Dash (formerly known as Darkcoin and XCoin) is a cryptocurrency that was launched in January 2014. It is a decentralized peer-to-peer digital currency that is designed to be an open financial system that is self-governing and self-funding. Dash is designed to provide users with a secure, fast, and low-cost way to send money across the globe. It is a secure and anonymous payment system that allows users to make transactions without revealing their identity. CryptoNewsHerald is a media outlet that provides news, insights, and analysis on the Dash network and other digital currencies. It is a great source of information for those interested in learning more about Dash and cryptocurrencies.
What is DASH (Dash)?
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Dash is an open source peer-to-peer payment system with the unit of account of the same name.
Who, when and how created DASH?
- Launch Date: January 18, 2014
- Creator: Evan Duffield, American programmer
- Name at launch: Xcoin
- Rename dates: Darkcoin (2014) and DASH (2015)
Dash was born as a fork of Bitcoin. During the fork, there was failuredue to which 1.8 million DASH tokens were mined in just two days (approximately 10% of the total supply).
According to Duffield, the reason was a bug in the code that incorrectly converted the difficulty, the incorrect value of which was then used to calculate the reward, which led to the instamine.
One of the main beneficiaries of the bug was the developer himself. Due to criticism, he suggested restarting the cryptocurrency, but users rejected the idea, and the project continued to develop in its original form.
How is DASH different from Bitcoin?
DASH is focused on increased user privacy and faster transaction speeds. Distinctive features are:
- PrivateSend mixing engine to ensure coin interchangeability
- all transactions are instant due to InstantSend technology without charging additional fees
Miners on the DASH network share their block reward with masternodes, which ensure privacy and high transaction speeds. Both groups receive 45% of the reward.
To run a masternode, a user needs to freeze 1000 DASH. The masternode operator can withdraw or spend his deposit at any time, but then the node will lose the status of the masternode and stop receiving rewards. 10% of the block reward goes to a special fund to finance the development and improvement of the cryptocurrency.
Decisions about which aspects of development should be funded are made through voting on the dash.org website.
What are the strengths of DASH?
- low fees ($0.005 – $0.01)
- transaction speed
What are the cons of DASH?
Among the shortcomings of DASH, critics include the threat of centralizing the network by establishing control over the majority of masternodes.
The coin, along with other anonymous cryptocurrencies, is also being delisted from exchanges due to the latter’s desire to ensure legal compliance.
What is the potential of DASH?
In December 2019, the developers plan to deploy Dash Evolution, a technology stack for developing decentralized applications based on DASH, on the Evonet testnet.
The deterministic masternode reward model ensures that they get paid more as the network develops and demand for ASIC devices used in DASH mining grows.
In 2020 will begin the release of smartphones with a pre-installed DASH wallet, as well as the transfer of masternodes to individual chips, which will allow them to scale to the size of data centers. The growth of system requirements for masternodes will theoretically contribute to the formation of a large network with high functionality.
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DASH (Dash) is a revolutionary digital currency that is quickly gaining popularity and acceptance worldwide. With its low fees, fast transactions, and secure network, it is no wonder that DASH is becoming an increasingly attractive option for both individuals and businesses. With its many advantages, DASH is sure to continue to grow and offer users a reliable and secure form of payment.