Dash is a digital currency that can simply be defined as a form of money that can be transferred online to a friend or retailer without the help of any intermediary organization like a bank. It is based on the Bitcoin system and has helped solve several problems inherent in the Bitcoin process, including improving transaction speed. It is an open source project and is a form of DAO or decentralized autonomous organization managed by master nodes, which are a selected subset of users.
Dash is not like most other large cryptocurrency platforms that usually serve as development platforms. It aims to become the future of money and no more than this. Dash has managed to build quite a few good partnerships and aims to overcome Bitcoin in its shortcomings.
He underwent numerous rebranding and also provided $ 33 million worth of Dash to blockchain projects in Arizona State University. Dash has good potential and, in terms of transactions, has already confirmed half a million transactions in 24 hours.
Launched in 2014, it has recently begun to gain more and more attention and many are considering investing in it. This company is working to introduce new features that are missing in the market of existing cryptocurrencies. Since this project started as a process to overcome the problems present in Bitcoin, many believe that Dash is an update from Bitcoin and does not have any of the limitations of Bitcoin.
How did Dash start?
It was developed by Evan Duffield and launched as Xcoin in January 2014. Duffield wanted to improve anonymity in the process used by Bitcoin, but the main developers of the Bitcoin team were not in agreement with him. Thus, he continued to exploit the advantages of open source technology and forking from Litecoin, a new project to start his own digital currency.
It was soon renamed "Darkcoin", which the media used to create stories about this newborn coin used in the darknet. However, it did not do much damage to the currency, and soon people understood the advantages of using it. A good number of people began to support the currency, leading to a market capitalization that was one of the highest for any cryptographic currency at that time.
The basis of each project must be strong, and without it the project could face several problems and remain limited as it progresses. This was the problem with the Bitcoin system that could not add some important features to it that would be important factors in the future. Duffield created the Masternode system and this would have allowed the addition of different future features to your system.
Darkcoin focused on the need for anonymity and did very little to proceed in other directions where it contained good potential. Moreover, a big problem in his publicity was that people perceived the currency to be involved in illegal activities because of his name. Duffield soon realized and accepted this problem, which led to the rebranding of "Darkcoin" in "Dash". Dash is a short version of "digital money".
In 2017, some Dash employees took their seats at an incubator in Arizona State University and later funded a research laboratory at the university that was supposed to work on blockchain research. In April 2018 Dash was one of the top twelve cryptocurrencies and their market capitalization was about $ 4.3 billion.
Several team members who have played an important role in Dash are Ryan Taylor (CEO), Robert Wiecko (COO), Glenn Austin (CFO), Fernando Gutierrez (CMO), Holger Shinzel and Philipp Engelhorn.
How does Dash work?
Dash works similar to the way Bitcoin works in terms of how it is released in the currency system. Dash must be extracted, which works on a blockchain system and has a decentralized ledger that contains information on all transactions.
A consent system works to confirm transactions and mathematical problems are solved using computers that allow users to create a new lock on the chain. If the problem is solved correctly, the person is rewarded with Dash's money. If anyone wants, he can also buy Dash to trade. Many who have bought and tested cryptocurrency have found that it is less expensive than its alternatives and believes that it provides simpler and easier transactions.
The governance takes place through DAO and is created on the blockchain by "Masternodes". One must have ownership of at least 1000 Dash currencies to execute a masternode. Masternodes are responsible for executing standard node processes such as hosting blockchain copies, transmitting messages, and confirming or validating transactions on the network. They act as shareholders to improve the global ecosystem of Dash, thus satisfying the Dash community.
Dash has often been criticized for his two-tier system where miners do not have the right to vote. Many believe that the system is not really decentralized because of their divided vote among their users, giving only some people the right to influence the system.
People can buy Dash using Bitcoin, Ethereum or many other digital currencies. It is listed in many exchanges including Binance and Cryptopia. Coinswitch is also a good option to compare mates and find the best price.
It can be stored on different digital wallets, just like most other cryptos. The most used portfolio is the Dash wallet, available both on desktop and on mobile. You can also use a hardware portfolio such as Ledger Nano S to store Dash.
Benefits of Dash
Dash has always focused on anonymity and, with his system of the future, no one can trace you, transactions, payments and balances. Your information is very well kept as a secret.
Dash uses his Masternode system to power a & # 39; InstantX & # 39; that can transfer money in less than 4 seconds. The need for speed in transactions has always been a requirement, and this speed is one of the hot spots of Dash that has attracted many users.
The fees for transactions and payments are lower than most other digital cryptocurrencies and also other digital alternatives such as Paypal.
Since its launch in 2014, Dash has steadily conquered many users, and many have trusted it even in difficult times. Dash has provided great support to its users and it seems that this growing attraction will not stop soon.
Not only did the Dash team think of a different and better system than the existing cryptocurrency space, but it also did a lot of work to improve the experience of its users. Their goal has always been the public who is not interested in cryptocurrency, and with the work they have done, they have surely won the trust of many.
Not only digital exchanges, but also many online affiliated stores accept Dash, thus demonstrating the confidence that Dash has acquired. Dash did a good job in terms of putting their money in the right places to get a good start on their product.
Disadvantages of Dash
Although Dash has a very well thought out system, the cryptocurrency space and Dash are both young and not perfect. Any cryptocurrency out there can easily fail in today's market, even though most of them have great potential.
The name "Dash" can be very problematic even after twice rebranding. This name has been adopted by many companies and there is even a Dash call app that can often lead to confusion. The identity of any brand is very important for its success and its recognition among people.
The ownership of Masternodes is also questionable. Although it does not really matter at this early stage, it could have a negative impact on the proper functioning of the system in the future.
How is Dash Different?
Dash was created to introduce new features over existing ones and it worked pretty well.
InstantSend (formerly known as InstantX) is a new feature that prevents users from spending their money twice in error. The system does this by excluding the payment instead of the block confirmation.
Dash's team of employees has worked hard on anonymity issues and one of his creations, PrivateSend (formerly known as DarkSend), helps its users maintain anonymity. It is a coinjoin system in which multiple transactions are shuffled in a single transaction.
Dash is also a self-financed cryptocurrency in which 10% of all the extracted currency is sent to the treasury to finance its development. This is a good idea of the financing system that helps a continuous development without much attention to investments and funds from external sources. Just understanding the user base and making it broader helps you get better funding, thus encouraging workflow.
The future of Dash
Dash has achieved a good position in the cryptocurrency space and is one of the most accepted altcoins today. Dash wants to become the ideal medium for daily transactions and has begun to spread throughout the world in various industries to turn this dream into reality. They are already expanding beyond the United States and have large expansion plans for their business.
The currency has grown more than a hundred times in a single year between 2017 and 2018. It had entered the billions of dollars market by April 2018 and is very stable by now.
They plan to make the 100% Masternode system operational by 2020. They focus on attracting small businesses to Dash directly via mobile devices. They are also working on the implementation of InstantSend to help customers purchase products in stores digitally and complete the payment process faster instead of waiting in line.
Many say that Dash is acquiring a use in the dark web, but Dash's CEO denied these allegations and denounced them as false reports. Dash, though, is very young investing in research and forming various partnerships. Dash has indeed the special features that has always promised and the future seems to be nothing but good for Dash with its growing adoption in many industries already.
Should you invest in Dash?
Investors are always looking for something new to spend and Dash with its innovative features and growing popularity, has all the characteristics of a good investment point. Even if it is continuously adopted, the price of Dash is always variable, for example, it has dropped to $ 400 from $ 1500 in 2018. It is always a good idea to check the price fluctuation model of any cryptocurrency before investing in it.
Dash has reached the twelfth position in the encrypted list very quickly and is presented as a strong competitor of Bitcoin. Starting from a Bitcoin-based system, Dash has developed to introduce better features and eliminate those that disturb. They have earned a considerable amount of trust and it is hard to say that they will fail at any time in the near future.
A large part of their system is based on Bitcoin and therefore does not need many questions about their process. But there have been many new features that have been added and do not work against them. Considering their overall progress in cryptographic space, investing in Dash in 2019 is not a bad decision.
Dash has already shown that he can fulfill the promises he makes. He brought different features and now he is heading towards the future with a different idea. He is facing difficulties in easily raising the ranks of the best players in the cryptocurrency market because he has a different path in taking the cryptocurrency concept.
Most other players are working on several projects simultaneously, trying to be an all-inclusive company in the future, but Dash is more focused and is simply working to become a better digital currency source.
Many cryptocurrencies, despite having good ideas, are facing the challenge of adoption, which Dash seems to address well. If adopted, Dash could prove to be an important part of our society's future.