Dash (DASH) | Cryptocurrency You Must Have in Your Portfolio in 2020

By CryptoSorted | CryptoSorted | 3 days ago

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Your money, your way. Move Dash in a second for less than a cent. Any amount, any time, anywhere!

Instant, global and easy to use "digital money" that’s better than cash. A digital cash that aims to offer financial freedom to everyone.

About Dash -What is Dash?

 

Dash is described as “the first privacy-centric cryptocurrency.”

Dash is a digital currency that enables anyone, anywhere in the world to make quick, easy and cheap payments at any time without going through a central authority. Based on a decentralized peer-to-peer network, and secured by strong cryptography, Dash offers a safe and user-friendly payment method without barriers. Dash  is portable, inexpensive, divisible and fast digital cash for both the internet and everyday life.

Dash (DASH) describes itself as digital cash that aims to offer financial freedom to everyone. Payments are fast, easy, secure, and with near-zero fees. Built to support real-life use cases, Dash aims to provide a fully-decentralized payments solution. Users can purchase goods at thousands of merchants and trade it at major exchanges and brokers around the globe.

The project aimed to facilitate a cashless world where people transact using digital cash and has recorded some notable successes in this regard over the years as evident in the increasing number of merchant stores accepting Dash.

Dash is an open source peer-to-peer cryptocurrency with a strong focus on the payments industry and offering a form of money that is portable, inexpensive, divisible and fast. It can be spent securely both online and in person with only minimal transaction fees. Based on the Bitcoin project, Dash aims to be the most user-friendly and scalable payments system in the world. In addition to Bitcoin’s feature set, Dash currently also offers instant transactions (InstantSend), private transactions (PrivateSend) and operates a self-governing and self-funding model that enables the Dash network to pay individuals and businesses for work that adds value to the network. This decentralized governance and budgeting system makes it one of the first ever successful Decentralized Autonomous Organizations (DAO).

A Brief History of DASH

Dash was launched on January 18, 2014 as XCoin (XCO) by the founder -Evan Evan Duffield. Prior to creating XCoin Evan has worked for a number of tech firms such as Warped AI, iAcquire, Wells Fargo, and Verizon Wireless mainly as a Software Developer. The same year, the name changed to Darkcoin and again in 2015 was finally remained to Dash. The project got its name from the words "Digital Cash" (DASH) and is actually a fork of the Litecoin blockchain spearheaded by Evan Duffield in 2014.

In 2017, Evan elected to step down as CEO of the Dash Core Project and was succeeded by Ryan Taylor who was formerly the Director of Finance. Evan now functions in an advisory capacity at the Dash Core Project giving him more time to focus on Dash Labs.

The Dash coin is currently seating among the top 20 cryptocurrencies by market capitalization on the CoinMarketCap backed with a large community of cryptocurrency enthusiasts because of its focus on private, secure, instant transactions with near-zero fees.

Dash Fast Facts

 

  • Total Supply              9,267,104 DASH
  • Max Supply               18,900,000 DASH
  • All Time High             $1,642.22 USD   (Dec 20, 2017)
  • All Time Low              $0.213899 USD  (Feb 14, 2014)

What Makes DASH Unique? (Features and Technology)

Dash has many features that gives it an edge over it's daddy and mummy -Bitcoin and Litecoin respectively and the many other privacy focused coins in the market. It's fast, secure and crazy cheap.

Let's take a look into what makes Dash unique and the an investor's easy pick.

Dash has since its creation in 2014 introduced features such as:

  • Two-tier network with incentivized nodes and decentralized project governance (Masternodes)
  • Instantly settled payments (InstantSend)
  • Optional privacy (PrivateSend)
  • Instantly immutable blockchain (ChainLocks)
  • Governance and Treasury
  • Dash Evolution

DASH Masternodes

In addition to traditional Proof of Work (PoW) rewards for mining Dash, users are also rewarded for running and maintaining special servers called masternodes. Thanks to this innovative two tier network, Dash can offer innovative features in a trustless and decentralized way. Users are rewarded for running masternodes as 45% of the block reward is allocated to pay the masternode network. It is the Masternodes that enables and powers the other services services:

  • InstantSend allows for near-instant transactions. Dash InstantSend transactions are fully confirmed within two seconds.
  • PrivateSend gives financial privacy through a decentralized implementation of CoinJoin.
  • ChainLocks, which protects the blockchain against 51% mining attacks by signing blocks as they are mined.
  • Governance and Treasury allows stakeholders in Dash to determine the direction of the project and devotes 10% of the block reward to development of the project and ecosystem.
  • Dash Evolution will make using cryptocurrency as easy as using PayPal.

Masternode owners must have possession of 1000 DASH, which they prove by signing a message included in a special transaction written to the blockchain. The Dash can be moved or spent at any time, but doing so will cause the masternode to fall out of queue and stop earning rewards. Masternode users are also given voting rights on proposals. Each masternode has one vote and this vote can be used on budget proposals or important decisions that affect Dash.

Masternodes cost money and effort to host so they are paid a percentage of the block reward as an incentive. Because only one masternode is paid in each block, the frequency of the payment can vary, as well as the value of the Dash paid out. This tool shows a live calculation of masternode earnings. These rewards decrease by 7% each year, together with the block reward -a feature similar to the Bitcoin halving. There is also the possibility for masternodes to earn money from transaction fees in the future.

Dash was the first digital currency to offer secure instant transactions based on the masternode network. Unlike conventional blockchains, where it is necessary to wait for transaction confirmation in a block, Dash leverages the network of masternodes to validate that the funds specified in the transaction have not already been spent, and then locks them within 1-2 seconds so they cannot be spent again until the transaction is complete. Any transactions attempting to use the same funds will be rejected by the network, even in the case of a 51% attack.

PrivateSend

PrivateSend gives you true financial privacy by obscuring the origins of your funds. All the Dash in your wallet is comprised of different “inputs”, which you can think of as separate, discrete coins. PrivateSend uses an innovative process to mix your inputs with the inputs of at least two other people in a single transaction, so the value in Dash never leaves your wallet. You retain control of your money at all times.

PrivateSend offers superior privacy to centralized mixing services because each round of mixing is facilitated by a different masternode, making it effectively impossible to track funds on the blockchain.

One of the problems with the Bitcoin blockchain is that it is completely public. What this means is that if you make a Bitcoin transaction, anyone in the world with internet access can find out the following things about it:

  • The public address of the sender and receiver of each Bitcoin transaction
  • How much the transaction was worth
  • Previous transactions in which that Bitcoin was involved

Can you see the problem? I's not like physical cash transactions where the details of each transaction are known only to the parties involved.

That's where Dash's PrivateSend comes in. which Dash transactions cannot be traced back, nor is the identity of users revealed to the world. As mentioned before, private transactions are facilitated by Masternodes.

InstantSend

Traditional decentralized cryptocurrencies must wait for certain period of time for enough blocks to pass to ensure that a transaction is both irreversible and not an attempt to double-spend money which has already been spent elsewhere. This process is time-consuming, and may take anywhere from 15 minutes to one hour for the widely accepted number of six blocks to accumulate. Other cryptocurrencies achieve faster transaction confirmation time by centralizing authority on the network to various degrees.

Dash suffers from neither of these limitations thanks to its second-layer network of masternodes. Masternodes can be called upon to form voting quorums to check whether or not a submitted transaction is valid. If it is valid, the masternodes “lock” the inputs for the transaction and broadcast this information to the network, effectively promising that the transaction will be included in subsequently mined blocks and not allowing any other spending of these inputs during the confirmation time period.

InstantSend technology will allow for cryptocurrencies such as Dash to compete with nearly instantaneous transaction systems such as credit cards for point-of-sale situations while not relying on a centralized authority. Widespread vendor acceptance of Dash and InstantSend could revolutionize cryptocurrency by shortening the delay in confirmation of transactions from as long as an hour (with Bitcoin) to as little as a few seconds with Dash.

Watch this video to see how Dash InstanSend Protect Merchants From Double Spends.

ChainLocks

ChainLocks are a feature provided by the Dash Network which provides certainty when accepting payments. This technology, particularly when used in parallel with InstantSend, creates an environment in which payments can be accepted immediately and without the risk of “Blockchain Reorganization Events”.

The risk of blockchain reorganization is typically addressed by requiring multiple “confirmations” before a transaction can be safely accepted as payment. This type of indirect security is effective, but at a cost of time and user experience. ChainLocks are a solution for this problem.

See DIP0008 ChainLocks for a full description of how ChainLocks work. But the everyday user doesn't need to know the technical functioning (except for educational purposes).

Decentralized Governance and The Treasury

Decentralised Governance by Blockchain

Decentralized Governance by Blockchain (DGBB) is Dash’s attempt to solve two important problems in cryptocurrency: governance and funding.

Governance in a decentralized project is difficult, because by definition there are no central authorities to make decisions for the project. In Dash, such decisions are made by the network, that is, by the owners of masternodes. The DGBB system allows each masternode to vote once (yes/no/abstain) for each proposal. If a proposal passes, it can then be implemented (or not) by Dash’s developers. A key example is early in 2016, when Dash’s Core Team submitted a proposal to the network asking whether the blocksize should be increased to 2 MB. Within 24 hours, consensus had been reached to approve this change. Compare this to Bitcoin, where debate on the blocksize has been raging for nearly three years.

Decentralized Governance by Blockchain also provides a means for Dash to fund its own development. While other projects have to depend on donations or premined endowments, Dash uses 10% of the block reward to fund its own development. Every time a block is mined, 45% of the reward goes to the miner, 45% goes to a masternode, and the remaining 10% is not created until the end of the month. During the month, anybody can make a budget proposal to the network. If that proposal receives net approval of at least 10% of the masternode network, then at the end of the month a series of “superblocks” will be created. At that time, the block rewards that were not paid out (10% of each block) will be used to fund approved proposals. The network thus funds itself by reserving 10% of the block reward for budget projects.

Dash Evolution

Dash Evolution is the code name for a decentralized platform built on Dash blockchain technology. The goal is to provide simple access to the unique features and benefits of Dash to assist in the creation of decentralized technology. Dash introduces a tiered network design, which allows users to do various jobs for the network, along with decentralized API access and a decentralized file system.

The following videos featuring Dash Founder Evan Duffield and Head of UI/UX Development Chuck Williams describe the development process and upcoming features of the Dash Evolution platform.

Dash 2020 Price Action and Prediction

After a rather lackluster performance in 2019, the price of Dash (DASH) started its smooth and enviable journey to the moon in 2020; spiking by more than 75% since the beginning of this year. This growth exponential growth has seen the coin move up by more than 8 places on the Coinmarketcap and now seats among the top 20 cryptocurrencies by market capitalization.

This price action is attributed to the successful launch of the long-awaited "Evolution Testnet" upgrade in late December 2019 -according to, the Head Product Manager at Dash Platform, Dana Alibrandi in the above highlighted tweet.

The upgrade on the Dash protocol enables users to replace their wallets cryptographic codes with simplified usernames which reduces the cases of confusion and human error. Notwithstanding, the upgrade integrates other blockchains offering interoperability in a bid to enhance the development of efficient and wide variety of decentralized applications on top of the Dash Network.

Dash is expected to break the $100? price before this rally ends if the bulls are able to hold price above $80 USD as the market enters into the consolidation phase.

What Makes Dash a Good Investment for 2020 and Beyond?

So does the current price action of Dash make it a good long-term investment? Not necessarily.

The Trend-Is-Your-Friend --DASH to the moon!

Let's take a look at the price trends of the dash coin over the last 6 years.

Dash Price for the past 6 years

Dash has maintained consistent growth and price appreciation almost every year for the past six years; however we know that past performance does not guarantee future outcomes but it does provide a reasonable insight into what to expect in the future given consist development and increasing adoption.

The network is constantly developing. The Evolution Alpha test was released late December 2019 for select business partners. A limited set of Evolution functions will be deployed to mainnet in February with the full release of Evolution scheduled for June.

“Dash Evolution will dramatically improve the experience of using a digital currency. Our aim with Evolution is to tear down the barriers to adoption for both merchants and consumers so that any person, no matter their age, nationality, education, or technical proficiency, can use digital currency everyday and for almost any purpose. Think of Evolution as online payments, a system similar to PayPal or Venmo, but completely decentralized, so that a user is always in control of his or her own money. Moreover, Evolution will be incredibly inexpensive, with no cross-border fees or restrictions. Disruptive innovation in the payments space is accelerating; with our approach, Dash could be the first to bring digital currency to a truly massive audience.” ~Taylor.

This highly important upgrade will join Dash’s comprehensive list of upgrades that will allow the protocol to handle hundreds of millions of on-chain transactions a day, confirmed within a few seconds as they prepare for greater adoption.

“Dash Labs will be responsible for the research and development of custom, open-source hardware, including specialized chips for accelerated processing of blocks. We’ve seen how difficult it is for a Blockchain to scale, especially when adoption is growing so fast. Both Bitcoin and Ethereum are having serious slow-downs when they approach 300,000 transactions per day. Ours is a different philosophy, one that actually aligns most closely with the Bitcoin inventor’s vision that nodes would eventually grow into individual server farms, with users accessing from lite clients. The P2P network becomes the backend of the currency, with the frontend comprised of the end-users,”

More so, Dash plans to enable a high volume of transactions at physical points of sale, on devices, and through online transfers simultaneously through a Proof of Service masternode model and with the assistance of Dash-specific hardware chips capable of processing orders of magnitude faster than general-purpose computing platforms. The hardware project will be spearheaded by Dash’s new scientific and research branch, Dash Labs, led by CTO Andy Freer and Founder & Senior Advisor Evan Duffield.

Dash’s hardware ambitions are due for arrival in the year 2020, with plans to put master node hardware on individual chips, allowing each master node to scale to the point where they may occupy their own data center as part of the Dash Evolution upgrade.

There's so much growth and development going on with Dash and the future really looks bright for the payment coin. As we all know; price goes in the same direction with network growth and mass adoption and given Dash limited coin supply and ever increasing adoption and network capabilities it is only normal to see it maintain the consistent price appreciation in 2020 and beyond.


CryptoSorted
CryptoSorted

Crypto trader and investor since 2017; on a mission to educate & inspire 1m crypto millionaires by 2022. Follow on Twitter: @Crypto_Sorted


CryptoSorted
CryptoSorted

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