomly selected masters, powerful and smoothly running servers. As a result, the transfer of crypto money from one address to another occurs almost instantly.

Flexibility

According to the developers, the Dash management model is superior to the Bitcoin model. While Bitcoin development is dependent on community input, the Dash network is funded by the transaction fees it generates.

what is dash

Low cost

High-speed translation using InstantSend on the Dash network costs a few pence. It is cheaper than Western Union or PayPal. And the fee for the usual transfer, which will last about 2.5 minutes, will be scanty $ 0.001.

How to buy Dash

You have two main ways to buy Dash: exchange Bitcoin for Dash or buy it directly through fiat. The easiest way to buy Dash is if you already have Bitcoin. Bitfinex, Kraken, ShapeShift and Bittrex are several popular exchanges that allow you to trade Dash. Buying Dash through fiat is a little more difficult because there are not so many platforms. The sites that offer fiat-to-Dash are BitPanda and Kraken.

Dash wallets

Wallet Dash is based on a Bitcoin wallet for a Bitcoin currency called Bitcoin Core QT wallet and is equipped with the Darksend service for the fastest and most anonymous transactions. Also, the wallet is equipped with special functionality – PrivateSend, and InstantSend.

The wallet program can be downloaded from the official Dash website. After installation, it will take some time to synchronize, but after going through all the necessary procedures, you get a much faster and safer product than a competitor.

Should you invest in Dash?

Currently, Dash has strong support from well-known venture capital companies, namely Venture 51 and Core Innovation Capital. In general, the prospects for Dash in 2018 seem to be very bright. In addition, Dash is now working with TenX and issuing its own debit cards. As a result, there are even more options for using Dash currency in the real economy. In this regard, the growth of Dash in the near future is even more likely.

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Frederik Nielsen
Frederik Nielsen

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

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