Cryptofacts #3 — What is DASH?
Dear Gobaba community,
We continue introducing you the altcoins listed on Gobaba. In this post of our series, we will be sharing the basics and unknown facts of DASH, which refers to Digital Cash and became one of the most promising alternative coins to Bitcoin.
Previous Cryptofacts posts:
- Cryptofacts #1 — Stellar (XLM): https://medium.com/gobabaexchange/cryptofacts-1-what-is-stellar-lumens-xlm-5eceece7a851
- Cryptofacts #2 — Ethereum (ETH): https://medium.com/gobabaexchange/cryptofacts-2-what-is-ethereum-eth-938bc221ce95
You can see the up-to-date list of available altcoins listed on Gobaba here-> https://steemit.com/cryptocurrency/@gobaba/announcing-new-altcoin-listings-and-the-gobaba-trading-module
DASH MARKET DATA (as of writing this post)
(https://coinmarketcap.com/currencies/dash)
- Current Price: €216 EUR (~ ₺2018 TRY )
- Global Market Cap: €1.765B EUR (~ ₺9.611B TRY)
- Global Trading Volume (past 24 hrs): €148M EUR (~ ₺805.946M TRY)
- All time high: €1408.84 EUR (~ ₺7,671 TRY)
- Circulating Supply: 8.174.299 DASH
- Max Supply: 18.900.000 DASH
What is Dash (DASH)?
- Official Website: https://www.dash.org
- Whitepaper: https://docs.dash.org/en/latest/introduction/about.html#whitepaper
- DASH News&Blog: https://www.dash.org/news/
Dash (DASH) is a privacy-centric digital currency with instant transactions and decentralized autonomous organization (DAO). It is based on the Bitcoin codebase, but it has a two tier network that improves it. Dash allows you to remain anonymous while you make transactions, similar to cash.
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 countries’ fiat currencies TRY/USD/GBP/EUR/INR or CNY. Like Bitcoin, DASH is open-source and has its own blockchain, wallet infrastructure, and community. But unlike BTC, its transaction fee is negligible.
Unique Features of DASH
- Private Send — Dash allows you to send your funds privately by mixing it in between several other transactions, thus making it hard to identify any specific transaction. It uses a coin mixing service based on CoinJoin. This is an optional privacy feature which the user may want to use. But there is a limited cap of 1000 Dash for which you can send using this feature.
- Instant Send — This service allows you to send your Dash transactions instantly (within 1.5 seconds). But Masternodes charges higher fees for processing such transactions. InstantSend also solves the double-spending problem.
- Masternodes — Unlike Bitcoin, where each note is equal, Dash has special privilege nodes called Masternodes. Anyone can form Masternodes by holding 1000 Dash as collateral. These special nodes perform PrivateSend and InstantSend functions, and earn a 45% block reward.
- The network’s block time is every 2.5 minutes and its mining difficulty is able to be adjusted up to every single block, using an algorithm called Dark Gravity Wave.
- When measuring node count by market cap, Dash’s infrastructure robustness is more than an order of magnitude higher than the competitors of say, Bitcoin or Ethereum.
- User-Centric Coin — In an interview, Amanda Johnson, the Spokeswoman of Dash, said that the target audience of Dash “is the kind of person who is not interested in cryptocurrency.” It has rapidly evolved to become the favorite coin of the masses, and its versatility and universal appeal play a vital part in it. Not only does this currency focus on its users but also think ahead of others. Its attempt to stay true to its principles, combined with its quest for identity, has rendered it unique.
DASH Facts
- It’s been rebranded from “Darkcoin”. Before, it went by the name “XCash”.
DASH was launched in January 2014 as XCoin in 2014– then called Darkcoin — by developer Evan Duffield, whose ideas about privacy didn’t find much traction among Bitcoin’s core developers. Hence the coin’s distinguishing feature: a protocol-level, trustless mixing service called DarkSend, which then re-branded as PrivateSend.
- DASH was forked from Bitcoin codebase
Because it has a Bitcoin codebase, Dash is compatible with all existing merchant, exchange, and wallet software that’s previously been written for Bitcoin.
- DASH has a hybrid consensus mechanism on a self-governing model
Dash uses a hybrid proof-of-work/proof-of-stake consensus mechanism.
The network’s block reward is paid out to three separate groups: 45 percent to miners for security; 45 percent to masternodes for InstantSend and PrivateSend functions; with the remaining 10 percent — the treasury — equaling roughly $1 million USD worth of Dash per year, paid out to developers, marketers, auditors, and anyone else who’s approved for a project. This contrasts with Bitcoin, where 100% of mining rewards go to miners. Dash has a similar maximum supply to Bitcoin of 18.9 million coins. As of 2018, just over 8 million Dash coin have been mined and all 18.9 million coins will be mined by around 2050.
- 10% of DASH max supply were mined within 48 hours
Almost 2 million DASH coins were mined 48 hours after its launch which is 10% of total possible DASH coins that will ever exist.
How to buy DASH on Gobaba?
- You can buy DASH within minutes using Gobaba. While buying DASH, you have 2 options. You can buy DASH from direct “Buy/Sell” section of Gobaba using your Fiat currency wallets. Find below the guide on how to buy DASH using your Euro wallet:
- As a second option, you can give orders on the Gobaba trading module for the price that you wish to buy DASH for and once your buy order corresponds to any sell order, your order will be completed and you will receive your DASH coins in your DASH wallet.
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We’re always listening to you. For your feedbacks feel free to let us know on Gobaba Community. See you in the next cryptofacts post. Stay tuned for news & updates and join us to start trading safely and securely!
