Dash (DASH) is a cryptocurrency created in January 2014, originally called XCoin. Unhappy with the transaction speed of bitcoin, Evan Duffield decided to found his own coin, seeking faster transaction speeds and more privacy. Dash is a hard fork of Litecoin, which is a hard fork of the bitcoin blockchain. So, what is Dash and what are some of its key features?
How does Dash differ from bitcoin? Dash has a total supply of 18 million DASH coins, 3 million fewer than bitcoin. At the time of writing, Dash has a market cap of $660 million USD, putting it in the top 20 cryptocurrencies by market cap.
The average block mining time on the Dash blockchain is 2.5 minutes, around four times faster than bitcoin (which sits at around 10 minutes). This means that Dash transactions are much faster than bitcoin, something which makes it desirable for everyday usage.
Dash has a variable block reward (the reward miners receive for mining blocks) which is reduced by 7.1% every year, differing from bitcoin which has a “halving” every 210,000 blocks (essentially, where the reward for producing blocks in halved).
https://www.youtube.com/watch?v=DiYEp_Hr3Aw&feature=emb_titleKey FeaturesSo, what are some of the key features of Dash?
- Masternodes: Masternodes are similar to full nodes in the bitcoin network, but they have to provide a particular service to the Dash ecosystem, and must invest a minimum of 1000 DASH into the network. Masternodes make up a second tier network, and exist on top of the first tier which consists of normal network miners. Masternodes follow a Proof of Service algorithm, which ties in with the Proof of Work algorithm in the rest of the Dash network.
- PrivateSend: PrivateSend is a system that helps to maintain fungibility by swapping coins between users as a way to break the traceability of coins. This also makes the network safer, as a transaction cannot be traced and the coin’s history cannot be accessed.
-InstantSend: This is arguably one of the best features of Dash. InstantSend allows for transactions with DASH to be almost instant. It simultaneously accommodates for the double spending problem, and allows users to send and receive DASH, and have their transactions confirmed within a second.
So, what is Dash? In short, it’s a fast and secure way of transacting cryptocurrency. And when we say fast, we really mean it.
Why Dash?Why Dash? Dash is a fantastic option for those looking to transact with crypto on a daily basis. Unlike bitcoin, Dash has lightning fast transaction speeds- this makes it appealing for online shopping and gaming, as well as many other uses. So, what is Dash? It’s basically a blockchain and cryptocurrency with some key features that make it pretty special.
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