Dash — an open source project, which main focus - to create a fast and cheap global payment network that is decentralized in nature.
Contents:
General information
The name Dash comes from "digital money" and was originally considered a fork of Litecoin (LTC). According to the project documentation, Dash aims to improve Bitcoin (BTC) by providing stronger privacy and faster transactions. Businesses of all types and sizes are taking advantage of the Dash cryptocurrency.
The blockchain platform was founded by software developers:
- Evan Duffield;
- Kyle Hagan;
Dash platform features
The developers claim that the main goal of the Dash project - “to become the most convenient and scalable payment-oriented cryptocurrency in the world.” To do this, the project relies on tools that are Dash collateral-backed servers, designed to provide enhanced services securely and manage the Dash offer system. In exchange for a portion of the block reward, masternodes provide a second level of service to the network.
Dash includes the following features:
| Nodes | Two-leveled network with incentive nodes including "masternodes" and decentralized project management |
| Payments | InstantSend, for making instant payments |
| Project | ChainLocks, which makes the Dash blockchain immutable instantly |
| Confidentiality | PrivateSend, which offers additional privacy for transactions |
The Treasury distributes 10% of the block rewards to the development of the project in a competitive and decentralized way.
Project protection technology
The Dash project uses a two-leveled network to secure its transactions. The first level consists of nodes, performing mining operations, according to a proof-of-work consensus protocol, which means they compete to solve complex cryptographic problems and at least 51% of the nodes must approve a transaction in order for it to be added to the blockchain. Dash founder Duffield has developed a special PoW hashing algorithm, called "X11", that uses a sequence of 11 hashing algorithms.
According to the Dash documentation, X11 - “one of the most secure and complex cryptographic hashes, used by modern cryptocurrencies.” The second level consists of masternodes, running a proof-of-service consensus algorithm, where masternodes are judged, based on their history of providing good services on the network. Masternodes control the network and have the power to reject new blocks, added by nodes, if they were not approved correctly.
Where to buy Dash?
Dash is considered one of the most popular altcoins and can be bought on most major cryptocurrency exchanges:
- Binance;
- Coinbase Pro;
- Huobi Global;
- OKEx;
- Kraken;
It can be traded both on the spot market and on the derivatives market.