Dash (DASH) Wallet

Dash features

Dash is an open-source blockchain and cryptocurrency focused on offering a fast and cheap global payments network. Dash is based on Bitcoin and compatible with key components of the Bitcoin ecosystem. The name DASH comes from "digital cash”.

The Dash network is secured by a two-tier network. For the first tier Dash utilizes a custom version of the Proof-of-Work algorithm — X11. X11 is a mining algorithm that functions with less power, thus needs less energy. For the second tier the network applies a “masternode” system. Masternodes are servers that manage governance and secure advanced services.

Masternode operators are paid regularly and have the ability to vote monthly on what community projects will receive a part of the block reward. Users who have at least 1,000 Dash can operate masternodes that power InstantSend and CoinJoin features. InstantSend allows to complete transactions within a couple of seconds. CoinJoin is a privacy solution that combines multiple Bitcoin payments into a single transaction, so it becomes more difficult for outside parties to determine the senders and recipients.

History of Dash

Dash was founded by Evan Duffield and Kyle Hagan. In the beginning the project was called XCoin, and then the name was changed to Darkcoin. This caused some bad reputation for the project as it was associated with illicit transactions on the dark web. Therefore, two weeks later the project had a rebranding again and became Dash in March 2015.

Dash originated as a fork of Litecoin (LTC). Initially, it was yet another network looking to improve Bitcoin’s abilities, in this case by introducing speedier transactions and enhanced privacy. However, now it is more focused on becoming a digital currency that can be used for daily transactions.

Dash vs. Bitcoin

According to the DASH whitepaper, the project seeks to improve upon Bitcoin by providing stronger privacy, faster and cheaper transactions. Thus, Dach is much more efficient than Bitcoin due to its InstantSend feature, which allows to process transactions instantly and with lower fees. As for the security, Dash uses a two-tier network to secure its transactions, which allows participants of transactions to stay completely anonymous.