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Facts about Dash coin you may have missed this year

Being one of the most popular privacy-focused coins, Dash has appreciated both in price and in strength. Unfortunately, most people know very few facts about Dash coin. For example, what is its birth name, what are the misconceptions people have of the coin, what are the greatest flaw the coin has ever experienced?

In this post, we will take a deeper look into what is often overlooked when talking about Dash. As a takeaway, we will look at how the competition between the bears and bulls has fared on plus how best or bad Dash has responded.

Let’s dive right in…

Facts about Dash coin: Original name

Most people understand that Dash was formerly known as DarkCoin. Although this is true, DarkCoin was originally known as XCoin on January 18, 2014. In approximately one month, February 28, 2014,  XCoin was renamed to DarkCoin.

The name ‘DarkCoin’ was born to endear the coin to those interested with anonymous transactions on the blockchain. However, this name did not sound as professional as they hoped. One year later, it was renamed Digital cash (Dash). The name has not been changed. At least not at the time of writing.

According to reliable pointers, the first name change (from Xcoin to DarkCoin) was to clear the coin against a flaw that rocked the coin almost instantly after launch. With the total number of coins up for grabs capped at 18 million, a fifth of them was already mined in two days. i.e 3,800,000 coins.

This flaw was attributed to instamining, which its developer acknowledged was present but was not hidden as it was claimed. “An error can be seen in the first block calculation function ‘GetBlockValue’, which incorrectly converted the difficulty, then tried using a corrupt value to calculate the subsidy, causing the instamine,” said Evan Duffield, developer.

Facts about Dash coin: Mining and Masternodes

One of the things that make Dash and Bitcoin to be worlds apart is the mining aspect brought about by the different mining algorithms.

Dash uses the infamous X11 mining algorithm. This algorithm ensures that the coin has an extra layer of security, decentralization, and energy efficiency. Although the Dash coin uses a Proof-of-Work algorithm, the X11 aspect enables the coin to be mined using a Personal Computer unlike other coins which require expensive specialized hardware. However, mining using your PC is less profitable compared to using GPUs and ASICs.

facts about Dash coin

Masternodes can be compared to specialized miners only that for you be a Masternode you have to purchase 1000 Dash coins. Profits are shared between the Masternodes (45percent) and the miners (45 percent). 10 percent is for the system. However, Masternodes occupy a higher level on the 2-tier network and uses a Proof-of-Service algorithm to provide an extra speed in transactions. Additionally, the Masternodes are entrusted with providing untraceable transaction trails.

Note: The 1000 Dash from Masternodes is not locked or used. It belongs to the Masternode. But once it’s spent, the Masternode automatically switches itself off.

Facts about Dash coin: Services

The Dash network is known for two service- InstantX and PrivateSend. The difference? InstantX allows a user to transact and details are written on a block later. This increases the transaction speed. The Masternodes provide the necessary verification for the transaction.

The PrivateSend function calls onto the Masternodes to divide and mix the transaction so that the trail is broken.

The takeaway

Facts about Dash coin: Bulls and Bears

Dash coin was introduced in the market at a price of 0.2 U.S dollars and between early 2014 and early 2017, the coin had only appreciated by 9.8 U.S dollars to trade at 10 U.S dollars. The coin closed 2017 with a price tag of slightly above 1000 U.S dollars ($1,051 on Dec 31). The highest it ever got in 2017 was at $1,452 on Dec 21.

facts about Dash coin

In 2018, Dash coin held onto these gains for only 14 days (from Jan 1 to Jan 14) after which the bears took over gradually dipping the price of the coin to the current $159.99 mark according to coinmarketcap. The current price indicates that the coin has lost 1.92 percent against the dollar and 1.60 percent against bitcoin. Although the price is still very low compared to its all-time high, Dash has fought the fight and with experts predicting that the bearish momentum is almost over, the coin is headed in the right direction.

Final words

With 2-tier network infrastructure each having its own algorithm, Proof-of-Work for miners and Proof-of-Service for Masternodes, Dash is one of the safest blockchain projects.

Regarding the price, Dash can only be expected to start moving towards its 2018 high now that all indications in the market point to a bull run somewhere at the end of this year or at the beginning of 2019.

Dash coin has also started positioning itself as the preferred coin to pay for goods and services due to its high transaction speeds. Adoption at these levels will bolster the price of Dash even higher.

As regulators discourage the listing of privacy-focused coins like Dash, cryptocurrency exchanges, eg Binance, are employing world-class AML solutions to counter money laundering and terrorist financing.

From our facts about Dash coin above, I know you are headed to an exchange to grab it. Before you do, research more to get a conclusive overview of the investment journey ahead,

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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