- Dash history
- Dash as a payment
- Speed of transactions
- How DASH Rewards Are Divided
- Аnonymity of transactions
- Dash course
- Where Dash can be bought
- Where Dash can be stored
Six years ago, it was impossible to imagine that along with cash and plastic cards, payment for everyday purchases will be made with the help of cryptocurrency. Altcoin Dash made it possible. In this article, we will look at the Dash cryptoasset in detail, explaining why it is an alternative to regular money. After reading this article, you will know where to buy, store or spend the Dash coin and you will be able to explain any coin transaction from a technical point of view.
Dash is an altcoin that appeared as a modification of Bitcoin and its fork. Dash allows you to send and receive payments around the world using the blockchain system. However, at the same time, Dash guarantees quick transactions and increased privacy.
A fork is a change to the blockchain code that splits the system into two parts. Dash was created by changing the Litecoin code, and Litecoin is a fork of Bitcoin.
The Dash coin (from the words “Digital” and “Cash”) was released by Evan Duffield on January 18, 2014 under the name “Xcoin (XCO)”. As the developer said, he’ve been thinking how to improve the anonymity of Bitcoin since 2012. And he figured out how to do it, but he realized that the creators of Bitcoin were unlikely to accept his idea. They have always insisted on the immutability of the basic BTC protocol. Therefore, Duffield decided to create his own cryptocurrency, which was named XCoin.
Evan Duffield is an American computer programmer. At the age of 15 he became interested in computer technology. He worked as a software developer for numerous companies: Warped AI, iAcquire, Wells Fargo and Verizon Wireless. In 2010, he became interested in cryptocurrency technologies, especially in Bitcoin and blockchain.
Evan Duffield used to write the XCoin code alone, so initially there were problems with the release of the asset. Due to an error in the code, about 500 thousand coins were mined within an hour after the launch of the coin. Then, within 7 hours, another 1 million coins, and 400 thousand over the next 1.5 days. It turned out that 32% of the total current volume of cryptocurrency was mined in 2 days. The developer suggested restarting the coin, but the crypto community did not support this idea.
Problems with the mining of the coin were eliminated and on February 28, 2014, it was renamed Darkcoin. Darkcoin gained popularity rapidly, but it had a reputation issue. The coin was widely used to carry out transactions on the darknet. Therefore, in March 2015, another rebranding was made, and since then the cryptocurrency is called Dash.
Dash is maintained and developed by the Dash Core Group, Inc. The team which is working on improving the cryptoasset consists of 34 specialists from all over the world. The main office is located in Phoenix, Arizona, USA.
The Knowledge Base is available there. You can get to know some general information about the Dash coin, its technical concept, as well as learn how to install the Dash wallet on various OS, how and where to buy a coin. In the blog, the company covers all the news regarding product updates and cryptocurrency in general. In addition to the news placed on the website, you can follow the company’s events on popular social networks.
Throughout its existence, the Dash coin has been actively introduced into various payment systems, exchanges, trading platforms, banks. Developers held conferences, funded major cryptocurrency events to draw attention to their product. The technical concept of the cryptoasset has also been improved.
Below are the key events from the inception of Xcoin until the summer of 2020:
- January 2014 – the release of the coin into circulation under the name Xcoin;
- February 2014 – the coin was renamed to Darkcoin;
- March 2015 – rebranding of the cryptoasset, new name – Dash;
- July 2017 – Dash is officially approved by Apple, the iPhone version of the Dash wallet is now available;
- November 2017 – Dash 12.2 was released to double block size and reduce fees.
- December 2017 – the price for Dash reached $ 1000, in 2017 the price of this cryptocurrency increased 100 times;
- May 2018 – the coin has a new logo;
- October 2018 – Dash Talk chat server launched on Discord;
- January 2019 – Dash Nexus launched – a platform that offers various improvements to the cryptocurrency ecosystem and votes for these improvements;
- January 2019 – Binance’s Trust Wallet added Dash
- March 2019 – the updated dash.org website was launched;
- April 2019 – Discover Dash partnered with Really Bad Apps to launch a native mobile app with a merchant directory that helps find all Dash-accepting businesses around the world.
- February 2019 – the Dash Text service was launched in the Telegram messenger;
- May 2019 – the launch of the Dash investment fund;
- May 2019 – Samsung Experience stores in Panama and Venezuela begin accepting Dash
- June 2019 – integration of Dash Wallet on Apple Watch became possible;
- July 2020 – Dash trademark is registered by the United States Patent and Trademark Office for Dash Core Group, Inc.
Dash as a means of payment
Dash cryptocurrency slogan: “Instant transactions with minimal fees: any amount, anywhere, at any time.” Unlike many cryptocurrencies, Dash can be used as an everyday means of payment, for example, for making personal purchases.
The official website states that in Q1 2020:
- the average number of transactions per day using a coin is 17,127;
- transaction speed – 1 second;
Coin payments are accepted by more than 4,800 suppliers of goods and services;
the coin is available for trading and exchange on more than 220 exchanges and trading brokers.
DASH Key Features and Figures
You can pay with Dash:
- housing and communal services;
- mobile services;
- food in cafes and restaurants (Burger King in selected countries);
- air tickets (Travala.com);
- goods in stores (Sugartrends);
- appliances and electronics (Mobile Topup);
- hotel reservation (CheapAir.com), etc.
Dash also allows you to make money transfers to relatives, friends, and make settlements in the field of business. The company’s website has a complete list of organizations that accept payment with this cryptocurrency. Dash is used all over the world as an alternative to cash and credit cards. The coin is especially popular in those countries where there are technical obstacles to using classic payment methods, as well as where the national currency becomes unattractive due to hyperinflation.
A notable use case for Dash as a means of payment is the proliferation of cryptoassets in Venezuela. In 2018, Venezuela’s national currency, the Bolivar, depreciated by 95%. Because of this, it was almost impossible to buy anything, either for cash or using bank cards. Then the Dash leadership began to take active steps to introduce cryptocurrency as a rescue of residents from hunger and other problems that arose with the crisis. Conferences have been held on several occasions where residents have been told about Dash and its capabilities. As a result, Dash has practically replaced the Venezuelans’ own currency as a way to pay for purchases and other household needs. Dash wallets became widespread, and the coin began to be accepted in restaurants, popular fast food outlets, stores, pharmacies and even in parking lots.
Most cryptocurrencies are operated by miners who confirm transactions and are rewarded for their work in the form of commissions. In the Dash cryptocurrency blockchain, the miner system is divided into two parts – masternodes and miners.
Masternodes act as special servers – nodes that are responsible for PrivateSend transactions and InstantSend instant transactions.
Masternodes ensure that transactions are as fast as cash and non-cash fiat currencies. This requires a lot of computing power, and, accordingly, the cost of their maintenance and electricity, so masternodes are rewarded from the network.
The masternode receives 45% of the total commission received for mining DASH coins. For example, one DASH coin mined by miners will be broken as follows:
- 45% of the reward (0.45 DASH) goes to miners;
- 45% of the reward (0.45 DASH) goes to masternodes;
- 10% (0.1 DASH) goes to fund further network improvements.
How DASH Rewards Are Divided
10% of all Dash mining fees are returned to Daah Core Group, Inc. These funds are then used to develop the Dash ecosystem: the cryptocurrency funds its own growth. Dash network members decide how to use this fund. They vote for various proposals on the dedicated Dash Nexus service.
Masternodes are responsible for implementing the InstantSend mechanism. It aims to prevent the problem of creating a transaction queue. Using InstantSend, Dash transactions are almost instantly confirmed by the Masternode network.
With a limited block size and high competition for space in the block, the problem of creating a transaction queue arises. Due to the queue, the deadline for the execution of the transaction is extended indefinitely. Traders have to wait for miners to include their trade in a block and can influence this by offering higher transaction confirmation rewards.
InstantSend assumes that the operation is not approved by adding a blockchain to the network block, but by ten random masternodes. These confirmations can be received in a few seconds. They are not a guarantee of the passage of the payment, because in the future, the transaction is also added to the blocks of the blockchain network. This is a kind of “trusted payment” using random intermediaries. InstantSend only checks if the funds involved in the transaction have been spent.
Anonymity of transactions
To create anonymity for transactions, Dash offers a PrivateSend service that makes transactions private. Thanks to it, it is impossible to trace Dash transactions and reveal the identities of users participating in it. Ensuring the confidentiality of transactions is carried out using masternodes.
PrivateSend splits the operation into equal parts – “a series of indistinguishable denominations”: 100, 10, 1, 0.1.
Then they are mixed among themselves and between masternodes in several rounds. The maximum number of rounds is 8. The user can independently adjust the number of rounds.
In each round of mixing, a new random masternode is selected. This makes it nearly impossible to track funds online.
As a result, the recipient receives the same amount of funds, but in coins with a different hash code.
PrivateSend is disabled by default. Its use is optional. An additional commission is charged for its use.
In July 2020, Dash coin costs ~ $ 75. Market cap – $ 715,334,126. The volume of coins in circulation is 9.5 million. Dash has a maximum emission of 18.9 million tokens.
Key points of Dash price changes:
- at the time of issue in circulation in January 2014, the coin was worth less than $ 1;
- at the beginning of February 2014, the coin rate briefly rose to $ 100, this was due to the renaming of the coin to Darkcoin;
- from February 2014 to March 2017, the value of the coin did not exceed $ 20;
- in March 2017, the price of Dash rose to $ 100: the demand for cryptocurrency was associated with the appearance of Dash on the Wall of Coins service, where you can buy digital currency for cash, as well as the fact that the African payment service MobileMoney announced support for the token;
- in December 2017, the price of the coin was kept around $ 1300 and on December 20 reached its maximum of $ 1540, this was due to the news about the increase in the block size to 2 MB;
- in January 2018, with the fall in the bitcoin rate, the Dash rate began to fall, on average, its value was kept around $ 600.
- by the end of 2018, the price of the coin dropped to less than $ 100;
- in the summer of 2019, Dash managed to briefly climb to over $ 100.
In July 2020, Dash is trading around $ 75. This development of events is associated with the general collapse of the cryptocurrency market and the appearance of competitors-altcoins in the coin.
Where to buy Dash
Dash Core Group, Inc. from the very beginning, he has been actively working on the distribution and implementation of Dash on various trading platforms and exchangers in all parts of the world: Asian, European, American, Latin American and even African. For example, you can buy Dash:
- on ryptocurrency exchanges: Coinbase, Coinbase PRO, Binance, Bitfinex;
- in instant exchangers: Changelly, Coincola, Paycent;
- in P2P exchangers: Bitzlato, Bitnovo, Bitpanda.
- in ATMs around the world.
The official website contains a complete list of exchanges and brokers from which you can purchase Dash. You can also see a map of cryptomats on the site. Judging by this card, there are only 2 cryptomats in Russia: in Yekaterinburg and Nizhny Tagil.
Where to store Dash
The Dash team has compiled a complete list of recommended wallets. They can be divided into two categories: own wallets and partner wallets. Dash has released 4 types of wallets:
- Dash Electrum. A simplified version of the PC wallet for storing Dash. With it, you can safely manage coin transactions. Supports: PrivateSend, InstantSend, work with masternodes.
- Dash Core. It is a fully functional wallet with built-in P2P client for PC. Stores a complete copy of the blockchain and supports: PrivateSend, InstantSend, work with masternodes.
- Dash Android. Mobile version of Dash wallet with built-in InstantSend functionality. There is also a contactless mobile payment (NFC) function.
- Dash Text. A wallet that works through SMS commands. Work via Telegram is possible. This service is only available in the United States, Brazil, Colombia, Venezuela and Spain.
One of partner wallets is our secure web wallet, fully approved by Dash developers. Also, hardware wallets Ledger and Trezor are used to store Dash.
Another storage option is a paper wallet. It, for example, can be created on the paper.dash.org website, which uses JS. The resource generates two keys: private (for sending cryptocurrency) and public (for receiving it). The client can print them or rewrite them. It is important that the keys do not fall into the hands of intruders or be mechanically damaged. As you can see, there are a lot of options for storing DASH cryptocurrency, the user only needs to carefully study the issue and make his choice.
Dash is one of the bitcoin forks that fixes two major shortcomings of the first cryptocurrency.
Firstly, this coin provides instant transaction speed through a system of nodes – masternodes and InstantSend technology. Therefore, it is an excellent payment instrument for making household purchases along with cash and plastic cards.
Secondly, Dash provides almost 100% anonymity of transactions due to the same masternode system and the PrivateSend mechanism.
The Dash Core Group, Inc., behind the cryptocurrency, is actively promoting its product, making it possible to buy it on over 220 exchanges and store it in almost all popular wallets. The company also took care of creating their wallets for Dash in the form of desktop, mobile and even text versions.
In this review, we also highlighted Dash’s past accomplishments, with the asset providing its early investors with over 14,000% returns in 2017. It is currently trading around $ 75.
Of the 18.9 million Dash that will ever exist, 9.5 million are already in circulation.