You may have heard about a cryptocurrency called Dash, which was developed with the idea of offering users an easy to use, fast, simple P2P currency with one of the lowest fees in the crypto market. This cryptocurrency differs from its peers in the fact that it is intended to facilitate the transfer of value. In this way, Dash provides a technology that provides options that encourage the massive use of this cryptocurrency.
Dash is a project that emerged in January 2014 under the name of XCoin, which its developers changed the name to Darkcoin to attract more users, however shortly thereafter they changed the name of this token to avoid misinterpretations of negative connotation before the public opinion. Thus, on March 25, 2014, they assumed the name Dash, with which they presented to the world the vision of agility with which they hope to attract the community to their technology.
Dash uses a mixed mining model that combines PoW (Proof of Work) and PoSe (Proof of Service), in which the former is a copy of Bitcoin's blockchain technology. Under this system, each mining node in the network works to solve cryptographic dilemmas driven by the X11 mining algorithm which was developed by the leader of this project: Evan Duffield, who claims that his work is one of the most secure algorithms in the cryptosphere.
The X11 algorithm is one of the eleven most secure cryptographic systems at the moment. In this way Dash reduces energy consumption to ensure the fairest distribution in the system. Compared to Bitcoin, which is based on a single algorithm, X11 by design offers protection against any possible threat or weakness in one or more of its hash functions.
Meanwhile, the PoSe model is directed towards a second mining layer where masternodes are the main protagonists. They are the main responsible for the operation of PrivateSend and InstantSend, which is nothing more than a decentralized Dash governance and budgeting model.
Due to their importance, users who act as masternodes are also rewarded when miners generate new blocks. In this way, the distribution of benefits is as follows: 45% of the reward per block is given to the miner, 45% goes to the masternodes and the remaining 10% goes directly to the budget system (created by the superblocks each month).
As a result of this dual consensus system, this crypto can deploy many of its features, strengthening its impact on security in the system in addition to the scalability of the blockchain through the more than 4000 masternodes that act in the network, constituting a decentralized space at the service of its users. Precisely in the decentralization section is the point where Dash promotes the formation of an economic and governance system through its cryptocurrency, providing the masternodes with mechanisms to promote a great participation of the community.
Dash offers its users a series of wallets under various platforms for its users, of which the following stand out:
Dash Core: is the official Dash wallet which includes all the features offered by this cryptocurrency (including the voting system).
Dash Electrum: is a lite version of Core, so access to the Dash blockchain is through Electrum servers.
Mobile Wallets: is the official Dash wallet for smartphones, offering a number of features including NFC payment, QR payment, fingerprint reader and more.
DashText: this is the service that provides a Dash wallet through the use of SMS from a cell phone.
Before investing in Dash and any other cryptocurrency it is important to consider that the information described here does not constitute a form of advice or counsel towards this project, therefore it is important to establish your own research mechanism to include your funds in this project.
