Cryptocurrencies and blockchain can be considered as the evolution of money, and Dash enters into this type of money with a different value than what we know as FIAT money with which we perform different types of financial and commercial operations. The use of cryptocurrencies as means of payment has brought different benefits, then we will know specifically those of the Dash cryptocurrency.
- 1 The information is decentralized
- 2 Dash cryptography is very secure
- 3 DAO as a differentiating element
- 4 Anyone can propose their ideas
- 5 Transactions are instantaneous.
- 6 Transactions are traceable to some extent.
- 7 Commissions are lower than those of other cryptocurrencies
- 8 Dash handling is cross platform
The information is decentralized
Like the rest of the cryptocurrencies, all Dash operations operate on a distributed database, that is, the information is decentralized. This means that it doesn’t matter if something happens with any of the nodes, everyone else will have exactly the same information because every time an operation is performed, all the nodes that are part of the blockchain are replicated.
Dash cryptography is very secure
The creator of Dash was part of the team of creators of Bitcoin and decided to make his own cryptocurrency in 2014, based on the same Bitcoin algorithm, but incorporating additional security measures. Dash’s algorithm is called X11 because it includes 11 types of cryptography encapsulated in one and is one of the most difficult algorithms to break or violate, along with Bitcoin’s called Shadow56.
DAO as a differentiating element
Unlike other cryptocurrencies (where 100% of the mining reward goes to the miners) in Dash the rewards are distributed differently. There are decentralized organizations called DAOs that function as a treasury and that receive 10% of the mining rewards. These organizations finance projects that benefit the Dash community or the community in general (countries where members of the community consider it important to give support).
Anyone can propose their ideas
Knowing the operation of the DAO, any person who is a member of the Dash community (who has demonstrated at least a tenure of 1000 Dash) is entitled to vote monthly on the projects and proposals that are presented and that are considered to be innovative and are to drive Dash. However, to be able to “apply for the idea” it is necessary to contribute 5 Dash, this ensures that there are no fraudulent proposals, if 10% of the votes are obtained and the proposal will be funded.
Transactions are instantaneous.
While it is true that this is a characteristic of all cryptocurrencies, in the case of Dash it is much more evident because they have a service called instantsend with which they guarantee that the transfer of Dash from one wallet to another is made between 1 to 3 seconds (even when it comes to unofficial wallets), the idea is that the speed of the transaction is always the same.
Transactions are traceable to some extent.
In some cryptocurrencies it is possible to link the person with the transaction they made through an IP address and the data of their wallet, however, Dash has a service called privatesend that, although it handles a stroke of the transaction that It was carried out, preventing a person from being linked to the execution or the result thereof, always guaranteeing the protection of the identity of both the sender and the receiver.
Commissions are lower than those of other cryptocurrencies
Like any financial operation, there are fees that are charged for the support of the platform, that also happens with cryptocurrencies. Within each of them there are specific fees for commissions, which are usually lower than the rates of traditional banking, and in the case of Dash, they are lower than those of other cryptocurrencies.
Dash handling is cross platform
When we use the native Dash wallets we can synchronize our funds on different platforms and devices, that is: if we have a wallet on the mobile and another on the PC we can use them interchangeably, always handling the same amount and the same public key, something that does not It happens with other cryptocurrencies that are tied to the platform where the wallet was created.
What is your opinion on this subject? What do you think about the advantages that Dash offers?
If you want more information about buying and selling cryptocurrencies you can subscribe to our newsletter and receive our free newsletter entitled blockchain technology applications and their relationship with decentralized systems.
Image from BeatingBetting.co.uk vietnam via Flickr.com under a creative commons license.