Dash - When it was born and how it works

By Roberto D. | CryptoFarm | 13 Aug 2019

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DASH (or Digital Cash), is an open source p2p cryptocurrency, its goal is to be "the most scalable cryptocurrency in the world"

The story of Dash

Dash developer Evan Duffield discovered Bitcoin in 2010, but immediately complained about the slow speed of transactions and the lack of privacy.

To improve the speed and privacy of Bitcoin following his ideas, however, it was necessary to change the Bitcoin source code, which is why Duffield created its own cryptocurrency on January 18, 2014.

Initially its currency is called Xcoin, a name that changed first in DarkCoin and then in Dash, which stands for "Digital Cash".

Right from the start Dash suffered from a serious bug: in the first two days of life well 1.9 million Dash were mined corresponding to 10% of the total supply, the developer attributed all this to a bug and wanted to relaunch the coin.
However, the community disagreed and the Dash project continued despite the fact that so many Dashes were given for a mistake, all the initial Dashes were given to the exchanges.

Main features of Dash

Dash is essentially based on instant and private transactions, the network also has an autonomous and self-financed model and this allows the Dash network to pay companies and people giving value to the type of work performed.
All this is more than enough to define it "autonomous" and "decentralized".

How transactions work

Instant transactions (4 seconds per transaction) are based on InstantX.
InstantX uses the Masternodes of the Dash network to produce a block when creating a transaction on the network.
Dash affected by the transaction is "blocked" and cannot be moved a second time.

The cryptos thus transferred pass into the user's wallet and are immediately available for use.

The coins are then anonymized and sent to a randomly generated address.
When the user wants to use his Dash to make a transaction, the desired amount will be calculated and transferred from the anonymous addresses to the recipient's wallet.

Among others it is possible to buy Dash on Binance, not too much even on Coinbase which has already announced its probable implementation on the platform.

I tried to simplify the operation of the currency as much as possible without going into technical and difficult to understand details, I hope you enjoyed the article. Next time!

Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


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