What is Dash?
First of all, we must know:
Who is the creator of Dash?
Dash was created by developer Evan Duffield in January 2014. Originally known as Darkcoin, a name that highlighted its privacy and anonymity features, Duffield changed the name of Darkcoin to Dash, which stands for digital money, in 2015.
Now that we have learned a bit of its history, I now proceed to describe what it really is: Dash, one of the first prominent alternative cryptocurrencies, was among a group of early projects to copy and modify the code of Bitcoin in an attempt to reach to a broader market. But Dash would go on to differentiate its technology considerably in the wake of its 2014 launch, adding new features aimed at making transactions work more like traditional online payments.
InstantSend: for example, allowed users to transfer DASH without waiting for transactions to be confirmed on the Dash blockchain. Instead, users could send cryptocurrency to special nodes (called Masternodes) that would lock the funds before recording them in a next block.
PrivateSend another Dash feature, allowed users to send transactions using a built-in mixing service. Users could send their DASH to Masternodes, which would mix transactions with one another, obscuring the original transaction trail.
If anything, Dash would go further, adopting more experimental features designed to give anyone who owned a certain amount of DASH the ability to participate in the operation of its blockchain at a time before participation protocols were the norm. rule. Today, Dash is even partially run through a series of contracts on its blockchain that help manage the development, marketing, and infrastructure of the software.
The Dash team is now keeping users updated on the changes via their website: https://www.dash.org/ and the Reddit fórum: https://www.reddit.com/r/dashcrypto/
How does Dash work?
For those familiar with any proof-of-work cryptocurrency (like Bitcoin or Litecoin), the first level of the Dash blockchain works the same way. This layer is powered by miners who compete to create new blocks and protect the blockchain. Miners preserve the transaction history of the Dash blockchain, while avoiding double spending. The difference between Dash and Bitcoin is that it has an average block time of 2.5 minutes (compared to 10 minutes) and miners only receive 45% of the DASH minted in each block (vs 100% in Bitcoin).
The MasterNode Network
The second layer of the Dash blockchain contains most of its key innovations, as it is operated by special nodes, called Masternodes. Any node can become a Masternode as long as it has 1000 DASH.
Master nodes:
· Facilitate private and instant transactions
· Reject malformed blocks from miners
· Store a complete copy of the blockchain ledger
· Receive 45% of the block reward
· Vote on how to allocate the remaining 10% of the block reward
Anyone has the ability to propose a new feature or change to the Dash network, however final decisions are made through a vote between Masternodes. If the number of ‘Yes’ votes exceeds the number of ‘No’ votes by more than 10% of the total number of Masternode votes, then the new feature is implemented. The last 10% of the block reward is allocated to a grant system, called the Dash treasury. This fund is reserved by the DAO to finance the proposals voted by Masternodes.
Why should we use Dash?
Users may find Dash an attractive cryptocurrency for fast, secure and private transactions, Investors may look to add Dash to their portfolio if they believe the market will one day favor protocols built to facilitate online payments. Furthermore, the limited supply and deflationary nature of Dash may also attract certain investors who believe in its characteristics as a store of value.
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