The cryptocurrency Dash was created in 2014 as a quicker alternative to Bitcoin. Compared to Bitcoin, Dash transactions are very fast.
Dash was created as a fork of the Bitcoin protocol, and the software used for Dash is open source. The blockchain consists of two type of nodes: standard nodes and masternodes.
Data from April 2018 show that Dash then had a market capitalization of $4.3 billion.
How old is Dash?
Xcoin was created in January 2014. It has been named Dash since March 2015.
Unites and subunits
1 Dash = 100,000,000 duff
The duff is named after Evan Duffield.
What is DAO?
Dash relies on a Decentralised Autonomous Organisation (DAO) run by certain users who control the mastermodes on the blockchain.
A masternode can perform the same jobs as a standard node (relying message, validating transactions, hosting a copy of the blockchain, etc) but it can also be used to vote on proposed changes to the Dash system, and to carry out two types of special transactions: InstantSend and PrivateSend. You can read more about these special transaction types below.
To ensure that the masternodes always use the most current blockchain protocol, the Dash system utilizes a Proof-of-Service protocol.
Requirements to become a mastermode controller:
- You must own at least 1,000 Dash.
- You must provide the masternode with a static IP adress.
- You must fulfill the masternode’s requirements for disk space, CPU, RAM, and network bandwith.
Algorithm: A Proof-of-Work algorithm with the X11 hash function. This means that 11 rounds of hashing will be carried out.
Average time: 2 minutes and 30 seconds per Dash coin
InstantSend is a special transaction type that can only be carried out by a masternode in the Dash network, not a standard node. Using InstantSend is a great choice if you want the transaction to be done super fast, since InstantSend bypasses mining. Note: InstantSend requires a consensus of masternodes for validation.
PrivateSend is a special transaction type that can only be carried out by a masternode in the Dash network, not a standard node. PrivateSend is a great choice if you want to make the transaction extra difficult to trace. With a PrivateSend transaction, unspent Dash from participating users are mixed up before the transaction is executed.
The cryptocurrency Xcoin was launched in January 2014, with Evan Duffield as one of the driving forces behind the project.
Eventually, the name Xcoin was changed to Darkcoin. The name Dash, which is a portmanteau of digital and cash, has been used since March 2015. In addition to being a portmanteau, the name is also an allusion to the quickness of the Dash transactions, since to dash means “to run or travel somewhere in a great hurry”.