Dash is one of the most popular cryptocurrencies in the world, which started as a fork of Bitcoin and has since grown into much more.
The Dash cryptocurrency was created in 2014 as a fork of Bitcoin. Initially, it was known as Xcoin before changing its name to Darkcoin. However, the name was deemed too dark, with implied connections to the criminal world. Consequently, it was renamed to Dash.
The Use Case for Dash
Dash Coin is so popular because it has managed to create a unique use-case outside of Bitcoin’s store of value. Unlike most leading coins, which are a store of value, Dash’s developer team aims to create a sustainable global payment system.
The main focus of the developer team is for Dash to be integrated into the operations of merchants globally. It relies on a two-tier consensus mechanism. The first is proof of work, and the second is a proof of stake mechanism. The proof of stake mechanism is maintained via a network of master nodes. Its unique two-tier system means transactions are processed quickly and cheaply.
Dash is one of the most successful decentralized autonomous organizations (DAOs). All of its projects are self-governed and self-funded. Development funds come from transaction fees, and governance is directly enforced via the network of master nodes.
Anyone can operate a Dash master node. All that is needed is 1000 DASH. The master node can be self-operated or hosted. With a hosted master node, users pay someone to maintain the master node and provide collateral. In return, they keep all block rewards. The self-operated option means that users are in charge of the daily operations of the master node.
How Dash Ensures Equity
Dash became so popular because of the equitable distribution of mining rewards. Dash Coin implemented the X11 proof of stake algorithm to compete within the crypto space. One of the unique aspects of the algorithm is that it made it extremely unprofitable to mine Dash using an ASIC rig.
This was done intentionally to ensure Dash’s computing power was equitably distributed. Anyone with a normal, relatively powerful computer could mine without acquiring ASIC rigs that cost thousands of dollars. However, by 2018, an ASIC miner had been developed, making it profitable to mine DASH. Over the years, Dash has made tweaks to the network that are aimed at preventing computing power from falling into the hands of a small, exclusive club.
DASH Privacy and Scalability
A major reason why Dash is making headway as a payment coin is its privacy features. The feature is called PrivateSend, and its goal is to ensure no one can dissect the origin of transactions or the balance in a given Dash wallet. Dash is also flexible enough that the team can scale up the number of transactions per block if needed.
Summary
As a payment network, Dash has all the ingredients for success. It is fast, private, secure, and truly decentralized. It also has a committed developer team that is completely self-reliant on the network fees.
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It is far from its peak market cap of over $11 billion in 2017, currently at around $397 million. However, it retains a huge following, and its developer team continually develops useful features. DASH is a great coin for traders who need a project that carries minimal risk and is poised for long-term success.
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