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Dash – an anonymous cryptocurrency with special features

Dash (formerly called Darkcoin and also known as Digital Cash) is a digital currency that has secretly and quietly moved into the top 10 largest crypto currencies. It was developed by Evan Duffield in 2014 and, according to the founder, is the first crypto currency that can be used as digital cash. Dash thus pursues a similar goal as many other crypto currencies, but differs significantly from Bitcoin.

You can find the current Dash price in our price chart. Furthermore you should have a look at our course overview page, here you can find the price of Bitcoin, Ethereum and over 2.000 other Altcoins.

Dash – an anonymous crypto currency with special features

It is an open source peer-to-peer cryptocurrency based on the Bitcoin code and therefore compatible with all relevant exchanges and wallets.

With a new feature installed last year, Dash is like Monero able to handle completely anonymous transactions. This is made possible by the PrivateSend system, which hides or mixes all transaction information and is based on the Trustless Mixing protocol level. Here, transactions are mixed in equal fractions with other transactions and packed in a block so that it is no longer possible to trace which sender sent the transaction to which recipient.

All Bitcoin transactions can be traced in a public Blockchainexplorer directory. In the case of Dash, this is only possible to a limited extent due to the data protection functions described. In the past, anonymous cryptocurrencies such as Monero, Dash or ZCash were suspected of being used for illegal purposes. However, there has never been any clearly substantiated evidence to prove this, so these allegations are considered groundless and have been dropped.

Another innovative transaction method, “InstandSend”, makes transaction speeds of up to one second possible. The transaction fees are less than one Penny. In direct comparison to the competition, Dash is therefore considered to be very fast and inexpensive.

Together we are strong

Mining is used to make the Dash network work. The revenues (block rewards) generated by mining in the dash network are used in a different way than in a classic proof-of-work based crypto currency. The revenue generated will be divided 45-45-10 between Miner, Masternodes and the Dash budget.

The Dash Budget is also known as the Dash Treasury Fund and represents 10% of all monthly income. Through this refinancing of the project, Dash is not dependent on donations or external donors to raise funds for the progress of the enterprise. This fact has already been controversially discussed at international level, as on the one hand it contributes to steady progress. On the other hand, however, it is not always 100% transparent into which areas or places the money flows.

In total, the proceeds will be used for future research, community projects and marketing. In addition, all participants in the network are rewarded according to the incentive model, so that financial resources are made available to all actors. This allows the technical resources to be adapted to the performance requirements of the network.

Furthermore Dash is ASIC-resistant and suitable for CPU mining as well as GPU mining. x11 is used as the proof-of-work algorithm. X11 is a hashing algorithm that uses 11 different algorithms to secure the network.

The organisational structure of Dash DAO uses the DGBB, a governance system that helps to decide on steps and measures effectively and quickly. The most prominent example of such a problem was the strong unrest within the Bitcoin community where the decision to activate SegWit was made.

The same scaling problem, increasing the block size, occurred in the dash network, but the problem was solved within 24 hours. The core development team submitted a proposal, which was accepted with a majority of over 99% of all votes.

Master nodes have a special position within the network. A master node within the Dash network is similar to a full node as in other proof-of-work systems. A masternode is deposited with a security of 1000 dash and is the only one within the DGBB entitled to vote. If you want to operate a Masternode you will find further information on this page.

Is it worth investing in Dash?

Dash is an Altcoin with great potential, but has been performing few updates within the Dash ecosystem for some time. The former high-altitude flight in which a Dash-Coin was traded for a price of over 1,000€ seems to be over for the time being.

The decentralized management of the Dash network ensures that the project is continuously developed on a global level and that decision-making is balanced. The PrivateSend and InstaSend functions make Dash a potential candidate that could be used in the long run as a legal tender in countries around the world. The next time will show in which direction the network develops.

Last updated: 01/07/2019

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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