Dash

What is Dash?

DASH is the native coin of the blockchain network of the same name. Dash, short for digital money, is blockchain-based digital currency that can be used for peer-to-peer (P2P) transactions. It offers fast and secure payments, convenient and decentralized.

The platform was launched after a fork from Litecoin in 2014. He uses masternode technologies and a two-layer network to strengthen the security of the blockchain and facilitate the services provided. The asset is considered a privacy coin. You can see the current price of Dash in the chart above.

Who co-founded Dash?

Evan Duffield And Kyle Hagan are co-developers of Dash. Duffield is a software engineer who has worked in both traditional and decentralized finance. He has experience in machine learning and is the author of the X11 mining algorithm that Dash uses. Duffield has since stepped away from his main project to focus his efforts on other research.

Hagan is a fellow software developer and co-author of the Dash white paper. Involved in the development of network infrastructure. However, Hagan abandoned the project in December 2014.

Dash’s goal was to solve the scalability and speed problems associated with Bitcoin. On the Bitcoin blockchain, transaction confirmations are slow and resource-intensive. According to the Dash whitepaper, the incentives to run full Bitcoin modes are decreasing over time due to bandwidth requirements and costs.

The project officially started in January 2014, when the first block was mined. Did not have pre-mining held. In the first two days from the launch, 2 million coins were mined. However, this does not seem to have had a significant impact on the price of Dash. The fast mining was likely caused by a bug carried over from the Litecoin blockchain.

The Dash crypto project has undergone several rebrandings. He was first known as XCoin. Later title “Darkcoinwas chosen with the intention of creating a blockchain that provides complete decentralization and user privacy. The decision to change the name again, this time to Rush upwas done a year after launch to avoid negative connotations.

In the early years, the asset was relatively stable and hovered around $1. Dash price volatility remained low until early 2017. Since then, the asset has become more volatile, experiencing frequent fluctuations, often driven by overall market trends.

From this point on, the volatility trend continued. Towards the end of 2017, the price of Dash reached a significant peak when its value exceeded $1,642. In February 2019, five years after launch, the asset was valued at more than $70.

What are the features of Dash?

The maximum supply of DASH tokens has a hard cap of 18,921,005. This makes the asset deflationary as its supply will decrease over time. This token reduction is expected to increase the price of DASH in the long term. The supply limit is not expected to be reached until 11 p.m.

According to the protocol, 45% of DASH rewards are distributed to masternodes, another 45% to miners, and the remaining 10% is reserved for future budget offerings. If budgeted tokens are not distributed throughout Dash’s lifetime, the maximum supply will not be published and will instead be capped at 17,742,696.

Dash uses a two-layer network to ensure blockchain security and data integrity. The main roles that users can get on the network are masternodes and miners. Masternodes provide a second layer of security and network availability, while miners produce new Dash blocks following general rules. Proof of Work (PoW) concept.

The masternode service is known as Proof-of-Service (PoSe). To become masternodes, users must have a minimum of 1000 DASH. Taking on this role, masternodes become responsible for the efficiency of the network, managing the processes of governance, data storage and transaction processing..

The main functions controlled by masternodes are:

• Instant sending – simplification of almost instant transactions;
• CoinJoin – financial confidentiality and control over assets in the wallet;
• Chain locks – strengthening the immutability of the blockchain and resistance to attacks 51%;
• PrivateSubmit – additional confidentiality of transactions.

Like Bitcoin and Litecoin, Dash uses a Proof-of-Work consensus mechanism. However, the specific algorithm is known as X11. Both miners and masternodes are entitled to rewards for their contributions to the blockchain. Dash coin rewards are used as an incentive to continue participating in the network.

The main service offered by Dash is a decentralized global network for peer-to-peer payments. Dash’s price and value are largely determined by its utility. Users can trade DASH coins, access the Dash digital wallet, and participate in the overall ecosystem.

It is believed that Dash one of the first blockchains to use decentralized autonomous organizations (DAOs). Management rights are granted to masternodes. DAO members can vote on network budget proposals and general protocol changes. Each masternode has one vote.

What are the differences between Dash and Litecoin?

Dash split from Litecoin in 2014. The goal of the fork was to create a more efficient, secure and private network for digital transactions. Since it runs on a separate blockchain, its native asset is not the Dash token, but the coin.

Dash offers higher transaction speed than Litecoin. Besides, Dash places a much greater emphasis on privacy by using a two-tier network architecture. and the use of various transaction security measures.

Due to frequent changes in the market, it is impossible to accurately compare the price of Dash and Litecoin. You can see the latest data in the graph above. While Dash attempts to improve upon some of the features of the original Litecoin chain, both cryptocurrencies address slightly different market needs.

Litecoin is a significantly more volatile asset than Dash. In comparison, since the 2014 fork, the price of Dash has experienced less fluctuation and remained somewhat more stable. However, Litecoin has a significantly larger market capitalization.