Money in different forms with Dash
The Dash cryptocurrency is one of the most complex and important cryptocurrencies in the industry today, with a long history in transactions. It’s power and capabilities have still been untapped.
As many are already aware the coin started out as the DarkCoin project with its X11 algorithm. The creator has brought a great cryptocurrency to the space a few years after bitcoin was released.
The crypto is very focused on privacy and embeds this feature into the coin. Dash focuses on “shuffling” transactions with the DarkCoin project to make it difficult for transactions to be visible.
One of the concerns of the crypto space is the chance for a 51% attack, which DASH has recently solved by relying more heavily on its Masternode Network. The solution also included the proof-of-work miners, which now makes it so that the entire network can confirm transactions instantaneously.
According to a report coming from the CEO of Ryan Taylor at DASH core:
“The Dash network today is not one dimensional. Dash delivers a user experience second to none in the cryptocurrency space today. Transactions are instant, practically costless, and incredibly secure. We have the most effective governance and funding model in the industry, the longest-running in fact. The cost to attack the Dash network exceeds even that of bitcoin because of recently introduced security enhancements.”
He further stated that:
“Dash has been grinding away developing real-world use cases as well, quietly increasing our transactions and becoming a leader in actual real-world use cases. And our next release is going to blow people away, with a complete focus on user experience and the ability to easily build applications on Dash.”
Masternodes on the Dash network
The part of the cryptocurrency network with a lot of focus is the Masternodes. The Masternodes are essentially parties who have an essential role in the development of the Network and its transactions.
According to a comment coming from Taylor at Dash:
“Using ChainLocks and instantSend together, the Dash network enables exchanges and merchants to instantly credit user accounts without risk, which dramatically improves the user experience by eliminating the delay for transaction finality from which Bitcoin and other networks suffer. It also makes incoming transactions instantly rescindable. In short, we’ve created the first version of a truly cash-like cryptocurrency. We started seeing exchanges supporting this feature in the week, and our users obviously love it. The technology also enables use case such as transactions at the point of sale, where about 97% of all transactions still take place. That’s why Dash is used more often than all other cryptocurrencies combined on payment platforms like anypay and cryptobuyerPay.”
The cryptocurrency can be mined using any ASICS hardware, which may have gave it some drawbacks. Which caused the Dash network to use a single miner to start mining at least half of the Dash blocks on its blockchain at one point in time.
Dash miners do not receive 100% of the awards of the block rewards. Instead, 10% goes to the development of the Dash project and Core. While the Masternodes receive 45% after miners receive the rest of the 45%. Which is still one of the best and most efficient ways of programming and scaling a blockchain network we have seen yet in the crypto space.
This makes it that the cryptocurrency creates itself, pays for itself, securing itself and Governing its own Blockchain. Which will prove to be a massive achievement in exponential growth in the coming years. Which makes Dash one of the most unique cryptocurrencies of the top 5, between Bitcoin and Ethereum.