Good morning guys! Today I want to talk about Dash, a virtual coin which is in the top 3 most valuable, just before etherum and Bitcoin and has the potential to overcome Bitcoin!:
Dash is a cryptocurrency that offers the same features as Bitcoin does but also has advanced capabilities, including instant transactions (InstantSend), private transactions (PrivateSend), and decentralized governance (DGBB).
Dash evolution is an attempt to make cryptocurrency accessible to regular people. You’ll be able to send currency using a name which looks more like an email address than a computer error. You’ll also be able to log into an account from wherever you are, using your phone, your computer, or someone else’s computer, while still retaining control of your funds. The user interface will look something like PayPal or Venmo or an Internet banking site – something familiar and intuitive to many people.
Bitcoin is great, but it’s not so great that people who don’t know anything about it will look past its appearances to use it. Normal people don’t extend themselves to use new technology. If someone has to understand the technology to use it, that technology is not ready for mass adoption.
Dash uses a Tier-2 architecture to power its networkThe first tier consists of miners who secure the network and write transactions to the blockchain. The second tier consists of masternodes which enable the advanced features of Dash
At the beggining, Dash was released as XCoin on 18-Jan-2014. One monthe later, on 28-Feb-2017 the name XCoin was change to Darkcoin and one year later it was changed again to Dash (Digital Cash)
Lot of scams appeared at the time the currency was launched and Dash was one of the few survivors from that time. Dash core-team has grown since it was created to 30 full-time and 20 part-time employees and dozens of unpaid volunteers. The whole Core Team are paid from Dash´s Budget system.
According to CoinMarketCap, in June 2017 the daily trade volume of Dash was approximately $100 million per day and the market capitalization of Dash exceeded $1.4 billion. Dash has become the most active altcoin community on BitcoinTalk reaching more than 6400 pages, 133k replies, 7.9M reads.
Dash Products:
Masternodes
Dash utilizes a two tier network unlike Bitcoin which only use tier 1 where all jobs are performed by miners (adding transactions records to Bitcoin´s transaction ledger). The second tier of Dash network consists of “masternodes” which perform PrivateSend, InstantSend, and governance functions. Masternodes require 1000 DASH as collateral to prevent sybil attacks (in computer security is an attack wherein a reputation system is subverted by forging identities in peer-to-peer networks)
PrivateSend
PrivateSend is a coin-mixing service based on CoinJoin, with numerous modifications, including using masternodes instead of a single website, allowing them to provide additional privacy to users making the transactions non-directed traceable.
InstantSend
InstantSend is a service that allows for near-instant transactions. Through this system, inputs can be locked to specific transactions and verified by consensus of the masternode network. Conflicting transactions and blocks are rejected. If a consensus cannot be reached, validation of the transaction occurs through standard block confirmation. InstantSend solves the double-spending problem without the longer confirmation times of other cryptocurriencies such as Bitcoin.