What is Dash?
What is Dash?
A p2p cryptocurrency that gives users faster and more private transactions. Dash is the first digital currency with a decentralized blockchain system.Dash is a hybrid of Digital Cash and its currency symbol in the market is DASH.
BREAKING DOWN 'Dash'
Dash was launched as Xcoin in January 2014 and then changed its name to Darkcoin. In March 2015, Darkcoin was renamed Dash. Dash was born as a branch of Bitcoin, which means that it repeats the existing Bitcoin code, addressing the Bitcoin problem that makes it better to meet the user. Therefore, the lack of obvious errors and bitcoins miss the two very different digital parts in terms of efficiency.
As a replacement for bitcoin, Dash users offer faster, more anonymous services.One of the frustrations of using Bitcoin is that the money is transferred, identified and visible in the recipient's account at a slow pace. Bitcoin systems can take minutes or hours to complete the transaction.
However, it takes a few seconds to confirm the transaction with Dash. While any other crypto converter also provides instant transaction confirmation, such as Dash, all transactions will not be blocked once these transactions are completed.
Evaluate a buyer to buy goods to the seller and send his payment If the system determines the amount of payment but not locked and the buyer can use the same money should first make a purchase limit. In the cryptographic world, this phenomenon is called the problem of double spending.
Users can use the InstantSend Dash feature (previously called InstantX) to solve the problem by doubling the amount of the cost limit sent without waiting for the confirmation block to confirm the transaction.Dash has a hybrid technology called PrivateSend (formerly DarkSend) that makes the user's transactions anonymous.
Coinjoin combines several offers in an agreement, not in individual offers. For example, three funds from A to D, from B to E and from C to F will be read as A, B, C to D, E, F on the blockchain. In this way, there is no precise way to identify who receives the funds and amounts.
With PrivateSend, at least three different users must work, and the transactions will be merged to hide the money tracking. The sender and the recipient must send the same Dash name, with a limit of 1000 DASH per session.Dash runs on a network called Masternode.
Masternode Dash Digital Wallet works for easier operation under InstantSend Secure PrivateSend Mixed Coordination Parts and enables a decentralized management platform.In 2017, Dash collaborated with Wall of Coins, an online platform.
Wall of Coins offers a peer-to-peer platform that allows users to buy and sell Dash in cash. It has also opened a path, the user, such as Wells Fargo Bank, Moneygram, Western Union and Chase Exchange to buy and sell cryptocurrencies of traditional financial services organizations.
I do like Dash but I still struggle with the idea that you need a lot of money to buy a masternode. Doesn't that mean that Dash is controlled by a group of wealthy people, a bit like a bank? I know Bitcoin miners need to spend lots on their mining rigs and electricity. Neither system seems to fit in with what I think should be the true cryptocurrency ethos.