What is DASH?
DASH (short for Digital Cash) is used to make immediate, private payments online. The coin comes with a low exchange rate and supplies quick confirmation time. This makes it extremely difficult to identify which input led to which output. Since it’s one transaction that everyone indications, it is not possible to identify with certainty which sender sent the payment to which recipient. The coin introduced the principle of masternodes. Nodes become masternodes after satisfying particular criteria in the network, that replace the centralized servers. Making use of masternodes has enabled the designers to create a highly stable currency. The token was introduced in 2014 under the name XCoin. The name was later changed to DarkCoin, but the team finally decided on calling it DASH. One of the key features of the token is the focus on privacy. This focus is in line with the general purpose of cryptocurrency.
What problem does DASH solve?
Blockchain transactions solve many problems with privacy in financial transactions. However, the transaction records are still public. By looking at public records, you can still deduce who owns the private key. DASH developers worked to resolve this issue with the DarkSend structure that bundles little transactions together and sends them as a package, hence making it exceptionally hard to identify a single sender or receiver. Additionally, Masternodes make the transactions random and rotational, therefore making sure the anonymity of the sender and receiver.
What are the features of DASH?
The worth of this cryptocoin lies in the financial, personal privacy and transaction performance that it uses to users. The token was only launched three years ago, but the network already consists of over 4,000 nodes. That has made DASH one of the biggest P2P networks in the world right now. The more nodes that join the network, the more accessible the token becomes — and the safer the transactions become. The coin carries out really well on the medium to long-term timeframes. It gets its largest volume from Poloniex, Bittrex and Yobit.
How to mine DASH
The mining of this cryptocurrency requires searching for options to a cryptographically hard issue. DASH makes use of the X11 algorithm that a miner must fix to make a coin. The CPU of a regular computer system at home can do the mining of cryptocurrency however GPU offers much better speed as it has several pipelines for foreseeable calculations that are commonly needed to be done throughout the mining. X11 ASICs make CPU and GPU mining wasteful as there is an increased problem of hashing due to an increased hash rate. In this manner, DASH mining becomes more safe versus attacks by hackers.
What are the differences between DASH and Bitcoin?
Unlike Bitcoin, it includes InstantSend and presented Masternodes to incentivize the users. Masternode operators are incentivized with 45% benefit for each block that is mined. While the Bitcoin’s block proliferation takes around 10 minutes typically, which may extend to upto an hour for large purchases, the InstantX Masternode function enables DASH to complete the transaction within seconds. While pseudonymous transactions of Bitcoin can be traced to the original user, PrivateSend transactions by DASH deal full personal privacy to the users for their transactions. Unlike Bitcoin where contributions by designers are not incentivized and voluntary, DASH promoters are spent for their contribution. It has an effective mechanism to resolve technological and human issues that make the token’s community a highly functional one. Finally, it has fewer costs when compared with Bitcoin.