What is Dash Cryptocurrency?
DASH Coin Price
What is DASH? A Quick Overview
Dash is currently ranked in the top 10 cryptocurrencies per coinmarketcap.com and is a great privacy coin to watch.
Today we are going to dive into how dash was created, what it is for, what we think of it, and how you may profit from different holding lengths.
HISTORY OF DASH CRYPTOCURRENCY
In January of 2014, a new coin called Xcoin entered the marketplace. Evan Duffield created this new Xcoin with the intention of a secure cryptocurrency that couldn’t be traced.
This Xcoin was then changed to “Darkcoin” only a month later until finally settling into its name of Dash in March of 2015.
Although, as of two days of it entering the marketplace, 1.7 million coins (10% of total supply) of the dash were mined as an error in the code. The Litecoin fork caused an incorrect conversion of the difficulty for mining it.
Evan then tried to either change or reissue the coin but the community was in arms, and the initial distribution was left as is until the remainder of the coins were mined.
THE PURPOSE OF DASH CRYPTOCURRENCY
According to Dash’s website, their mission states:
“Dash is digital cash you can spend anywhere. Use Dash to make instant, private payments online or in-store using our secure open-source platform hosted by thousands of users around the world.”
Which is where the name comes from - Dash or more specifically “digital cash.”
Dash is an interesting currency because it’s insanely quick, very stealthy, and the community behind it is both intelligent as well as passionate towards this currency.
“Writer’s note from Austin: I currently do hold Dash and see it as one of the premiere quick, easy, and secure privacy currencies in the market.”
THE SPECIAL FEATURES OF DASH CRYPTOCURRENCY
One specific highlight a lot of Cryptocurrency Users look for as a benefit to holding and utilizing that currency itself is a master node.
With Dash, there is a master node feature which makes holding dash well worth the money, granted there is a catch.
To benefit from the master node feature, one does need to own and stake 1,000 Dash - which as of today is about $287,396 worth of dash.
By being a master node, one can make $1000 extra a year as of this time, without doing anything and without losing the current $287,396 they have in Dash. It simply is a model of gaining income with a hands-off approach.
A Next-Gen P2P Network
One of the main offers on Dash.org is that Dash itself has “unique fully-incentivized peer-to-peer network.”
This means that the miners are rewarded for securing the blockchain while the master node holders help to validate, store and serve the blockchain users.
Which is what allows for the quick transactions similar to cash, as well as the privacy that comes with it.
A Self-Governing, Self Funding Protocol
Dash has a built-in ability to be self-governed and funded by those who own it.
In other words, anyone can submit an idea for an upgrade, or a proposal as their website has it, and then funding comes in the form of Dash to payout those that think the proposal is valid and will help strengthen the blockchain network.
This allows Dash to be upgraded and improved by its Dash users.
Private Send - Quick & Easy Privacy
The reason that Dash is a privacy coin (the top one, as of writing this) is that of the protocol that it uses.
In this case, it combines identical outputs from multiple users into a single transaction with multiple outputs. Think of this like buying a car except instead of sending your money to the car dealership; four bank accounts wire them to the dealership which shows multiple purchases, resulting in a car, the key, and so on and so forth...
Allowing for purchases to be “coded” by using this mixing of wallets with the same denomination and masking of the transfers purpose.
WHAT WE THINK OF DASH CRYPTOCURRENCY
When it comes to secure Cryptocurrencies that are light, fast, and backed by a great company, Dash is one of the best.
Personally, us here at Global Crypto Academy are huge fans of Dash, Evan Duffield, and the team, as well as the community behind it.
This coin has huge potentials, especially being one of the top coins in the market during a period of mass adoption.
We see big things coming from this coin
If you liked this review and want to help support the academy donate some DASH below!
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