Digital Cash: Dash!

Digital Cash: Dash!

By EdwinK | Cryptocurrencies? (Part 1) | 13 Apr 2020


Dash (DASH) is one of the fastest growing cryptocurrencies on the market. The name of the crypto coin stands for Digital Cash and that is all it wants to be. A way to make online payments quickly and easily. But is it also a good investment? In the world of cryptocurrency, bitcoin is of course master and master, but there are many hijackers on the coast. One of these is Dash, an acronym for Digital Cash and a cryptocurrency that mainly wants to focus on secure online payments.
Dash was not always called Dash. When it was created in January 2014, the cryptocurrency was called XCoin. It was later re-released as Darkcoin, eventually going for the name Dash, which is a combination of the words Digital Cash. Dash is based on the American software developer Evan Duffield. He was introduced to the cryptocurrency bitcoin in 2010, but was annoyed by the lack of anonymity and the slow transaction time of the largest and most popular cryptocurrency. That's why he decided to release his own virtual currency himself. In 2014, the then 34-year-old American came up with Dash, a crypto that resolutely focuses on privacy and speed.
Bitcoin fork
Dash is an altcoin of bitcoin, which means that the cryptocurrency uses bitcoin's source code, but has built a new and independent platform from it. Dash differs from bitcoin in that it really wants to bet on payments and above all wants to be user-friendly, rather than being a currency to trade. Furthermore, Dash differs from other cryptos in that it uses a two-track mining system. On the one hand, it uses the known nodes, which are only used to verify and create new coins. On the other hand, so-called Masternodes are also used. These are the nodes that deal with the blockchain and cryptography of the cryprocurrency. Splitting these tasks reduces the load on the nodes, making mining faster and easier.

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Dash, as mentioned earlier, stands for "Digital Cash", a name that says more than just that this is a cryptocurrency. Dash resolutely pulls the card of digital payments. It wants to offer a platform on which people can place transactions easily, reliably and incognito. Because Dash bets on (small) transactions, it also has a low transaction cost. This naturally makes the currency more attractive to actually pay with. Dash offers two possible payment methods. On the one hand, there is InstantSend, where your transactions happen immediately, without having to wait for the approval of a block in the blockchain. On the other hand, Dash uses PrivateSend, which focuses on incognito transactions.
 
Anonymous
To make payments incognito, Dash uses CoinJoin, a method of bundling transactions. Because the transactions are from one pot, it is more difficult to trace who made the payment. Founder Evan Duffield explains this using a clear example. “Imagine you all open your wallet and everyone has notes of 50 and 10. We put them all together on the table and mix them together after which we ask how much everyone has put in the pot. Of course we all know how much we have put in the pot, but we cannot take back exactly the right notes, so you can call the money anonymous. Because you cannot trace the owner. ” And that's how Dash works. So, by using a shared pot, the transactions are done anonymously.
 
Invest in Dash?
Dash is seen by many experts as a good investment. It is a fairly stable crypto coin, which scores better than bitcoin in various areas. For example, Dash uses two payment options, which means that the currency focuses better on the needs of its users. You can choose whether to go for a fast transaction (InstantSend), or rather wait a little longer in exchange for a completely anonymous transaction (PrivateSend). In this way, Dash can also be seen as a more user-friendly cryptocurrency than, for example, bitcoin because it clearly departs from the needs of users.

 


EdwinK
EdwinK

Crypto enthusiast, general manager


Cryptocurrencies? (Part 1)
Cryptocurrencies? (Part 1)

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