Dash is an open-source cryptocurrency platform that offers its participants cheap and fast decentralized blockchain payment solutions on a global scale. According to its whitepaper objectives, the project is aimed at improving upon the services of Bitcoin by providing scalability, faster transactions, and strengthened privacy.
The Dash platform, which had its name coined from digital cash, was launched as a fork of Litecoin in January 2014. Ever since the platform was made public, it has grown to include several features including a two-tier network consisting of masternodes which are the incentivized nodes, and its decentralized governance protocol which is known as InstantSend, a platform that allows for immediate settlement of payments. Others on the platform include ChainLock and PrivateSend, which offer instant immutability and an advanced level of privacy for transactions.
Who are the Founders of Dash (DASH)?
Dash was established by software developers Kyle Hagan and Evan Duffield. During the early stages of its establishment, the project was known as Xcoin before changing its name to Darkcoin two weeks later. In March 2015, the system was rebranded to be known as Dash in order to put out a new image for the platform.
Prior to the time Dash was launched, Evan Duffield already had extensive experience in the field of software development and finance as a whole. He developed a machine-learning algorithm while he was working under public relations at Hawk Financial Group. According to Duffield, the idea of Dash first hit him In 2012 to be applied as a way to provide more anonymity to Bitcoin, hence name it Darkcoin. However, it grew beyond that even though it started as a hobby which he coded in just one weekend. Duffield was the CEO of a company that is responsible for the development and integration of the Dash network, as well as other activities of the platform. This was up until 2017 when he vacated the position to focus on other strategic innovations.
Hegan, on the other hand, was involved in the creation of Dash in its original form, Darkcoin co-authored the whitepaper, before leaving the scene in December 2014.
What is Dash (DASH) used for?
Dash was created with the goal of solving major issues facing the world of cryptocurrency and blockchain as a whole. The system provides a secure and next to instant speed for the execution of transactions which could be in the form of payment. In addition to offering high speed and security, the platform also makes its services cheap and readily available to the general public.
The Dash network also has a dedicated token called DASH coin. The token, due to its use for governance on the system holds value and can be traded with other cryptocurrency pairs to earn a profit for its holders.
What Is the Unique Point of Dash (DASH)?
According to its stated goal, the Dash network aims to create a system with the highest level of scalability and easy-to-use interface of all the cryptocurrencies in the world. In order for this goal to be achieved, the project is backed by a network of masternodes which are servers that rely on the collateral designed to provide these advanced services at the highest level of security and the network’s governance system concerning proposals to be executed on the platform.
The masternodes on the platform provide an additional layer of services to the network by facilitating services such as PrivateSend, InstantSend, and ChainLocks in exchange for block rewards.
The Dash network was designed in such a way that its user base can cut across individuals and groups from any industry, especially in the financial line. According to a report from the Dash system in October 2020, the platform has the strategic goal of building an ecosystem where all the participants are satisfied and improvements are still executed on the platform.
The governance system used by the Dash network assigns 10% of the block rewards to the development of the entire system in a decentralized and competitive manner. As a result of this, several financed organizations have sprung up, including the Dash Core Group. There is also the Dash foundation, a platform that advocates the wide adoption of cryptocurrency and receives donations via institutional memberships or paid individuals.
How many Dash (DASH) coins are in circulation?
In total, the amount of Dash tokens that can be released is 18,921,005 tokens. However, this number is dependent on how the governance of the network decides to assign the 10% block rewards which are reserved for budget proposals on the network. If none of the reserved tokens are ever allocated, the total number of tokens emitted would be 17,742,696. New tokens on the network are obtained via a mining algorithm where the emission rate of the tokens constantly experiences a 7% decrease after every 210,240 blocks or after every 55 weeks.
After the mining exercise, 45% of the Mined Dash is assigned to masternodes, while 45% goes to the new miners and the last 10% is secured to find future proposals. In 2020, the network approved a proposal to change the coin apportionment ratio for miners and nodes from 50/50 to 60/40.
Two days after Dash was launched, a total of 2 million tokens were mined, an amount that surpassed the expected emission schedule by far. This was similar to the Litecoin network which suffered an identical problem because of a bug in its system when it launched. While there is documentation stating that the Dash network inherited the bug, speculations are stating that the problem was done to benefit the early miners.
Is the Dash (DASH) Network secured?
The Dash network is secured with a two-tier protocol system. The first part comprises nodes that are carrying out mining operations by solving complex puzzles as required by the proof of work consensus mechanism in operation in Dash. After validating a transaction on the network, a minimum of 51% of the total nodes must approve before it is added into the blockchain.
According to the Dash network, its native proof of Work algorithm is called “X11”. A system that was developed by one of the founders of Dash operates by using a sequence of 11 Hashing algorithms. According to the network, its X11 is one of the most sophisticated and secure hashes of the modern world.
The second part of its security is a proof of service algorithm. The system rates all the maternodes on the network based on their history and past performances in executing their duties. The masternodes are charged with the duty of overseeing the network which might involve rejecting new blocks added to the network which have been proven to be problematic. They also deploy the ChainLock feature which proves an added layer of security to the Dash network. According to the developers of the security system, it is said to protect against 51% of all attacks.
How do I buy Dash (DASH)?
The services offered by the Dash network take cryptocurrency and Blockchain technology as a whole to the next level by providing a two-tier security system and scalability. Because of this, the adoption rate of its token has vastly increased. As such, to buy DASH tokens, the steps below provide the right direction to purchasing its tokens.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your trading platform account.
- Wait for your deposit to be confirmed and Buy DASH through your trading account.
Which Cryptocurrency Wallet Supports Dash (DASH)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as DASH. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their DASH wallet because offers a simple and interactive interface making it easy for people to navigate its system.