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All You Need to Know About Dash Cryptocurrency in 2020

All You Need to Know About Dash Cryptocurrency in 2020

06 Oct 2020

Reading Time: 4 minutes

While Bitcoin is still the most well-known and sought after cryptocurrency, Dash has become a cryptocurrency which is getting a lot of attention. 

So what is Dash?

Dash (Stands for Digital Cash) is another Fork of Bitcoin. It was created as an option which could be easily utilized in day to day transactions and therefore adopted by the masses. Because of this, the Blockchain technology has been expanded and contains features Bitcoin does not. “Dash gives you the freedom to move your money any way you want. Grab a coffee, split a check, or pay your phone bill. Dash moves money anywhere, to anyone, instantly, for less than a cent”. 

dash cryptocurrency

How does Dash differ from Bitcoin?

Dash is like Bitcoin in that it is completely decentralized, has no authority controlling transactions or activities on the blockchain.  

What makes it different is Dash records its distributed ledger and everything is very transparent. 

Dash was able to adopt what Bitcoin was missing. What this means is with Dash having larger block sizes, things like instant payments and making daily transactions utilising digital currency are possible! 

Dash is an instant transaction (4 seconds). Bitcoin takes up to 10 minutes! 

Dash has already been built to scale block sizes of up to 400 MB. Meaning, Dash has 400 times the number of transactions per block in comparison to Bitcoin. 

Sadly, for Dash advocates, Bitcoin is the original and still most sought out cryptocurrency, to an extent Dash is hiding behind Bitcoin.  

Dash was created to be used transactionally, in particular payment to merchants. Dash uses “Proof-of-Work” as its consensus mechanism and can be mined. What makes it even better is that, unlike some coins, it can also be purchased from many exchanges. 

Dash Snapshot

  • Fork of Bitcoin 

  • 2014 Xcoin was created by Evan Duffield 

  • Name changed to Darkcoin 

  • 2015 name Changed to Dash

what makes dash special

What makes Dash Special?

“Dash was one of the first coins to successfully adopt self-governance and self-funding. It receives its development funds from the proceeds generated by the blockchain, and its governance is controlled by the owners of network master nodes.

Who makes the Decision on the Future of Dash?

All the decisions made within Dash are done but those called “Master Nodes”. Master Nodes are people who own 1000 Dash Coins. The idea is they come to a consensus with a simple “Yes” or “No” vote. 

The 3 aspects that are non-negotiable is :

1. They Maintain an updated copy of the Blockchain of Dash. 

2. They continue to support Instantsend 

3. They continue to support Privatesend 

What is PrivateSend?

Dash has a massive benefit in the PrivateSend feature. PrivateSend allows users to remain anonymous, which keeps accounts private.  

Unlike some other coins, Dash has functions in place that allow law enforcement to trace fund origins where concern arises but for you and me, transactions on Dash are anonymous. 

Who is behind Dash?

  • Evan Duffield - Strategic Advisor – Creator of Dash 

  • Ryan Taylor – CEO (April 2017) – Was Director of Finance (Dash) 

  • Bob Carroll – CTO – Previously CTO of Everspring  

  • Glenn Austin - CFO at Dash since March 2018 – Strong Business background 

Recap on DASH Coin

At the time of writing this, Dash is ranked at number 17 in regards to market capitalization, and is very popular! 

Designed to   

  • Privately send your own currency wherever you want to whoever you want, whenever you want. 

  • Transacts Cryptocurrency in 4 seconds for less than a cent (no bank fees/ Middleman) 

  •  Easy to use Global Currency 

  • Larger Blockchain Technology 

  • Send and Receive Cryptocurrency with Easy 

  • Get a drink, buy a ticket, subscriptions or pay your bills.  

  • Dash is developing and is acknowledged by new business daily.

  • Real world vendors accept Dash currency 

Thank you for taking the time to learn more about the Innovative Cryptocurrency that is Dash. 

How are you utilising this coin? 

What are your thoughts? 

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