DASH or Dashcoin is an anonymous cryptocurrency that, like the BTC and most cryptographic currencies, works with a P2P protocol but has much more advanced features.
Unlike the BTC, Dash is a completely anonymous currency and its transactions are instantaneous, being one of the fastest in that sense. In addition, the network has a self-sustainable decentralized governance system by blockchain (DGBB) which seeks to solve two cryptocurrency problems; governance and financing. Currently, it is one of the five cryptocurrencies with the highest market capitalization and with the highest growth expectations for the coming years.
History of DASH
DASH was not always called that way. It was launched on the market on January 18, 2014 under the name of XCoin and after just over a month changed its name to Daskcoin. It was not until 2015 that he completely adopted the name with which he is now popularly known.
Dash is a word game to define “Digital Cash” since the main premise of the cryptocurrency is that it is virtual cash. During the first days of its launch, 1.9 million units of the coin were mined, representing approximately a quarter of the current issuance that occurred in March 2017.
That mining ratio is known as instamine and is considered a system failure. That failure, according to DASH developer Evan Duffield, is attributed to an error in the code of the cryptocurrency that erroneously converted the difficulty of mining to make it easier. It was a blow but once the cryptocurrency is over it has not stopped growing. At the time of writing, the DASH quote is $ 834 USD and it is expected to continue its upward trend.
The main stumbling block for 2014 is that the ICO’s market was full of scams of all kinds, DASH was one of the few survivors and won a trust that still holds. Currently the DASH Core team, responsible for the development of the cryptocurrency, is one of the most recognized in the blockchain world.
PrivateSend: This is a coin-mixing service based on the CoinJoin with the difference that it uses masternodes instead of a single website, restricting said mixes to accept only certain denominations (0.01 DASH, 0.1 DASH, 1 DASH and so on). The maximum amount that can be exchanged in this way is 1000 DASH.
InstantSend: This service allows us to perform almost instantaneous transactions thanks to a consensus in the masternodes network. It was previously known as InstantX and in 2016 changed its name to InstantSend, allowing infinitely faster transactions than those of the Bitcoin network.
DASH uses, like Bitcoin and almost all cryptocurrencies, a proof of work system to record transactions in the blockchain ledger. This system is based on the fact that a miner must solve a mathematical problem and once he does, and a consensus is reached with the other miners who approve the resolution, the miner earns the right to encrypt a new block in the chain.
Dash also uses this system but unlike other cryptocurrencies it also has a second level known as a proof of service that is performed by the Masternodes. What the masternodes do is enhance the network to offer the additional services that differentiate DASH, such as InstanSend and PrivateSend. In short, masternodes are responsible for making transactions faster and more private than other cryptocurrencies. That is why the distribution of mining profits is different, giving 45% of the reward to the miner, 45% to the master node and another 10% that stays with the network for the budget system.
This is the true difference of DASH with other cryptocurrencies both in their characteristics and in their operation. Thanks to this, the DASH network solves the problem of governance and double spending.
How to buy and sell DASH
DASH is not different from other cryptocurrencies despite having other characteristics. We can buy it through:
As payment for work: if we offer products or services we can accept DASH as a payment method.
ATMs: ATMs allow us to buy and sell commomoney very easily and among those available is DASH.