Dash was launched in 2014 and has a total market cap of $ 2.4 billion. I am sure you will also be surprised to learn that this coin was renamed twice before its final name was determined - Dash. But more about that later! In this guide, I'll explain what Dash is, what makes it so special, and how Dash transactions work. Not only that, I'll also talk about how safe the Dash coin is.

What is DASH?

Dash is a currency, like Bitcoin, is a digital currency that can be used to send or receive payments. In fact, Dash is built on top of Bitcoin's blockchain technology, however, some important improvements have been made to it. Dash coin has gained popularity because it offers better privacy and faster transaction speeds than Bitcoin. It can achieve this with the help of a unique model that includes “Masternodes” technology. Not only does Dash provide these benefits, it also operates on a self-financing model called self-financing. Unlike Bitcoin, the Dash network can fund itself to make further improvements to DASH technology. Dash, where “Dash” is a combination of the words “Digital” and “Cash,” was released on January 18, 2014, as “(Xcoin (XCO)”) by Evan Duffield. On January 28, 2014, the name was changed to “Darkcoin” Before it was finally renamed “Dash” on March 25, 2015.

Dash was issued from the Litecoin fork. An error was introduced when the forex occurred, resulting in 1.9 million DASH coins being extracted within the first two days. 1.9 million represents about 10% of all Dash coins that would have been in existence!

Note: A fork is when changes are made to the blockchain network that divide the blockchain in two. On this occasion, Litecoin creates a Dash coin. Litecoin was also a bitcoin fork. Therefore, all technology is similar, but each has its own unique features.

After this technical error, Evan Duffield offered to restart the coin but the Dash community rejected the proposal, so the project continued as it was. Since its launch in 2014, the DASH cryptocurrency has been priced under $ 10 until the end of 2016. As you can see from the chart below, Dash's price started increasing at the beginning of 2017 and reached a high of $ 1540 on December 20, 2017.

How to use DASH coin?

Dash has several features that give it an edge over other cryptocurrencies like Bitcoin and Litecoin. Dash can be used to make transactions in a more private and faster way due to these three features: Masternodes, PrivateSend, and InstantSend.

Let's take an in-depth look at each of these three features.

Masternodes

We must first understand how the Dash currency system works before we talk about the topic “What is a MASTERNODE” Dash currency, is among the well-known digital currencies that are mainly based on secrecy and privacy in its transactions, and it uses a "proof-of-work" system as the Bitcoin currency system, and this is what distinguishes its system that allows users (i.e. miners) ) Make money from the mining process. But not everyone can contribute to the network or the system as a metal, so an alternative solution to the "proof-of-work" system has been found, which is the MASTERNODE system adopted by the cryptocurrency network Dash.

PrivateSend mailer privacy

One of the problems with Bitcoin blockers is that they are completely public. What this means is that if you make a Bitcoin transaction, anyone in the world with access to the internet can learn the following things about it: The public address of the sender and recipient of each Bitcoin transaction How much was sent or received from the currency Previous transactions However, Dash coin offers a service called “PrivateSend” that adds privacy to transactions. Because of this, Dash transactions cannot be tracked, and users' identities are not disclosed to the world. As mentioned before, private transactions are facilitated by masternodes. Even if all of your transactions are legal (which I hope they are), do you really want the rest of the world to know everything about it? Let me guess your answer is "No." So, this is a huge advantage that Dash coin has to offer.

- InstantSend

On average, it takes about 10 minutes for a Bitcoin to send a confirmation. On the other hand, this has raised many questions about the scalability and mass adoption of Bitcoin. Dash solves this problem by providing a special service called "InstantSend". With InstantSend, Dash transactions are confirmed almost instantly by the Masternode network. .