Another name that has surfaced in the cryptocurrency platform is Dash. This has been one of the more improved technologies in the cryptocurrency investment markets to have come around besides the likes of Ethereum and Litecoin.
Highlights of Dash
Dash was formerly known as XCoin and Darkcoin before assuming its current name. It has several features that are known to be better than Bitcoin which include:
- InstantSend – provides instant transactions
- PrivateSend – provides private transactions
- Runs on a self-funding and self-sustaining model
- individuals and businesses gets value to the network when using DASH
Basically, Dash is an open source peer-to-peer cryptocurrency which means that it is not governed by any central authority. It has a decentralized system since it was launched in 2014.
Background of Dash
In January 2014, XCoin was released. This was the first name Dash used before it was changed to Darkcoin a month later. About a year after that, it was renamed as Dash which is somewhat reflective of the term Digital Cash. 1.9 million coins were minded within the first 2 days of its release. Constituting about 10% of the total supply, its maximum would be about 19 million coins. Evan Duffield is the name behind Dash which was inspired through a bug discovered through the Litecoin code while developing Dash. In one of the recent reports, Dash has achieved more than US$100 million being traded daily. Its market capitalization has since breached US$4.8 billion, which is a lot higher than some major players.
Dash uses what is known as a two-tier network which is different from Bitcoin (that runs on a single-tier network). Miners are involved in handling important functions in the network like creating new blocks. It is through the second-tier network that features like InstantSend and PrivateSend are carried out.
Starting from as low as US$10 per coin, the value has already surged to more than US$1000 and this does not seem to be slowing down at anytime soon.
The idea of Masternodes
Dash use what is known as Masternodes. They are generally computers that are used to maintain the Dash wallet while providing the platform to run transactions like InstantSend and functions like voting. Dash only require miners to create new blocks without them having to validate transactions (unlike Bitcoin). Through Masternodes, they can own the entire blockchain and carry out services where they get to enjoy some of the rewards. 1000 Dash is required to become a Masternode and there are now more than 4,600 Masternodes around the network. They generally earn about US$8,000 per month which comes from the investments in helping them to maintain their infrastructure.
In Malaysia, buying Dash is quite similar to that of buying other cryptocurrencies where you can do so via online brokers like XTrade, EasyMarkets, Plus500 and others.