Therefore, in March 2015, it was relaunched as ‘Dash’. Several notable developments occurred after this as Duffield sought to improve the network, most notably by adding the feature of Masternodes.ĭuffield realised that the focus on anonymity was holding the coin back as it had many other benefits aside from this. He made suggestions on how to implement this to Bitcoin’s developers, but when they rejected his suggestions, he began developing his own altcoin instead. He saw Bitcoin’s lack of anonymity as a weakness and sought to improve on it. The founder of Dash is Evan Duffield – a software developer who had been studying Bitcoin since 2011. It changed focus in 2015 and rebranded itself as ‘Dash a move which has seemingly worked well as it’s since grown to become the 14th largest cryptocurrency by market capitalisation. It was a currency that prioritised privacy and anonymity, much like Monero does today. In the beginning, Dash was called “Darkcoin”, and before that “Xcoin”. Though Dash now seeks to be a medium for everyday transactions, it’s aspirations didn’t always align this way. DASH utilizes the DASH utility token as one of the payment methods for fees on the DASH Network and it is used for staking in DASH’s Masternode system, allowing users to help secure the network in return for rewards. One major difference between Dash and Bitcoin is that DASH has an average block time of 2.5 minutes (compared to 10 minutes) and miners only receive 45% of the DASH minted in each block (instead of 100% on Bitcoin). Masternodes help miners by ordering and verifying transactions. The other layer is controlled by Masternodes, which are users on the network who take some of the functions of a miner by staking 1000 DASH. Miners preserve the DASH blockchain’s transaction history while preventing double-spending. One layer is powered by miners who compete to create new blocks and secure the blockchain. How does DASH Work?ĭASH uses a two-tier network, allowing its miners and Masternodes to run in tandem. PrivateSend enables users to obscure transactions by sending them in a special sequence that makes it difficult for any observers trying to trace DASH transactions. InstantSend allows users to transfer DASH without waiting for transactions to be confirmed on the DASH blockchain. Dash was designed to protect the anonymity of its users with the X11 algorithm while delivering transactions at higher speeds using Masternodes.ĭASH is popular for it’s secure X11 algorithm and two popular features, InstantSend and PrivateSend. Dash (DASH), originally known as Xcoin and Darkcoin, was launched as a fork of Litecoin – which is a fork of the Bitcoin protocol – in January 2014 by Evan Duffield to address Bitcoin’s purported flaws with transaction times and privacy.
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