What Is Dash and How to Buy it?
By SwapSpace on The Capital
Dash has the longest history among many cryptocurrencies in the market and it has gone through various denominations throughout the years of its development. The first version released in 2014 was known as XCoin and later became Darkcoin but both names were deemed unprofessional and could lead to negative connotations, potentially harming the project’s image. Now known as Dash, this project is a fully decentralized digital money network and it is increasingly accepted by businesses around the globe. Dash allows instant and private payments to be made online or in stores. The cryptocurrency is available on most exchange-type platforms. Dash uses the principles of the P2P protocol, widely used to transcribe data of all kinds, and provides an additional level of protection with masternodes, a complex and improved type of traditional nodes used in blockchain technology. Currency exchange on the network takes place on an open platform with equal participants, while all transactions are certified by the network itself with the complete absence of intermediation of banks. The Dash currency is a lot like Bitcoin, but it also has the added benefit of complete decentralization, instant transactions, and enhanced anonymity.
How does the network work?
Unlike Bitcoin’s architecture, where there is only one type of nodes, in Dash, they are divided into two types — ordinary mining nodes and masternodes. Any network member can create a masternode by downloading the full blockchain history and storing at least 1000 DASH on the account. The latter allows you to keep the network safe from potential 51% attacks since a violation of the correct operation of the system will also bring losses to the hacker himself.
Thanks to masternodes in the Dash system, features such as Private Send and Instant Send are available. Masternodes receive remuneration of 45% of each block mined for network maintenance. The users also have the right to propose their projects regarding the further development of cryptocurrency, as well as vote for them. According to data on the cryptocurrency’s website, 4,606 masternodes are currently active.
Advantages and disadvantages
+ Dash has global coverage and a transfer can be sent from any currency in the world with the same fees and speed. Its innovative technologies allow you to send money almost instantly — within 4 seconds.
+ Dash is the world’s first cryptocurrency with a two-level network. At the first level there are miners who log operations in the log (blockchain), at the second — servers that provide anonymity and speed of operations. In the future, the second level of the network may provide unique opportunities that other digital currencies will not have. The platform also offers a high level of anonymity while retaining its safety. Dash has found a comfortable niche in the crypto world. It remains a popular option among blockchain users many of which are dedicated to continuing their crypto world journey with Dash.
- Dash has received harsh criticism in the past concerning the way it is funded and an alarming degree of its masternodes’ unsafe mechanisms. Decentralization and non-supervision of transactions by a third party can become a problem that causes irregularities. In anonymity, it lets itself to carry out operations that are not so transparent and legal. The volatility of the currency makes it lose or gain value indiscriminately.
Where to get Dash?
Mining is one of the processes to obtain this virtual currency. A second way to get Dash is with the master nodes and participating in the chain. It is necessary to have 1,000 units of Dash as a guarantee. The good thing is that, by maintaining this node, 45 percent of the value of the currency extracted in mining is obtained. The third way is to buy Dash on the exchange platforms like Bittrex, Bitfinex, Binance, Poloniex, HitBTC, CryptopiaYoBit and many others.
How to exchange Dash on SwapSpace?
- On SwapSpace homepage, select Dash in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of Dash you want to exchange.
- Choose the instant exchange service that suits you most.
- Specify the recipient address and check if all the data is correct.
- Send your Dash coins to the address you will see on the screen.
- Wait until the exchange is complete.
Where to store Dash?
The official Dash wallet is available on the website . You may also consider another one of the system’s creations — Dash Electrum wallet. Other wallets known to offer Dash support are Coinomi, Exodus and Jaxx and hardware wallets like Ledger and Trezor. All these wallets successfully fulfill the purpose of keeping your coins safe.
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Originally published at https://swapspace.co.