Dash Cryptocurrency- Get the Insight before you Invest
Since the establishment this crypto coin in the club, Dash surpassed other cryptocurrencies in the market of digital currencies. Focused on providing faster transactions and privacy, the coin surpassed $1 billion mark and is gaining big as years passing on. This showcases that Dash-the promising digital cash is the best alternative to coins to Bitcoin. But before we get into the details about mining and other sections of this cryptocurrency, let us first check about Dash.
What is Dash?
Dash is designed and developed to advocate itself as peer-to-peer decentralized electronic cash. It defines itself as liquid as real cash which is used in countries like the US, India, UK and Europe. It is built on core-code having a new addition and features like- complete privacy and quick transactions. Similar to other Bitcoins, Dash too is open-source and carries own Blockchain, wallet infrastructure and community. To be precise, Dash is a peer-to-peer decentralized electronic payment platform and is completely free from centralized regulations by the authorities.
According to the founder Evan Duffield, Dash is built on the same technology that made Bitcoin successful. In addition, it employs a secondary network known as the Masternode Network. Masternodes are a new concept in digital currency, where users are incentivized to run full nodes and provide extra services to the network such as Darksend and InstantX. Put simply, they allow us to add features to Dash that are impossible in Bitcoin.”
A quick History-
Dash was created on 18th January 2014 and was originally called as XCoin, but in Feb 2014 it was renamed to Darkcoin, then a year later it was finally named as Dash. After coming across Bitcoin in 2010, Evan was quite impressed by the technology. For Evan it was quite challenging to create Dash which is entirely different from Bitcoin. So he used Bitcoin's core code and builds the cryptocurrency which currently has a billion dollar market.
The Coin Supply
Presently, Dash has a total supply of 18 million coins and the circulating supply of Dash is 7.4 million and is expected to reach 18 million by 2300 (when no human will be alive). The average block mining time is 2.5 minutes on the Dash blockchain, four times faster than Bitcoin and other cryptocurrencies.
Whole new level of privacy-
Evan while creating Dash cryptocurrency, he wanted to create a whole new level privacy laden currency. He knew that since there are many Bitcoins available, there is no guarantee of privacy. For instance, in Bitcoin, all transactions are displayed on public blockchain for anyone who wants to study the currency. So keeping this in mind, Dash was created with optional privacy features and ensures that users can have the option to keep transaction private.
For instance, Dash has PrivateSend which allow users to send fund privately without displaying it to the third party. Evan says, "Dash views financial privacy as a fundamental right. Therefore, Dash created an option for users to make transactions with true privacy, so that nobody could ever associate a person’s identity with a particular address or transaction. With Dash, users have the ability to keep all their transactions private." One interesting thing about Dash is it allows only 1000 Dash per transaction.
How to buy Dash?
If you are moving over from Bitcoin to Dash then you can get hold of it at Changelly. Changelly is an instant exchange where it allows investors to exchange cryptocurrencies. Currently, the site supports 55 cryptocurrencies. However, there are couples of things you will need-
- Your Dash address to receive Dash
- Same BTC/LTC crypto to exchange with Dash
You can even buy Dash from Exchanges like-
- Binance: Supported pairs are DASH/BTC, DASH/ETH
- Bittrex: Supported pairs are DASH/BTC, DASH/ETH
- Gate.io: Supported pairs are DASH/BTC, DASH/USDT
- Bitfinex: Supported pairs are DASH/BTC, DASH/USD
- KuCoin: Supported pairs are DASH/BTC, DASH/USDT, DASH/ETH
Dash Mining- Learn how mining works-
Dash currencies are released through mining activity and the Dash mining works quite similar to other cryptocurrencies. In this, transactions are confirmed to ensure if the sender hasn't sent coin two times. This is where mining plays its role. Transaction confirmation of the coin is done through a consensus mechanism. Also presented as Proof-of-work concept, there is a special Dash mining hardware used by miners along with the computer to solve the math problems and send confirmation of the transaction.
For miners, it is important to find correct solutions and add a new block to the blockchain. Upon getting verification for the solution, the miner is then rewarded with Dash currency. Many are interested in mining, while other want to use the currency. You can buy the currency from various exchanges and once you purchase, the money is then put into the wallet.
Know the Dash Fees-
One thing to consider when looking for the payment system is the fees for the transactions. If you are running a large volume of transactions, then considering fees is very important. The best thing about Dash cryptocurrency is the transaction fee is low. In addition to this low transaction fees, Dash provides the ability to transact quickly. Users of Bitcoin and other cryptocurrencies mentioned that the transaction moment is time-consuming.
Some Features of Dash-
Since Dash is designed to overtake Bitcoin, the makers have included some good features that make it worth investing on. Some of the features are mentioned below-
Dash users can do transactions privately without allowing a third party to know and mixing with other transactions. It uses a coin mixing service based on CoinJoin, an optional privacy feature for users. However, users have a limited cap of 1000 Dash. One of the best things about PrivateSend is, Dash transaction isn't traceable and neither the identity of the user is revealed. This is certainly a good thing about PrivateSend.
This feature allows sending the Dash transactions within 1.5 seconds. This instant sending feature makes this cryptocoin worth. However, there is an extra cost for this instant transaction. But it is worth to use and can make things lightening faster.
Dash comes with special features like Masternodes. It can be formed by holding 1000 Dash as collateral. This feature helps to perform PrivateSend and InstantSend functions. Masternodes act as special servers performing critical functions on the Dash crypto network. These features are responsible for PrivateSend, InstantSend and Governance and Treasury system. These nodes help in improving the security and ensure that the transactions are done on a quick basis. Masternode on every transaction will receive 45% of the total reward. It is split in following methods-
- 45% rewards (0.45 DASH cryptocurrency) goes to miners
- 45% reward (0.45 DASH cryptocurrency) goes to Masternodes
- 10% (0.10 DASH cryptocurrency) goes towards funding for further network improvements
How does the Transaction Works?
There are some methods how transaction in Dash works. Let’s dive more into it.
Imagine you own Dash cryptocurrency and stored Dash wallet. You need to send 1 Dash to your friend; you need to process the transaction through below steps-
But before that, there are two things to understand-
- Public Address- For this, you need to think of yourself as a bank account number. This is randomly generated through a combination of letters and numbers that you can share with the person wanting to send the payment.
- Private Key- For this, think yourself as ATM pin number-a random sequences of characters which is required to get access to the Dash wallet.
So coming back to the transaction process, let us see how it takes place-
- Upon signing up to the Dash wallet, you would send 1 Dash to your friend
- Dash miners will then add your transaction into A Block where similar transactions are taking place
- If you are choosing InstantSend, then your transaction gets approved by the Masternode
- Once done, rest miners on the network are notified about the transaction. They will double check and ensure that there is no mistake and the entire transaction is valid.
- Finally, the 1 Dash coin is transferred to your friend
The Future Picture of Dash-
Looking at its current value in the market of cryptocurrency, the future of Dash looks really promising. The makers of this digital coin continue to bring changes. For instance- Dash makers recently launched Evolution- designed to make digital cash easy to use and feasible for users. Moreover, website and mobile app purchases will be simple with just a single click.
Joel Valenzuela, chief editor of Dash Force News says, "Cryptocurrency can be difficult and intimidating to the average user. Some digital payment companies do make the process simple for these users, but currently, all of these players are tied to centralized entities."
By focusing more on the user-friendly market, Duffield says, "By 2020, we should have a completely working Masternode system and 100% decentralization. Also mobile wallets for sending and receiving money instantly, in a secure way, without having to wait for blockchain confirmation. With all of this technology implemented, the goal is to get many small businesses to take Dash directly through mobile devices. This allows customers to buy something in person and walk out 10 seconds later after InstantX confirms the transaction is valid and locks it.”
With this, the makers want to simplify the complex nature of cryptocurrency and making it available to every other user.