What is Dash?
Dash is a blockchain platform that is a decentralized payment network with which money can be moved quickly and affordably anytime, anywhere. Due to its speed and privacy, Dash claims to be an alternative online payment system for conventional transactions.
In 2014, when this cryptocurrency was originally introduced, the focus of the developers was on anonymity and user privacy. However, while it still uses this feature, the main goal now is to provide an affordable solution for everyday payments for goods and services.
The digital currency Dash tries to replace cash and bank cards and is also seen as a solution for sending international money transfers.
Dash Website
Beginning of DASH Coin
Project Dash was created in 2014 by programmer Evan Duffield as a fork of the Bitcoin protocol. The original name of the project was XCoin, but it later became known as Darkcoin. The name attracted the attention of regulators. In an effort to change its image, the project was renamed Dash in 2015, which translates to "Digital Money," to emphasize its new focus as a payment system for everyday use.
Technical characteristics of Dash
Mining
Dash (DASH) mining involves verifying and recording transactions on the blockchain in exchange for rewards. Miners participate in solving mathematical problems set by the X11 network algorithm using their processing power and energy. Working together, they contribute to the security, reliability, and decentralization of the network.
The platform is built on a two-tiered structure. The first tier houses the miners and the second tier hosts the nodes. Both tiers work together to achieve the instant transactions and privacy that Dash is known for.
Masternodes
The idea of implementing a system using so-called masternodes came from the inception of the Dash cryptocurrency. Dash creator Evan Duffield, who is the developer of the coin, noted that any blockchain network requires as many fully-functional working nodes as possible to function effectively. Moreover, with more nodes constantly replicating the network, the currency can indeed achieve the decentralization expected in cryptocurrencies.
The second layer of the Dash network is where those very master nodes come into play. This is where the most complex DASH transactions take place, in particular the InstantSend payments feature, which allows payments to be sent instantly through a much simpler verification process than that normally carried out on the Blockchain network. They also include the ability to send PrivateSend payments, a method that allows payments to be sent within a complex routing system that makes it impossible to determine their origin on the blockchain.
