Nikolas Sargeant
Hassan Maishera
Review
Learn more about Dash.
Dash Review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Dash.
Background
Dash is a DAO and open-source cryptocurrency that was forked out of the Bitcoin protocol. The blockchain had its genesis block on January 18, 2014. It was first called Xcoin during it’s launch, they later renamed it to DarkCoin. Ultimately they rebranded in March 2015 and called it Dash from the portmanteau “Digital Cash”. It is essentially a value-focused cryptocurrency that offers an improved level of anonymity to the users. The currency has a fairly low exchange rate and comes with a swift confirmation time. Therefore, Dash makes a great instant payment cryptocurrency.
Mining Distribution
The network creates new blocks by its miners. The second tier of the Dash network consists of “Masternodes” which perform PrivateSend, InstantSend, and governance functions.
One can mine these coins in two ways: Proof-of-Work and Proof-of-Service. Proof-of-Work is similar to that of Bitcoin’s, through the use of GPUs and ASICs. Masternodes are required to put up 1000 DASH as collateral to prevent Sybil attacks. That collateral can be spent at any time, but doing so removes the associated Masternode from the network.
Unlike Bitcoin, Dash is self-funding. 45 percent of newly created coins goes to the miners, and 45 percent to masternodes. The rest – 10 percent – goes to a treasury for funding the development team, marketing, customer support centers, and so forth.
Features
Other benefits of this cryptocurrency include fast transactions using InstantX. When sending money, users can select the “Use Instant” option in their wallet, and transactions will be fully sent and irreversible within four seconds. In addition, most transactions only cost a few cents to send, which is considerably cheaper than services like Western Union, PayPal, or Moneygram. The blockchain also allows for PrivateSend transactions, which hide user transactions by mixing them with others.
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