Once the Bitcoin network was created in 2009, and also its associated and well-known cryptocurrency with BTC, from that moment on, a good number of projects have emerged in this regard, trying to improve its characteristics, one of those projects is Dash, which is known as Digital Cash, Dash makes its appearance as a Bitcoin-based cryptocurrency, and with its main characteristic of being anonymous.
Dash is a network that not only gives miners an incentive to validate transactions and protect the Blockchain (as is the case with most peer-to-peer or P2P platforms) but also uses master nodes (master nodes), for your governance system. Below we share 7 myths about this cryptocurrency:
Dash can only be used in desktop wallets
It is true that this cryptocurrency is used through desktop wallets, but this does not prevent it from being used in any other type of wallet. There are currently several types of Dash-compatible wallets on the market: desktop wallets, mobile wallets, hardware wallets, paper wallets, etc.
Dash can only be used virtually
While it is true that Dash is a cryptocurrency, it is also true that it is one of the most versatile that exists. Today in many physical stores you can make payments with Dash, you can also contract services or pay for other types of items, so it’s just a myth that we can only use it virtually.
Your transactions are NOT anonymous and instant
This cryptocurrency has a feature called PrivateSend, which allows you to increase the privacy of its users, that is, it hides the origin of the funds and thus maintains the fungibility of your coins by deleting the history. It also has another feature, called InstanSend, which supports that users can make their payments in any place or commercial establishment, making use of their mobile devices instantly, without having to wait long for the respective relevant conformation. PrivateSend and InstanSend make use of a technology known as InstantX.
The distribution of rewards is not equitable
Dash has an equitable distribution of rewards, for this, they make use of the master nodes or Masternodes, which act as mixers and reinforcers at the same time of the transactions. The block reward is divided into 45% for Masternodes, 45% for miners and the remaining 10% for the developer system.
Has a consensus system that is not functional
On the contrary, the Dash consensus system is so efficient that unlike Bitcoin (where it is difficult to introduce any type of exchange), in Dash there is no such type of problem since the exchange rates are determined thanks to the nodes masters that allow to significantly “lighten” the implementation of necessary changes.
Governance is not decentralized
While we have heard that Dash governance is not decentralized, it is just a myth. Dash’s governance has a unique feature, as it is the first decentralized autonomous organization. In this system, a Masternode equals one vote. The user who has more than one Masternode will have as many votes as the Masternodes have.
Basis of their technology is nuclear
Dash is a cryptocurrency that bases its technology on a fork that was made to Litecoin and Bitcoin, the purpose of its creation is to make purchases via the Internet, of goods and services, and also serves to make investments, we can make purchases in physical stores, that is, we can use it as it is as if it were a traditional currency.
What do you think about this topic? Did you know these myths about Dash?
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