Dash is an open source peer-to-peer payment system of the same name.
Who, when and how created DASH?
Launch date: 18 Jan 2014
Creator: Evan Duffield, American programmer
Launch Name: Xcoin
Rename dates: Darkcoin (2014) and DASH (2015)
Dash was born as a fork of Bitcoin. There was a glitch during the fork, which resulted in 1.8 million DASH tokens mined in just two days (approximately 10% of the total supply). Now the 1 dash to btc costs 0.003981
According to Duffield, the reason was a bug in the code that incorrectly converted the difficulty, the wrong value of which was then used to calculate the reward, which led to instamine.
One of the main beneficiaries of the bug was the developer himself. Due to criticism, he proposed to restart 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 mechanism to ensure coin interchangeability;
- all transactions are instant due to InstantSend technology without charging additional fees.
Miners on the DASH network share block rewards with masternodes that ensure privacy and high transaction speed. Both groups receive 45% of the remuneration.
To launch a masternode, the user needs to freeze 1000 DASH. The masternode operator can withdraw or spend his collateral at any time, but then the node will lose the masternode status 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 votes on dash.org.
What are the strengths of DASH?
- low commissions ($ 0.005 – $ 0.01);
- transaction speed.
What are the cons of DASH?
Among the disadvantages of DASH, critics attribute the threat to centralize the network by establishing control over most masternodes.
The coin, along with other anonymous cryptocurrencies, is also subject to delisting on exchanges due to the latter’s efforts to ensure legal compliance.
What is the potential of DASH?
In December 2019, developers plan to deploy Dash Evolution on the Evonet testnet, a technology stack for developing DASH-based decentralized applications.
The Deterministic Masternode reward model ensures that they get paid more as the network evolves and the demand for ASICs used in DASH mining grows.
In 2020, the release of smartphones with a pre-installed DASH wallet will begin, 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.