Dashcoin (DSH) is an automatically mutating anonymous cryptocurrency. Dashcoinis a Next generation anonymous cryptocurrency and the first automatically mutating cryptocurrency created with CryptoNote technology.
Dash (formerly known as Darkcoin and XCoin) is an open source peer-to-peer cryptocurrency that offers instant transactions (InstantSend), private transactions (PrivateSend) and token fangibility. It was re-branded from “Darkcoin” to “Dash” on March 25, 2015, a portmanteau of “Digital Cash”.
Dash operates a decentralized governance and budgeting system, making it the first decentralized autonomus organisation.
Dash uses a chained hashing algorithm called X11 for the proof-of-work. Instead of using the SHA-256(from well-known Secure Hash Algorithm family) or scrypt it uses 11 rounds of different hashing functions.
As of April 5, 2017, Dash is the fifth most valuable cryptocurrency by market capitalization, placing it after Litecoin and before Monero.
Bitcoin’s blockchain technology is making money decentralized.
However, as Bitcoin is just the first application of digital currency, it is obviously going to have some fundamental flaws.
One such flaw which Bitcoin doesn’t solve is that of private and anonymoustransactions.
This drawback of Bitcoin has given birth to a new breed of cryptocurrencies called Anonymous Cryptocurrencies.
And Dash is one of the contenders in this new breed.
Dash – Digital Cash is one of the most promising alternative coins to Bitcoin.
What is Dash?
Dash is unlike other cryptocurrency projects like Ethereum or Stratis which are more of a development platform.
Dash advocates itself as peer-to-peer decentralized electronic cash. It intends to be as liquid as real cash which we use in our respective countries like USD/GBP/EUR/INR or CNY.
Dash is built upon Bitcoin’s core code with the addition of new features (such as privacy and quick transactions).
Like BTC, Dash is open-source and has its own blockchain, wallet infrastructure, and community. But unlike BTC, its transaction fee is negligible.
Moreover, it looks like from the attitude of the development community that Dash will only remain as digital money for the internet, which is a good thing.
When And Why Was Dash Created?
Dash was created three18 January 2014 by its developer Evan Duffield.
Dash was originally released as XCoin (XCO). In February 2014, the name was changed to “Darkcoin”. And on 25 March 2015, Darkcoin was rebranded as “Dash”.
Evan Duffield came across Bitcoin in 2010 and was impressed by its technology. But he soon realized that Bitcoin was not private and fast enough.
He had many ideas on how to make Bitcoin anonymous, but he knew that Bitcoin’s core developers wouldn’t allow him to do so, as the core’s code would need to be changed for this.
So to change this primary drawback of Bitcoin, Evan decided to use Bitcoin’s core code and build his own cryptocurrency- this is what we know of today as Dash.
Getting Started With Dash
What is Decentralized Governance by Blockchain?
Dash has developed a decentralized system to govern and fund the future development of the project. Anybody can come up with a project to help develop the Dash ecosystem and submit it to the network. The proposal will then be voted on by Masternode owners and if approved by at least 10% of the network’s Masternodes, the proposal will be considered approved.
In the meantime, every time a miner solves a block, 45% of the block reward goes to the miner and 45% goes to support the second tier of the network. Ten percent of the block reward is not created at that time–it is withheld by the Dash network. Once a month the DASH that was withheld is created by “superblocks.” These blocks, one per approved proposal, create the DASH needed to pay the proposals. Dash’s emission rate doesn’t change, since the same amount of DASH is created as would otherwise have been.
- Step 1: Get A DASH Wallet.
- Step 2: Get Some DASH.
- Step 3: Use Your DASH.
- Step 4: Stay Up-to-Date.
What Is Dash Mining?
Dash uses a special algorithm called X11 for the proof-of-work. X11 is one of the innovations introduced by Dash and has been widely adopted in the cryptocurrency community since its launch.
The characteristics of X11 make it very unlikely that ASICs will be developed to mine it, at least in the short term.
Mining in the context of cryptocurrency such as Dash refers to the process of searching for solutions to cryptographically difficult problems as a method of securing blocks on the blockchain. The process of mining creates new currency tokens as a reward to the miner. Mining is possible on a range of hardware. Dash implements an algorithm known as X11, which the miner must solve in order to earn rewards.
The simplest and most general hardware available for mining is the general purpose CPU present in every computer. A CPU is designed to be versatile but offers less efficiency than a GPU, which is designed to rapidly calculate millions of vectors in parallel. While specific CPU instruction enhancements related to cryptography such as AES or AVX can provide a decent boost, GPUs offer a significant performance increase due to their multiple pipelines for predictable calculations of the type involved with mining.
Finally, ASICs can perform a single operation only. A number of X11 ASICs are now available on the market, which are quickly making CPU and GPU mining uneconomic due to the increased difficulty of hashing arising from the rapidly increasing hash rate. The result is a currency which is more secure against brute force attacks on the Dash blockchain.