A Brief History of Dash
Dash (Darkcoin or XCoin) is a blockchain-based cryptocurrency, the distinguishing feature of which is the use of a mechanism to increase the confidentiality of transactions.
In 2012, Evan Duffield began to think about how to improve Bitcoin and add anonymity to it. On January 18, 2014, he developed the X11 protocol, which became the basis of the XСoin concept.
When the project was launched, in the first 48 hours, a third of the crypto coins provided for in the program code was extracted. Then the developers improved the algorithm, restarted the network and renamed the currency to Darkcoin.
Gradually, the currency began to gain great popularity, including in the darknet environment, and the developers decided on March 25, 2015 to rename the network in DASH, so as not to be associated with the shadow market.
Features of Dash Cryptocurrency
Since the Dash cryptocurrency was originally created as an alternative to Bitcoin, it has a number of distinctive features:
- The Dash cryptocurrency is based on Bitcoin, but has a different work algorithm: Dash uses the X11 algorithm, which is a modification of Proof-of-Work and uses unique technologies, which provides the currency with greater security, speed and anonymity.
- Dash has a Masternodes system that allows you to support the functions "PrivateSend" (payment mixing for anonymization) and "InstantSend" (instant transactions).
- The issue takes place through mining: 90% of the remuneration is distributed among the miners, the remaining 10% goes to finance other projects.
- Dash transactions are confirmed in just a few seconds.
- Mining Dash requires much less energy than Bitcoin.
- Commissions for sending transactions are much cheaper than for Bitcoin (approximately $0.015 at the time of writing).
Dash Currency Anonymity
The cryptocurrency is based on the optional "PrivateSend" function, which is based on the CoinJoin method and allows you to mix all transactions with each other, which makes it difficult to track the exact payment method.
It should be clarified that this hides the flow of funds and limits the ability to directly track transactions, but does not guarantee their complete anonymity.
Distinctive features of the Dash cryptocurrency helped to distinguish it from the rest and made it so popular. The currency peaked in September 2017, when Dash had a market capitalization of $2.5 billion.
Dash has gained particular popularity among Venezuelan citizens amid the depreciation of the state currency of the Bolivars. The sharp increase in investments in Dash and Bitcoin forced the Venezuelan authorities to create their own cryptocurrency in 2018 called Petro. However, this did not affect the popularity of Dash, it continues to be used to this day.
Today, cryptocurrency continues to change and still has powerful encryption functions, as a means of daily transactions.
To work with cryptocurrency, you can use both the official Dash wallet from developers and third-party services, a list of which can be found on the official website.
Dash Blockchain Transaction Processing Speed
You need 1 confirmations of the Dash blockchain for the exchange. The average formation time for a new block is approximately 2.5 minutes.