Dash (DASH) – A Beginner’s Guide, Review & More
What is Dash?
Dash is a cryptocurrency focused on digital payments. It is open source and operates with a decentralized governance and funding system which makes Dash a DAO (decentralized autonomous organization). Dash is, in fact, the first DAO recognized by international law.
It operates with a two-tier network, where miners are the first tier. They secure the network and facilitate transactions. The second tier consists of Masternodes, these nodes are responsible for the more advanced features of the network, for example, InstantSend or PrivateSend. Any masternode has to stake 1000 DASH as collateral with a PoS-System and the get compensated with 45% of the block reward split between them. Miners also get 45%, and the remaining 10% goes to a treasury managed by the DAO. Dash’s main goals are being the most user-friendly and easy-to-use digital currency.
The native asset is called DASH.
Advanced features are:
InstandSend: Makes it possible to send near-instant transactions
PrivateSend: Modified coin-mixing service which can be used to disguise transactions from the public
It was initially named Xcoin and was released on 18 January 2014. The project was founded by Evan Duffield. He was the opinion that Bitcoin was not fungible and anonymous enough and that is the reason he started his own cryptocurrency. Ten days later it was rebranded again, to the name Darkcoin, and since 25 March 2015 till today it is named Dash. The name is short for “Digital Cash.”
Can it be mined?
Yes, it works with Proof-of-Work and can be mined. The PoW-algorithm is X11.
Additionally, it can be staked in a masternode to perform specific tasks like PrivateSend and InstantSend. Running a masternode requires a minimum balance of 1000 DASH.
What differs it from other Cryptocurrencies?
Dash’s two-tier architecture of miners and masternodes is different from most P2P-cryptocurrencies. It is self-governing, and Masternodes can vote on future development.
Also, their focus on usability and additional privacy are its unique selling points.
How much is it worth today?
What is the total and the circulating supply?
The maximum supply is 18,900,000 and the circulating supply at the time of writing is 8,034,233 DASH. The last DASH is mined approximately in the year 2050.
Where can you buy it?
You can buy DASH on several cryptocurrency exchanges, most notably Binance, Bitfinex, Huobi, and HitBTC.
Can DASH be sold for cash?
You can sell DASH for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Bithump and Bitfinex.
Dash Evolution, a code name for decentralized currency platform built on it, will be released in the first half of 2018. Evolution will be the next step in Dash’s aspiration to purely decentralized E-Commerce.
- DashDrive: Decentralized file sharing system (IPFS)
- DashPay Decentralized Wallets: Light client wallets
- DAPI: Decentralized API which allows third tier users secure access to the network
The team is working hard to continue developing their system, raise awareness and drive integration further.
Verdict and Rating
It has built a powerful ecosystem with a well thought out governance structure and incentivisation system. Its user-centric approach makes it a strong contender for adoption. Development is continuing at a good pace.
One to watch.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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