Dash, aka Darkcoin, is a cryptocurrency that was founded by a team of programmers at the end of March 2015. The goal of the service is complete anonymity, which allows users to conduct transactions without any fear.
History of creation
The Dash coin was created in January 2014. It combined the best blockchain developments known at that time. Evan Duffield is the creator of this cryptocurrency. At first, he worked to make the Bitcoin chain completely anonymous. But Bitcoin developers did not take all his ideas seriously. This prompted him to create Dash.
The XCoin development (XCO) was initially presented. In March 2015, its name was changed to Darkcoin, and a little later – to Dash.
Besides Evan Duffield, the following people worked on the creation of the cryptographic project:
- ANDY FREER;
- PHILIPP ENGELHORN;
- RYAN TAYLOR;
- FERNANDO GUTIERREZ;
- ROBERT WIECKO;
- BRADLEY ZASTROW;
- KELLY KOPP-SCHUETZ;
- CHUCK WILLIAMS and others.
Dash ensures complete privacy of every user’s data through its network technology. The creators of the DarkSend algorithm, which provides reliable protection of personal data, were inspired by CoinJoin, which was created with the goal of completely anonymizing transactions on the Bitcoin network.
- Dash is positioned on the exchange as an anonymous cryptocurrency;
- the code is completely transparent and open to all network users;
- the main focus of development is security and speed of transactions.
The first mentions of Dash date back to mid-January 2014, but at that time the coin could not be mined by users. After a series of successfully developed plugins, the network began to use about 11 stages of transactions, which provide the highest degree of security.
At the moment, the total capitalization of the cryptocurrency is about 22 million coins, which allows it to withstand falls in prices and leaves it firmly on the market in any world exchange.
Similarities and differences with Bitcoin
The Dash system has security and transaction algorithms similar to the ones in Bitcoin. There are also distinctive features that allow to solve problems that are unattainable for Bitcoin today, as quickly as possible and without any harm to the wallets of miners.
This suggests that the maximum emission parameters are constantly constrained, but at the same time the mechanisms and effects of the growth in the price of the cryptocurrency are significantly different from the Bitcoin network. All transactions in this system are carried out much faster, and complete anonymity guarantees the confidentiality of all data.
Thanks to such distinctive advantages of Dash many users and investors became so interested in this coin with the aim of further development for the future and investing their own funds.
Main features of Dash
Today Dash operates solely on the principle of decentralized organizations and is not subject to a consensus system. This has grabbed the attention of the majority of users, but it also makes it difficult for developers to keep development organized.
There are also several basic principles of work that allow the coin to differ significantly from other cryptocurrencies:
- the number of coins is strictly limited;
- the production of the cryptocurrency will be fully completed only in the middle of 2150;
- the volume of the mining coin will decrease by 7% every year in order to reduce the inflow of Dash and extend the period of its issue, thereby increasing the price;
- complete security in the network, which is ensured through a two-tier system of miners and specialized nodes;
- for mining, full consent of the nodes is required, which increases the protection of user accounts;
- the total reward is shared between miners and masternodes, but the nodes receive up to 45% of the total profit;
- new blocks can appear every 2,6 minutes;
- the standard reward for each block is about 2.7 Dash.
Such a system allows you to earn a fairly significant profit, provided there is stable mining in the system.
Dash Storage Wallets
Various services are provided for this cryptocurrency. Both web applications, desktop applications and mobile versions, as well as papers and programs for installation on a PC. You can create an online Dash wallet almost instantly by following this link: https://mydashwall.com/
Also the most popular and reliable Dash wallets:
- DASH Web Wallet – online web application.
- Dash Core wallet – desktop application for PCs.
- Exodus – multicurrency wallet to be installed on PC.
- Jaxx –multicurrency service for storing Dash and other digital coins. It has a desktop application and a mobile version.
- Coinomi – mobile version of an online wallet.
- KeepKey, Ledger Nano S, Trezor – hardware wallets for storing Dash and other altcoins. The device looks like a USB flash drive.
The coin received the full name DarkCoin only due to the fact that the developers mixed passive functions with complete data secrecy. All transactions are carried out only after the system selects the same amount of transfers from other network users, which will be sent at the same time.
Features of performing financial transactions:
- all transactions are strictly grouped by the amount of transactions, and miners are paid for the entire group at once;
- all transactions go to masternodes, which group applications and distribute the amounts of the transactions;
- there are a lot of such nodes and they all work together to ultimately obscure the identity of the sender;
- this guarantees that all the principles of the blockchain remain completely decentralized, and the identities of the senders will be unknown to third parties.
Thus, no checks will be able to reveal even the IP address of the sender of the crypto coin.
The main feature of the Dash cryptocurrency is considered to be a special algorithm developed for miners. This is a hashing algorithm called X11.
This method significantly complicates the procedure for mining and creating ASICs, although it is still quite possible but requires significant effort to accomplish. We can only hope that such a system will not be introduced in the near future, and miners will be able to use common CPUs to earn digital coins.
If we take into account all the advantages of this cryptocurrency, then we can say with confidence that the prospects for further growth are very bright. But in fact, it took cryptocurrency about 2.5 years to gain the trust of investors and users, as well as gain unprecedented popularity on exchanges around the world.
Despite the development of DarkCoin, most users prefer to use a regular coin, which does not inspire a gloomy prospect for illegal transactions. The Trezor wallet got in use for all Bitcoin owners quite quickly, so Dash developers decided to link their coin to it to ensure greater popularity. Also, this approach helped to simplify the procedure of crypto transactions.
Anyway, Dash will be steadily trading on exchanges around the world for a very long time, because thanks to a unique algorithm which is reducing the emission of cryptocurrency, miners will not be able to collect all the coins too soon.
You can get Dash without investing real currency. This will require special computer equipment. Recently, ASIC miners have been quite profitable. They are hundreds of times more powerful than GPU platforms, but their cost is much higher.
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