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You’ve probably heard about Dash, this exciting cryptocurrency, and want to know more about it.
In this comprehensive guide, we are going to answer a number of questions about Dash digital currency.
Dash cryptocurrency was launched in 2014. It will be interesting for you to know that the name of this coin has been changed twice before, which we will discuss further.
In this article, we explain what the Dash currency is, what its special features are, and how its transactions are performed.
In addition, we also talk about the security of Dash Cryptocurrency.
The initial name of Dash (not to be confused with dashcoin) was Darkcoin, but its creators decided to choose a new trademark (brand) for it so that no one would think that the said cryptocurrency is related to criminal activities. Dash is a privacy-focused cryptocurrency that wants to move away from the pseudonymous nature of Bitcoin and become an anonymous example of electronic cash.
Dash does this by interacting with a master node. The master node is not very different from the nodes that run the Tor network. Tor is a network within the deep web that can only be accessed through a specific browser.
The main idea here is that each transaction is sent to a master node. There, the transactions are grouped together and entered into the block chain after cryptographic signing. Outputs do not provide much information to anyone, and for this reason, an outside observer does not know who sent what to whom, and the only thing he catches is that a group of coins from different users for have been sent to the main node and the same number of coins have also come out of the main node and have been delivered to other members. The basis of this technology, known as Darksend, is CoinJoin’s Bitcoin technology, which mixes Bitcoin transactions to hide their origin and destination.
While it can’t be argued that Dash is more anonymous than Bitcoin, it suffers from the same problems that Tor’s deep web browser struggles with; The success of the network depends on the reliability of the nodes. It may be enough to hide the purchases from the eyes of ordinary interested parties, but there is no guarantee that the laundering process (keeping the original source secret) will prevent a specialized and well-funded entity determined to find out how the Dash is spent by It is users.
As with most other anonymous cryptocurrencies, many people speculate that dark markets will use Dash because of its more privacy features. Even for those not interested in buying illegal goods, the notion that dark markets use Dash is troubling because increased demand from active underground markets can drive up aggregate demand and drive up prices. Dash will lead to something similar to what happened in the early days of Bitcoin. Of course, most dark markets still use Bitcoin as their currency of choice.
Dash is now trying to dispel this mentality. According to the developers of Dash, protecting people’s privacy is not a crime per se, and there are many legal reasons to keep financial transactions out of the public eye. Dash’s biggest feature still comes down to its privacy capabilities, but it seems to be building a good relationship with the mainstream crypto community.
Dash started as a fork of Bitcoin and Litecoin. With an emphasis on privacy and transaction speed, Dash was originally known as a coin for illegal transactions. Early on, this coin was known as XCoin, then the name was soon changed to DarkCoin, and then they came up with the idea that Dash’s privacy features could be used to hide transactions that don’t have full details. to be With the desire to separate from the Darkcoin community, this community was renamed Dash, which is derived from two words (digital cash).
The early days of Dash were spent designing and building the unique bilateral architecture of this currency, which facilitates high transaction speed and the need to combine coins to maintain privacy. Dash then created a decentralized monitoring system that allows users to vote on proposed network developments.
In the world of business and companies, having a history of three and a half years shows the newness of the company. However, in the emerging and growing world of digital currency, Dash is one of the oldest in this field. Dash offers one of the most stable cryptocurrencies on the market. This stability is due to Dash’s very active community of users. These users have created thousands of topics and comments about Dash on Reddit and Bitcoin Talk, and have shared many projects. Since the creation of this coin, Dash has continuously added nodes to its network, increasing trust and security.
Dash is a fork of the Bitcoin codebase and has tried to cover its weaknesses, i.e. higher speed, more privacy and lower fees.
Dash blockchain structure is two layers and in the first layer like Bitcoin miners are present and normal transactions are processed and the blocks are 2 megabytes in size and
They are mined every 2.5 minutes. Mine reward is 11.3 dashes, which decreases every year.
Miners receive 45% of the block reward, and the remaining 45% belongs to masternodes with special functions in the second layer. In this layer, instant send and completely private private send transactions are processed by masternodes. To masternode, at least 1000 Dash is required in the wallet.
The remaining ten percent of the mining reward belongs to its developers. Dash’s proof-of-work consensus algorithm is POW and its hash function is X11. The maximum amount of Dash will be 18900000, of which there are about 9 million in the cycle.
This currency can be stored in Dash’s official desktop and mobile wallets, as well as Electrum, Exodus, Coinomi, Jax and hardware wallets such as Lejarnano. The smallest unit of a dash is the duff, each 100 million of which is equal to one dash. Currently, the price of each dash is 94 dollars, and with 850 million dollars, it ranks 15th in the cryptocurrency market. Dash also supports Farsi language on its dash.org website.
Dash is designed so that there are only 18 million units of it. Dash is based on mining, with a slight difference compared to Bitcoin, and after mining 18 million units, no more will be produced from it. It is predicted that the extraction of 18 million units will take until the year 2300.
Dash mining is getting harder every year and its mining reward is decreasing by about 7.1% every year. Blocks in the Dash blockchain are created every 2.5 minutes, which is about 4 times faster than Bitcoin.
Dash has many features that distinguish it from other cryptocurrencies such as Bitcoin and Litecoin.
These three features make Dash a superior currency for transacting in a more confidential and faster manner:
Masternodes
Private transactions
Immediate delivery
Masternodes
On the Bitcoin blockchain, there are miners who confirm the transactions and receive a reward for their work. Similarly, there are miners on the Dash cryptocurrency blockchain, but the Dash system consists of two parts – masternodes and miners.
A user must have at least 1000 Dash in his account to become a masternode. Masternodes are special servers that perform critical functions of the Dash currency network. They are responsible for processing private transactions (private send), instant transactions (instant send), administration and also the treasury system.
These masternodes improve network security and allow transactions to be confirmed as quickly as cash transactions. This requires time and effort for the masternodes, so the network also rewards them.
A masternode receives 45% of all rewards earned by mining CoinDash. In fact, each newly mined CoinDash is split as follows:
45% goes to miners (0.45 Dash currency)
45% goes to masternodes (0.45 Dash currency)
10% will be set aside to finance the further development of the network (0.1 Dash currency).
The unique system of masternodes helps Dash to provide network users with two major advantages. In the following, we will discuss these two advantages.
Private Send (PrivateSend)
One of the problems with the Bitcoin blockchain is that it is public, meaning that if you make a Bitcoin transaction, anyone in the world with access to the Internet can know this information about your transaction:
The public address of the sender and recipient of each Bitcoin transaction
The amount of this transaction
Past transactions sent and received from this address
Bitcoin transactions are not like fiat currency transactions where only the parties involved are aware of the details of each transaction.
Unlike Bitcoin, Dash offers a service called Private Sending that makes transactions more private. Because of this feature, Dash transactions are not traceable and the identity of users is not available to everyone in the world. As we mentioned earlier, masternodes enable private transactions.
Even if your transactions are legitimate (which we hope they are!), do you want the rest of the world to know everything about them? Most likely, your answer will be “no”!
This is actually one of the big advantages of Dash compared to Bitcoin.
This is the same advantage that makes Dash currency fungible. But what is fungibility?
Traditional fiat currencies (such as dollars, euros, or yen) are all convertible, meaning that two 10,000 tomani bills can be exchanged. There is no difference between the value of the 10,000 Toman note in my pocket and the 10,000 Toman note you have.
No difference, just like an ounce of gold that can be exchanged for an ounce of gold of the same carat.
This concept does not include Bitcoin. Because Bitcoin transactions are traceable and someone may not accept Bitcoin that was used in an illegal transaction in the past.
But since Dash currency transactions cannot be traced, their history is unknown, making all Dash coins equal and interchangeable.
On average, it takes about 10 minutes for a Bitcoin transaction to receive a confirmation. However, a transaction in the banking system is almost instantaneous. The difference between these two is the sky!
This has brought Bitcoin’s scalability and mainstream adoption into question, and Dash addresses this issue by presenting
