What is Dash Coin (DASH)?

Dash Coin (DASH) is an open-source cryptocurrency that was launched in January 2014. Dash coin originally called ‘XCOIN’ and ‘Darkcoin’ was designed to serve as ‘digital cash’ and to enhance scalability solutions, more user anonymity, and privacy. The digital currency was described as “the first privacy-centric cryptographic currency” by crypto currency’s whitepaper, based on Nakamoto’s work. Just like Bitcoin, Dash Coin currency can be used to send and receive payments. Infect, Dash Coin is also built on top of blockchain technology as Bitcoin uses. Dash Coin (DASH) currency offers more Privacy and transaction speed than Bitcoin. Unlike Bitcoin, the transactions in Dash Coin are not public and it provides strong encryption features to reside on the blockchain. It uses its unique model involving “Masternnodes” for such an achievement. Dash Coin was forked from Litecoin (LTC) and with that fork, a bug introduced and resulted in 1.9 Million Dash Coins.

Forking

Blockchain splits down into two equals, whenever a fork happens. Litecoin (LTC) was created by the fork of Bitcoin and similarly, the Litecoin fork caused Dash Coin generation

Dash coin has a hard cap of (eighteen million) 18 Million coins and total market capital of ~$5.4 billion. Average block mining takes 2.5 minutes which is 4 times faster than Bitcoin (10 minutes mining time). Dash Coin became popular because of its following mainstream features:

Masternodes

As we know that Bitcoin is based on Proof-of-Work (PoW) concept, similarly Dash Coin follows Proof-of-Stake (PoS) algorithms. As the transactions at the Bitcoin blockchain are verified by miners, in a similar way minors work on the blockchain of Dash Coin and it’s divided into miners and Masternodes. Masternodes are special network servers to perform functions on the Dash Coin (DASH) Crypto network. They are responsible for the security of the network and to make the transaction as fast as possible. Masternodes get 45% of the total awards received by Dash Coin Mining.

Instantly Send

Bitcoin transaction takes 10 minutes to bet confirmed. On the other hand, local bank transactions take a few seconds for the confirmation process. This also seems like a problem to adopt Bitcoin. Dash Coin provides its Instant Send feature to instantly confirm the transactions using its Masternode network. Normal transactions take 2.5 seconds over the network which is still an improved feature over the Bitcoin.

Private Send

Bitcoin transactions are completely public which means that anyone connected with the internet can find out the public address of transactions and the details about a particular transaction. This may seem like serious problems for people using fiat currencies. However, Dash Coin uses its feature called Private Send, to add more transaction privacies. So, Dash Coin can’t be traced (fungible) and their history is not public to the world. Private Send is supported by the Masternodes.

Chain lock

Chainlock is another powerful feature of Dash Coin. This protocol is used with InstaSend and is responsible for protecting 51% attacks at nodes of blockchain.

To understand how Dash Coin currency and its transactions work overtime, let’s consider that you want to send one 1 DASH to your friend. Then you will use your crypto wallet to sign in and send the currency to your friend’s public address with a private generated key. Now Dash Miners will add the transaction to the Dash block and depending on the service you’re using, say InstantSend and your transaction will be confirmed within seconds with the help of Masternodes and in 2.5 to 3 minutes otherwise. After that, the Dash Coin miners will double-check the transaction that happened for any mistakes and validations. BOOM! You made a successful transition to your friend. That’s a pretty simple and fun way that a transaction on the Dash Coin network works.

Dash Coin (DASH) performed extremely well in the year 2017 and showed a growth of about 15,000% within months. Now as you know how Dash Coin currency works. You could also be aware of to get some coins into your Dash Coin wallet. The process of trading and storing Dash Coin is much easier than other known cryptocurrencies. Simply, register yourself on B4U Mobile Wallet for free to store not only DASH coins but also exchange multiple cryptocurrencies.