- One of the most popular cryptocurrencies, Dash was built for instantaneous and private transactions. Originally a fork of the Litecoin protocol, it emerged as an attempt to correct what its creators saw as its weaknesses in terms of transaction speed, privacy protection and governance handling.
|Market Cap||Volume 24h||Circulating Supply||Maximum Supply|
|8,644,855 DASH||18,920,000 DASH|
What Is Dash Cryptocurrency
“Dash” is the word we associate with speed, but this platform and its coin (DASH) use it as a short form for “digital cash”. This is no coincidence, as Dash wants to become the platform of choice for fast digital payments. This means removing at least some of the key obstacles to this goal: speed of transactions and their high fees. In order to make its coins usable for smaller transactions, such as those at grocery stores or gas stations, the whole operation needs to be both instantaneous and cheap, with an anonymity option as an added bonus.
Evan Duffield, the creator of Dash, launched the platform in 2014 with the idea to resolve these issues with the help of innovative architecture. Back then, Dash was known as “Xcoin”, followed by being renamed to “Darkcoin”. In order to avoid associations with unsavory transactions, it changed its name in 2015.
In any case, its underlying technology uses two-tier architecture, relying on the combination of Proof of Work (PoW)/Proof of Stake (PoS) consensus mechanisms.
While miners use their computers (PoW) and compete with each other in order to receive the right to add a new block to the blockchain, the second tier is powered by masternodes (Full Nodes).
One of the main features of Dash, PrivateSend gives you financial privacy by obscuring the origins of your funds. Another feature, InstantSend will allow to compete with nearly instantaneous transaction systems such as credit cards for point-of-sale situations while not relying on a centralized authority.
Dash platform strives for more democracy in its governance model. Its miners get the 45% of the block reward, just as the masternodes. The remaining percentage is allocated for improving the Dash infrastructure, marketing and growth model. Decentralized governance makes it possible for everyone to propose changes to the system, with network participants voting on each proposal.
The maximum supply of DASH coins is capped at 18.9 million, with 8,317,621 of them already in circulation as of September 2018. Its market capitalization stands at USD 1.5 billion, with a historic high of almost USD 12 billion in late 2017. In addition to mining, DASH coins can be acquired through trading as they are listed on the major cryptocurrency exchanges such as HitBTC or Binance. Also, you can buy Dash via ATMs.
At the moment Dash has more than 3,300 merchants in its network.