When someone talks about cryptocurrency, the one name that comes in our brain is Bitcoins because of obvious reasons. Bitcoins were the first digital currency introduced in the market. Being the most prominent cryptocurrency, it still has many shortcomings like slow transaction processing time, lack of privacy, and so on due to which several other cryptocurrencies came into existence like ethereum, litecoin, dash, etc. Today in this blog we are going to talk about the cryptocurrency dash including what it is, what are its features, and the advantages of having a dash over Bitcoin.
Dash: A Quick Overview
Dash is an open-source cryptocurrency. Forked from the Bitcoin protocol, it is known as the true inheritors of bitcoin founder Satoshi Nakamoto’s vision. It is a privacy-focused altcoin and became popular in the crypto market due to its numerous amazing features. This altcoin mainly focuses on privacy and transaction speeds. Unlike bitcoin, the transactions in this altcoin are almost impossible to trace and have transaction fees near to zero.
History of Dash
During 2010, a guy named Evan Duffield saw Bitcoin to be trending in the market, he was amused by its liquid nature and it’s built but being an enthusiast he found some drawbacks in bitcoin. Bitcoin records transactions on the ledger which was publicly distributed results in the lack of privacy and if someone pays the lower fee for the bitcoin transaction then he needs to wait for at least 20 minutes. Evan came up with some solutions to fix those drawbacks, but for this, he would need to modify bitcoin’s coding system which bitcoin’s core team would never let him do, therefore the enthusiast decided to develop his very own cryptocurrency by using the bitcoin’s core code. He launched Dash on January 18, 2014 with new modified features which include privacy and near to zero transaction fees. Initially, the dash was introduced as XCoin (XCO) which was again renamed to “Darkcoin”. On March 25, 2015, it was then legally rebranded with the name of Dash i.e. Digital Cash.
Features of Dash
Dash comprises a lot of features that make it stand out from Bitcoin and other cryptocurrencies. Some of them are as follows:
- PrivateSend: PrivateSend uses “CoinJoin” to make a transaction compatible. CoinJoin is a type of technique that merges several inputs and outputs from many transactions into a sole transaction. In this way, no one can find which coin went to whom? It is an anonymous way of protecting the privacy of dash users when they make transactions among each other. Coinjoin needs several parties to unanimously sign on an agreement to jumble their coins when engaging in separate dash transactions.
- InstantSend: Not only privacy, with Dash coin, but you can also even experience the swift speed of the transaction. With instant send feature, you can transfer dash to anyone within 2 seconds. Due to instant send MasterNode temporarily locks the input of the transaction so the double-spending could be prohibited. Since the inputs are already secured, if anyone tries to use the identical input again MasterNode will abandon the new transaction.
- MasterNode: When we compare bitcoin, where all nodes are treated fairly, Dash has fortune nodes known as MasterNode. To perform MasterNode it takes you to stake 1000 Dash coins as collateral. Presenting a MasterNode can be beneficial as they are fortunate enough to perform PrivateSend and InstantSend. You can even earn a 45% block reward.
How is Dash Better than Bitcoin?
- Transactions: Comparatively, bitcoin has a longer transaction time. Currently, It takes around 10 minutes just to complete one transaction. Additionally, if the transaction fee has risen and if you have an insufficient amount of transaction fee then transactions could remain in the unconfirmed transaction pool. This will take more time to complete the transaction.
While transactions in a dash are rapid as it is completed within seconds. Also, currently, it has a cheaper transaction fee as compared to bitcoin. People who want fast and cheaper transactions can opt to invest in a dash over cryptocurrency like bitcoin.
- Blockchain: Advanced blockchain was created by the dash developers, as the blockchain protocol is self-governed, self-funding and the world’s first blockchain to do this.
- Public address: Another advantage of Dash is that it has a public address, which having a friendly name like an email address rather than having a long string of numbers and characters. Transactions become simpler by having a suitable human name as it will be on the addresses so it prevents transactions from going to the wrong destination. This is important because when the transaction is begun they cannot be reverted back.
Apart from the above-mentioned points, the price of a dash is comparatively lower than Bitcoin. At the time of writing, its price is around Rs.7000. However, a Bitcoin price is near 9 lakh. As its price is far lower than BTC, many traders or investors prefer to invest in this coin. If you too want to invest in this altcoin and are looking for a cryptocurrency exchange that enables you to buy dash in INR, you should look no further than PCEX Member.