Dash is an open source cryptocurrency that is an altcoin forked from the Bitcoin protocol. It is also a decentralized autonomous organization (DAO) run by a small set of users known as “masternodes”. These currencies allow for unregulated transactions.
This currency was launched in January 2014 by Evan Duffield as “Xcoin”, as a fork of the Bitcoin protocol. It is an altcoin and in its early days it suffered from excessive flushing and bearishness. It was later renamed Darkcoin, used in darknet markets. In March 2015, it was rebranded again as Dash, as a portfolio of “digital currencies”. As of August 2016, Dash is no longer used in any of the notable large darknet markets.
In early 2017, Evan Duffield and several others who worked at Dash got a foothold in a business incubator at Arizona State University (ASU). DAO Dash then funded a blockchain research lab at ASU. As of April 2018, Dash’s market cap is around $4.3 billion and it is one of the top 12 cryptocurrencies. As of February 2019, Dash is the most popular crypto in Venezuela.
Difference between Dash and Bitcoin
Dash is designed to enable fast transactions and has a nimble governance structure to overcome the shortfall in Bitcoin.
|Meeting day||January 18, 2014||03/01/2009|
|Creators||Evan Duffield||Satoshi Nakamoto|
|Average block time||2.5 minutes||10 minutes|
|Maximum amount of coins||19 million||21 million won|
|Privacy||Anonymously using PrivateSend||Use nicknames|
|Other improvements||Masternodes, InstantSend, self-funded blockchain||The first cryptocurrency was born.|
1) Transaction speed
The founders of Dash understand that users want transactions to be verified faster. Bitcoin takes an average of 20 minutes to confirm a transaction, with many merchants requiring up to six confirmations before they accept a transaction. This can add up to an hour to a transaction.
So Dash created InstantSend, a service that allows for near-instant transaction speeds. This decentralized technology secures and confirms payments in about four seconds. As the popularity of cryptocurrencies continues to grow, transaction speed will become increasingly important for in-person transactions, and slow transaction times will no longer be an option.
2) Transaction fee
BTC transaction fees are based on many factors, including block size and time of day. For example, when there is a large number of pending transactions, miners will prioritize transactions that pay larger fees. Some users complain that they have to pay a few dollars or even more to process a transaction.
The cost to transact in Dash is much lower. For example, Dash recently managed to get its average transaction fees to a one-year low ($0.0264) while reaching its highest transaction count ever (over 35,000), surpassing previous other cryptocurrencies like Litecoin.
3) Community and governance
Bitcoin is governed in a peer-to-peer fashion. Changes can be made, but only through an outline consensus among its most active contributors. As a result, making important decisions and changes can be slow.
Similar to BTC, Dash is not regulated by a centralized entity, but one big difference is that there is a formal voting system. When changes are needed, there is no heated or protracted debate. Instead, a vote takes place, a decision is made, and action, taken or not taken, within a short period of time.
Bitcoin is supposed to be anonymous, but since the history of each transaction is visible to everyone, some argue that this doesn’t have enough privacy.
Dash has a privacy feature called PrivateSend, which is a coin mixing service. This technology works to add privacy and security making transactions untraceable directly to the parties involved.
Who is Evan Duffield?
Evan Duffield was born in 1980. He grew up in a small town in Arizona. When Evan was 15 years old, he became interested in computer programming. In subsequent interviews with several media outlets, Evan admitted that he had a passion for the digital world from the start. For him, encryption is “pretty neat.” However, Evan started taking activities a lot more seriously when he started looking for work while in high school. He then made the decision to pursue a career in the technology industry.
When Evan was in his 20s, he worked for a number of tech companies like Warped AI, iAcquire, Wells Fargo, and Verizon Wireless. In all of these companies, Evan works primarily as a software developer. After discovering Bitcoin in 2010, he wanted to add anonymity to the protocol. Evan says that the Bitcoin Core developers didn’t merge that code. Frustrated, Duffield launched Dash in January 2014.
In 2017, Evan Duffield decided to step down as CEO of Dash Core Group. He regularly appears in interviews and exchange forums, meetings, conferences and seminars. In addition, Evan often hosts webinars and explains the core Dash protocols. No one knows what Evan’s net worth is yet. However, it is reported that Evan Duffield’s net worth is around three percent of all Dash coins.
Dash has a good standing and has a lot of support from users and the crypto community at large. The current goal is to make Dash as easy to use as current payment systems like PayPal.
Dash developers have added many features that make it superior to Bitcoin and other transactional payment systems, along with the resilience of Dash coins despite the 2018 bear market encouraging investors a bit. clear way. The extra masternode layer added to Dash helped it solve the problems of scalability, speed, governance, and anonymity.
Dash remains one of the leading contenders for global adoption as a transactional currency, but only time will tell how successful Dash will be. So far everything looks pretty promising for the future of Dash.
You can see the Dash price here.
According to AZCoin News
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