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Hello guys, and welcome to another review.
In todays review, I would be taking an in depth look at Dash, or Digital Cash.
As usual, I would be breaking this review into parts. I'll also be leaving links to all my previous reviews incase you want to check them out. We've had some fun ones so far.
Those links would be at the end of the post however.
Let's get started.
- What is DASH?(With a very brief history)
- What are the special features of DASH?
- Where can I buy DASH?
- Where can I trade my DASH tokens?
- Where can I safely store my DASH tokens?
- To trade or hodl DASH?
- Conclusion
WHAT IS DASH?
Dash is a cryptocurrency that was developed by Evan Duffield on January the 18th, 2014.
Very surprisingly though, it wasn't named "DASH" when it was released.
It was released as XCoin (XCO) in 2014, and then went through a series of name changes. It's name was first changed to DarkCoin, and them later to DASH.
Evan Duffield, DASH's creator was very fascinated with the way Bitcoin worked. He wanted to fix its flaws however, which led to the creation of DASH.
If you're intuitive (which you are), you'd have noticed that DASH is coined from Digital Cash,just the same way Binance is coined from Binary Finance. Now you know!
Just like every other new cryptocurrency creator after Bitcoin, Evan didn't want the centralised mining happening on the Bitcoin blockchain to plague how new brain child.
So he created a brand new mining algorithm known as X11. The X11 algorithm is a Proof-of-Work algorithm, just like Bitcoin’s SHA-256. And just like Bitcoin's own algorithm, this one tasks computers with cryptographic problems and rewards them in DASH for proper solutions.
So how does the X11 algorithm differ from others?
It differs because it makes use of about 11 different hashing processes. This makes it extremely difficult (bordering impossible) for ASICs to get a share of this pumpkin pie.
But of course, people have already devised a way to mine DASH with ASICs. There are a few miners already, such as the DM 11G and AntminerD3 which are able to bypass the protocols used to prevent ASICs.
The maximum number of DASH that can ever be mined is 18 million DASH.
The Dash network is programmed in such a way as to reduce the number of coins mined each year by 7.1%. This implies that the last Dash coin would be mined in year 2300, am uncomfortably long time from now.(There could be flying people then, and crypto might have become the only means of exchange.)
WHAT ARE THE SPECIAL FEATURES OF DASH?
DASH has about 6 very special features. I will list and explain in detail all six of them, to make this review as comprehensive as possible.
Dash has the following unique features:
- Privates send
- Instant send
- MasterNodes
- Governance
- Dash Evolution
- ChainLocks
Here is what all of that means.
1. Private Send
Whenever you use Bitcoin or many other cryptocurrencies to perform transactions, your transactions are far from anonymous.
The blockchain is defined as a "decentralised public ledger". This means that the exact details of your transaction can be looked up.
This means that someone who knows you(or stalks you) and has access to your BTC address can check all your transactions.
The Dash Private Send feature aims to fix this.
When you initiate a send transaction with DASH using the private send feature, your transaction is first mixed with other transactions waiting to be fulfilled. This is the digital equivalent of throwing a red ball into a pit full of red balls.
This makes it very hard for someone to manually check out your transaction details.
2. Instant Send
Dash was the first digital currency to offer secure instant transactions based on the masternode network.
DASH leverages the power of the master nodes, and therefore does not require confirmations like regular blockchains do.
This effectively prevents 51% attacks from occuring on the blockchain.
A 51% attack refers to an attack on a blockchain by a group of miners controlling more than 50% of the network’s mining hashrate, or computing power. They would then be able to "reverse" already completed transactions, allowing them to spend the same crypto twice.
But of course there's a catch. Using this feature attracts a $0.15 fee.
3. MasterNodes
This is basically another incentive for DASH miners. In addition to regular proof of work consensus rewards for mining DASH, users are also rewarded fro maintaining these special servers known as masternodes.
Masternode owners must have possession of 1000 DASH. This is to make sure that you don't abuse your privileges, as you would lose all your coins if you do so.
The DASH can be moved or spent at any time, but that causes the masternode to 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.
4. Governance
This feature allows masternodes to take part in the voting process on the DASH network.
Each time a block is mined, on the DASH network there is a reward. Unlike with Bitcoin where 100% of this reward goes to the miners, 45% of the reward goes to the miners, 45% goes to the MasterNodes owners, and 10% is saved for the development of Dash.
5. Dash Evolution
Dash Evolution is a decentralised platform built on the DASH blockchain, whosep purpose is to make Dash more scalable and more user-friendly.
Dash has a very ambitious roadmap that you can see here.
6. ChainLocks
This is used to improve certainty when accepting payments.
This technology allows transactions to go through immediately, and also reduces the risks associated with a 51% attack.
WHERE CAN I BUY DASH?
Currently, the best place to buy DASH(and any other cryptocurrency for that matter) with your fiat is over at Binance. They used to be a crypto only exchange, meaning that they didn't accept fiat at all. But recently, they have started accepting fiat deposits and withdrawals, and for a limited time, there are no fees on either of these actions. Check out Binance here.
If you'd rather not use Binance, here are a few options based on your region:
Coinbase for users in the US and other supported countries.
Remitano for African customers.
Quidax for African and South American customers.
WHERE CAN I TRADE MY DASH TOKENS?
Currently, the best place with the highest volume to trade your Dash tokens is Binance. They have very liquid books, as well as many cross pairs with the DASH token, so you have a lot of options.
If you'd rather not go the Binance way, or you got some free DASH and you want Bitcoin instead, use Changelly. They are an instant exchange that is very fast and reliable.
WHERE CAN I KEEP MY DASH SAFE FROM ATTACKERS?
DASH can be stored safely both offline and online.
To store it online, the safest wallets are:
- Coinbase wallet
- Trust Wallet
- Coinomi
To store it offline, the safest wallets are:
- Ledger Nano S
- Trezor
TO TRADE OR HODL DASH?
DASH once returned an 8000% profit, trading at $10 at the beginning of 2017, and closing the year trading at $800. That is not to say that this token will do that again, as past performance is not an indication of future expectancy.
That said, with a utility coin as proficient as DASH, you'd have to agree with me that it is better held than traded. It's intrinsic value is yet to be fully unleashed, and when it is fully unleashed, the price has the tendency to sky rocket to new highs.
That's it for this review! Check out my other reviews below, and thanks for reading!
