What are the characteristics of Dash?
It is an open source cryptocurrency with instant (InstantSend) and anonymous (PrivateSend) transactions. A feature typical for this cryptocurrency is the interchangeability of the currency’s units, which means that transactions (units) cannot be traced. Due to these characteristics, it has profiled itself as a great cryptocurrency for payments because it protects user privacy.
The currency’s ecosystem includes decentralized management and a distribution system which makes it the first truly decentralized autonomous organization. Thanks to the low cost of transactions, this cryptocurrency can be used for microtransactions and sending monetary funds into poorer regions to relatives who can then simply use Dash as a means of exchange.
History of Dash
The history of this cryptocurrency started in 2014, specifically on January 18. Its original name was Xcoin; 10 days later, it was renamed DarkCoin. The cryptocurrency acquired its current name in March 2015 – it is a combination of two words „digital cash“, or Dash. Currently, this is a very quickly developing cryptocurrency with a strong support in the community.
Dash uses an algorithm of hashing chaining called X11 for proof-of-work. One of Dash’s characteristic is encryption built on a two-layer network. The so-called masternode transaction verification takes place on one layer, while the other layer is for administration and server maintenance. Unlike with Bitcoin, miners are not rewarded for verifying transactions, but for running these servers.
As was mentioned already, Dash provides anonymous transactions by applying the principle of coin interchangeability (similarly to cash money where you cannot trace from whome to whome a coin or a banknote has traveled). Transaction anonymity is achieved with the help of the so-called Masternode. It is a specialized wallet which the user activates by depositing at least 1,000 units of Dash and setting up a continuous connection to the network to ensure permanent access. Its function is to mix units which are being sent with PrivateSend activated with units which are inside the masternode operator’s wallet. The sent units are mixed with units with a completely different transaction history which ensures that the sender’s anonymity is maintained. Masternode operators receive a reward in the form of 45 % of fees for mined blocks.
Number of Dash coins
Dash belongs among cryptocurrencies with a smaller number of units. The maximum supply is 18,900,000 coins. Currently, approximately 9,100,000 are in circulation. Coin can be divided into a maximum of 8 decimal places, which means that you can purchase 12.55 Dash if you want.
All time high: 1 642,22 USD (20th of December 2017).
Dash can be purchased directly through the Coinmate cryptocurrency exchange where you can use bank transfers for making a purchase, or you can use the cryptocurrency exchange Binance which allows you to purchase by exchanging Bitcoin for Dash. Binance also allow buy cryptocurrencies up to 2,500 USD without identity verification.
Zcash is fully supported by all available cryptocurrencies wallets.