Dash

Token which aims to become digital cash for everyday use.

Background

Dash was officially launched in 2014, but not under the name DASH, but as Xcoin. After few months, it was renamed to Darkcoin and only after that it landed on its current name DASH. That happened in March 2015. Main idea for creating this coin was to ensure user privacy and anonymity. Also in the DASH’s whitepaper it is described as “a privacy-centric cryptocurrency based on Bitcoin founder Satoshi Nakamoto’s work”. The whitepaper was co-authored by Evan Duffield and Daniel Diaz.

Token data

The DASH is now sitting at rank 95 with $94.79 per one token. Its market cap is $1 billion. Current circulating supply is 10,5 million tokens with total supply being almost 19 million tokens (18,920,000). The DASH hit All time low almost eight years ago on February 14, 2014 when it hit price of $0.21. Its all time high happened four years ago on December 20, 2017 with price climbing to $1,494. Since then, DASH is 93.6% down in comparison with ATH.

Mining

Same as many other cryptocurrencies, the DASH is minable. To ensure security of the network, DASH is using POW (Proof of Work) mechanism. Unlike Bitcoin, which is running on a single algorithm, the DASH is running on X11 hashing algorithm, which is a modification of POS (Proof of Stake) algorithm. This mechanism was developed by Evan Duffield. It is based on eleven of the most secure cryptographic techniques known at the time of making. Also, the algorithm was intended to reduce power consumption and ensure the fairest possible distribution of Dash during the early years of the network.

Mission

The main mission of DASH is to study the best practices of the fiat world and work backwards in developing their products to be user-friendly for the people. That means if you are using DASH, you wont have a problem interact with traditional banking UI, because DASH is familiar with it.

It also aims to be the main medium for daily transactions. To become that popular, it already casted a wide net. In 2018 it expanded to Venezuela with the aim of helping its collapsing economic.

Technical info

We already said that dash is using special kind of proof-of-stake algorithm, a modification if you would, called X11 algorithm. This algorithm was developed by Ean Duffield. It has number 11 in it because it is using rounds of 11 scientific hashing functions.

Another thing that was solved by DASH in a very interesting way are transactions. In case of DASH, it is run by “masternodes”. Each masternode has a starting stake equal to 1,000 DASH in their system. This solves the problem with transactions, because the number of nodes is pushed to the manageable number. These masternodes then approve transactions from the miner network. As of August 2021, there are 4,614 masternodes in Dash’s network.

Investment

Thanks to many advantages, like Decentralized Cloud Storage, Client Libraries and Instant Data Confirmation, the DASH is arguably a very solid investment. If you are not hodling it, you could consider buying some, because according to some forecasts it should profitable investment in 2022.

Thank you for reading.