In this article, We learn about "Dash (DASH)".Let's Go!
Dash (DASH) is a cryptocurrency based on the Bitcoin software, but with anonymity features that prevent individual transactions from being traced.
It was created by Evan Duffield in 2014 and was previously known as XCoin (XCO) and Darkcoin.
Dash describes itself as digital cash designed to give everyone financial freedom. Payments are fast, easy, secure, and with virtually zero fees.
Dash is designed to support real-life use cases and aims to provide a fully decentralized payment solution. Users can buy goods at thousands of merchants and trade on major exchanges and brokers around the world.
How does Dash work?
Dash was created as a hard fork of Bitcoin to enhance privacy (an element that the Dash development team found lacking in the Bitcoin system), and for the most part, Dash Bitcoin has similar functions and use cases as Bitcoin peer-to-peer electronic cash.
Dash is a proof-of-work blockchain with block generation times averaging around 2.5 minutes. On the Dash network, individuals can mine Dash via the X11 mining algorithm.
What makes Dash so unique is the second layer of its system consisting of masternodes.
Masternodes are individuals who hold enough Dash (1000 Dash) to have a “stake” in the ecosystem. Masternodes also support Dash-specific features such as Instant Send and Private Send.
Think of these masternodes as voting shareholders. They vote on issues such as what should happen with new projects, who should get funding from the Treasury and which direction it should go.
And thanks to masternodes, Dash can make major changes to its codebase without reaching unanimous community consensus, so there is no risk of hard forks due to changes in the core code.
The main node does not adopt the fork mode, but votes on the community proposal. If the number of nodes voting "yes" exceeds the number of nodes voting "no" by at least 10%, the proposal will be approved.
To support the network, masternodes get 45% of block rewards - miners get another 45% of block rewards, 10% of block rewards are withheld and flow into funds that distribute wealth for approved community proposals, and initiatives .
What has Dash improved?
Governance, privacy, and speed are the cornerstones of the Dash network; each of these elements is critical to any decentralized community.
However, these functions are inefficient on many existing decentralized systems - which is why Dash set out to provide a solution for sub-optimal networks with weak existing products in the market.
Governance
Unlike most blockchain networks, Dash has a governing body - the Masternodes - that are responsible for voting on network proposals and facilitating operations that occur in the second layer of its network - PrivateSend and InstantSend.
To facilitate these transactions, Dash masternodes will receive 45% of the block reward.
To become a masternode, an individual must own at least 1,000 Dash.
Privacy
Privacy is one of, if not the core pillars of Dash—in fact, privacy is such an important feature of Dash that Dash is often referred to as a privacy coin.
To achieve a level of privacy that decentralized web advocates would be happy with, Dash mixes the tokens in its network to obfuscate their ownership, then redistributes those tokens back to wallet addresses so it’s unclear whose To whom the token belongs.
In the Dash network, this feature is called PrivateSend; when a user sends a transaction privately, the history of all transaction inputs is cleared, making it impossible to distinguish one Dash from another . The lack of history makes Dash relatively fungible, a distinguishing feature that makes
Compared to other cryptocurrencies, Dash is more of a viable payment method with little or no fungibility like Bitcoin - the price of 1 Bitcoin varies everywhere Identical and therefore not completely fungible (equally interchangeable globally).
Speed
As mentioned above, Dash’s InstantSend feature makes Dash a more viable payment method than other cryptocurrencies like Bitcoin.
When sending a Dash transaction using InstantSend, the masternode network is able to lock the transaction funds and only unlock them for specific purposes.
In other words, masternodes act as escrow agents, effectively allowing transactions to be sent and finalized instantly through the Dash network, as nodes lock these funds and only allow them to be spent in specific, pre-designated ways.
Dash's instant send feature is a major improvement over Bitcoin's lengthy 6-confirmation-first-finality rule that many abide by - the difference is that transactions are finalized in about 1.3 seconds (Dash), not finalized The transaction takes about an hour (Bitcoin).
Why use Dash?
If you care deeply about anonymity and privacy — or Bitcoin's 6-confirmation rule might affect your lifestyle or payment settlement process — then you might want to consider Dash.
Dash’s PrivateSend emphasizes anonymity and privacy when transacting with peers, and with Dash’s InstantSend, transactions can be sent and completed in 1.3 seconds.
Both of these features will potentially eliminate any privacy and transaction speed issues you have encountered on other blockchain networks.
Also, if you are interested in supporting a network in exchange for large block rewards, then you may be interested in becoming a Dash masternode and the Dash network may be a good fit for you.
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