Well, welcome to this guide about the Dash cryptocurrency. Today it is my job to answer a wide range of questions all about this cryptocurrency, which in fact ranks 12th out of all cryptos!
The cryptocurrency Dash was launched in 2014 and has a total market capitalization of $2.4billion. I’m sure you will also be surprised to know that the name of this coin was changed twice before deciding on its final name — Dash. But more on that later!
In this guide, I will explain what the Dash cryptocurrency is, what makes it so special, and how Dash transactions work. Not only that, I will also talk about how secure the Dash cryptocurrency is and how it can be abused.
So, by the end of this guide, you will have a good understanding of the Dash cryptocurrency, as well as its uses and features.
Dash cryptocurrency, like Bitcoin, is a digital currency that can be used to send or receive payments. In fact, Dash was built on top of the blockchain technology that Bitcoin uses, however, some significant improvements have been made to it.
Dash has gained popularity because it offers better privacy and higher transaction speeds than Bitcoin. It can achieve this with the help of a unique model that involves “Masternodes”.
I will elaborate more on Masternodes later as they form the backbone of the Dash network.
Not only does Dash cryptocurrency provide these benefits, but it also operates on a self-governing and self-funding model. Unlike Bitcoin, Dash’s network can fund itself to make further improvements on the DASH technology.
Dash, where ‘Dash’ is a mixture of the words ‘Digital’ and ‘Cash’, was released on January 18, 2014, as “Xcoin (XCO)” by Evan Duffield. On January 28, 2014, the name was changed to “Darkcoin” before finally being renamed “Dash” on March 25, 2015.
Dash was forked from Litecoin, and Litecoin was forked from Bitcoin. A bug got introduced when the fork happened, resulting in the mining of 1.9 million DASH coins within the first two days. 1.9 million is about 10% of the total Dash coins that will ever exist!
After this technical error, Evan Duffield offered to relaunch the coin but the Dash community disapproved of the proposal and so the project continued as it is.
Since its launch in 2014, the DASH cryptocurrency was priced at less than $10 until the end of 2016. As you can see from the chart below, the price of Dash started to increase at the beginning of 2017 and reached a high of $1540 on the 20th December 2017.
So, now you know how it all started for the Dash cryptocurrency. Next, let’s look at each of the above-mentioned factors in detail to understand what makes Dash so unique.
How Can DASH be Used?
Dash has many features that provide it an edge over other cryptocurrencies like Bitcoin and Litecoin. Dash can be used to make transactions in a more private and speedy manner because of these three features: Masternodes, PrivateSend, and InstantSend.
Let’s have an in-depth look at each one of them.