The ultimate “internet of money”
Dash stands for Digital cash. It is a form of cryptocurrency that is quite popular among millions of people today! It is possibly the first form of digital currency that works similar to a physical currency! Transactions here take place without the wait, just like a normal physical transaction of money. In a physical transaction, your money remains stored at the bank. Similarly, in the case of Dash, the money is stored in a wallet, which is the digital method for saving it. With Dash, your transactions are safe and secure. Your private information and account details are never shared with any curious third-party with malicious intentions.
The origin of Dash
Dash was launched in 2014 by Evan Duffield, a man with abundant knowledge in both technology and finance. It was invented with the motive of making it the “Internet of Money”. The former name for Dash was DarkCoin. Today, Dash is perhaps the leading candidate for the tag “Internet of Money”. It bears this tag due to the fungibility of Dash.
The fungibility of Dash
All other cryptocurrencies have some great features such as a fast transaction, safety, and security. However, Dash has a quality that is lacking in almost all the other altcoins, which is its fungibility.
Fungibility is the capability of an item to be substitutable or exchangeable in units. Even the smallest units of Dash can be substituted or exchanged. For example, gold is fungible since one ounce of pure gold is equivalent to another ounce of it. Again, a ten dollar note is fungible since it can be mutally traded for another ten dollar note. Apart from fungibility, the other key features of Dash include:
Privacy- Your account details or other such personal information are kept private with the help of Darksend.
Instant Transaction– Dash saves transaction time by using a system of payment called InstantX, where money is instantly paid. When InstantX is selected by a user in the Dash wallet, the structural configuration of Dash locks the network so that any other transaction is prevented at that point. This is done by using Dash’s “Proof of Work” algorithm. The transaction is to be complete only after Proof of Work confirmation.
Security- The two-tier network structure of Dash along with its advanced encryption technology maintains the privacy of transactions throughout the Dash network.
Peer to Peer Transactions- Dash does not trust any centralized third-party and believes in Peer to Peer transactions.
Low Fees- The transaction fees for Dash is much lower than that required for credit cards or banks, and it even comes for free sometimes.
Global Transactions- With Dash, it is possible to transfer money to different parts of the world.
Mining Dash
A special algorithm called X11 is used for the proof of work algorithm. It has been accepted by the cryptocurrency community. One can mine Dash using both CPUs and GPUs. ASICs are not required to mine Dash. There is a large number of mining software available for both CPUs and GPUs.
Dash Core Wallet
Dash Core Wallet features Darksend and Instant X, two important properties of Dash. The former allows one to make payments to any part of the world without disclosing your identity, while the latter ensures instant transactions without any delay or wait.
Dash has seen a dramatic rise in its value since the beginning and continues to do wonders with the number of people showing interest in this untraceable transfer method.
PrivateSend
It is a coin mixing service that helps in the submission of transactions through a special network code called DSTX. This provides additional privacy during transactions.
MasterNodes
These are servers operating on the decentralized network of Dash. The responsibility of signing the transactions is given to them. Each round of MasterNode requires the user to select two to eight rounds of Mixing.
InstantSending
It is a system that helps transactions to occur almost instantly. It locks the inputs to specific transactions.
X11 Algorithm
It is a hashing algorithm developed by Evan Duffield himself. It uses eleven cryptographic hashing algorithms. It ensures a fair processing distribution.