Dash is a cryptocurrency created on January 18, 2014, initially called Xcoin (XCO), in February of that same year it changes its name to Darkcoin. In March 2015, he finally adopted the name of Dash, which is the union of digital and cash, digital in cash, that’s why the motto of the Dash project is digital cash. Dash is then a crypto currency, which bases its technology on a fork made of Bitcoin and Litecoin.
The reason for its creation is to serve to make purchases of goods and services through the Internet, even serving to make different types of investments as if it were a traditional currency, and additionally, meets anonymity, speed and security , which makes the difference with respect to Ethereum and Bitcoin.
Evan Duffield: the creator of Dash
Evan Duffield is its creator, he attributes the birth of Dash to an error in the Litecoin code. The error incorrectly converted the difficulty, and then tried to use the wrong value for the fee or fee calculations. Solved the problem, Evan decides to relaunch the currency and was rejected by the community on a couple of occasions. After these refusals the initial distribution was forgotten, and the development of the project as originally conceived continued.
Thus, the mined coins were distributed at low prices, in the following months. Then, in 2015, Duffield, made a strong update of Dash, at that time, it was still called Darkcoin, in this update, I base the new cryptocurrency code on Bitcoin, leaving the initial base of Litecoin.
How does Dash meet its objectives?
In order to achieve its objectives, Dash has created its own unique technology, so we have:
- A system of Masternodes: That allows to confirm, almost instantaneously, all the transactions that are carried out in the network, in addition, to consent to private exchanges and form an economic system that maintains the organization.
- Instant confirmation: This is a key piece of Dash, since the confirmations are irreversible and practically instantaneous, which differentiates Bitcoin, in which the transaction takes a long time in the network, if it is saturated.
- Unified consensus system: It means that network updates, both soft fork and hard fork are applied instantaneously throughout the network, and users can benefit from these features, thus avoiding network fragmentation . This consensus model is managed through the Masternodes.
Main features of Dash
Dash is characterized by having fast and private transactions thanks to its InstanSend and PrivateSend technologies that we describe below.
- InstanSend: It is a Dash service, which allows transactions to be carried out quickly, almost instantaneously. InstanSend solves the problem of double spending, without the longer confirmation time of other cryptocurrencies, such as Bitcoin.
- PrivateSend: This is the other Dash service, which allows transactions to be carried out privately, in addition to that, to be carried out anonymously, which guarantees that no one knows who the participants in a transaction are.
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