DASH —— A Cryptocurrency Allowing Speed And Privacy Features
- Dash is a cryptocurrency designed to serve as "Digital Cash". It allows "instant transactions with micro-fees".
- Launched in January 2014, Dash relies on these three features: speed, privacy, and usability.
- Dash is a Proof-of-Work cryptocurrency (X11 hashing algorithm) and relies on a network of Master Nodes (requiring 1000 DASH). Its supply inflation rate is decaying: it is bound to reach 0 in 2150.
- Dash was the first cryptocurrency to include built-in privacy functions. Specifically, it introduced an extension of CoinJoin: PrivateSend. It is similar to a decentralized mixing service. Built at the protocol level, it is designed to keep coins fully fungible.
What is DASH?
Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralized in nature. According to the project's white paper, Dash seeks to improve upon Bitcoin (BTC) by providing stronger privacy and faster transactions.
Its name comes from "digital cash," was launched in January 2014 as a fork of Litecoin (LTC). Since going live, Dash has grown to include features such as a two-tier network with incentivized nodes, including "masternodes," and decentralized project governance; InstantSend, which allows for instantly settled payments; ChainLocks, which makes the Dash blockchain instantly immutable; and PrivateSend, which offers additional optional privacy for transactions.
Who created DASH?
Dash was founded by software developers Evan Duffield and Kyle Hagan. The project was originally called XCoin, changing its name to Darkcoin two weeks later before rebranding again to Dash in March 2015 in an effort to positively change its image.
Before launching Dash, Duffield was a software developer with experience in finance, from his time working at Hawk Financial Group, as well as in public relations, having developed machine learning algorithms and search engines. He first conceived of Dash in 2012 as a way to add more anonymity to Bitcoin — hence, originally calling it Darkcoin. Duffield has claimed that he started it as a hobby, coding it in just one weekend. Duffield served as CEO of Dash Core Group — the company that supports the continued development, integrations and other activities of Dash — until December 2017 when he stepped down to focus on other strategic initiatives.
Dash is marketed to both individual users and institutions, including merchants, financial services, traders and those who need to send international remittances.
Its governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralized way. This has allowed the creation of many funded organizations, including Dash Core Group.
Technically the underlying technical design of DASH strictly abides by the purpose of the blockchain
- The POW+POS hybrid mining consensus mechanism balances the rights and interests of Token holders, miners, and developers, effectively breaking the dictatorship of mining tyrants, community splitting block forks, project development stagnation and other vicious events.
- The use of the X11 core algorithm can reduce the graphics card temperature by 30%-50% and power consumption by about 30%. It can be said to be the most GPU-friendly algorithm at present. At the same time, it can be resistant to ASIC mining machines to a certain extent.
Dash relies on these three features:
- Usability——Decentralization: The core of Dash is composed of a unique incentive P2P network. Miners are rewarded for maintaining blockchain security; masternode holders are rewarded for users to verify transactions, store data, and provide multiple services.
- Speed——Timely transactions: New clients entering the DASH network must discover the active master nodes of the entire network so that they can use their services. Once they join the mesh network, their nodes will receive instructions to request a list of master nodes. The purpose of setting up the cache is to allow the client to record the master node and its current state, so when the client restarts, they simply load the file without re-requesting the complete list of the master node.
- Privacy——Anonymity: When using Bitcoin, the transaction will be written to the data block chain, and you can check the receiving and sending parties. However, Dash uses anonymity technology to make transactions impossible to track and query. Also uses the original decentralized network server "master node" to obfuscate transactions and achieve anonymity. No third party is required, effectively avoiding the instability caused by the intervention of a third party.