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 get 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 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 by 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 anytime soon.
The idea of Masternodes
Dash uses 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 requires 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 buying other cryptocurrencies where you can do so via online brokers like XTrade, EasyMarkets, Plus500, and others.
Dash – 2021 Updates
Dash came around in 2013 and has since moved up the ranks with some of the top cryptocurrencies in the market. From its early beginnings of the xCoin to the Darkcoin before becoming Dash (since March 2015), it surely have come a long way. Today, it is a mainstay within some of the biggest exchanges in the world like Crypto.com and Binance with high volumes of trading taking place each day. It is quite obvious that Dash has become one of the most popular cryptos out there because of its stability and potential.
Some of the top analysts in the market have forecasted that Dash will be a good investment if you buy and keep it for a year (Q2, 2021). Some have predicted that by the end of 2021, it would reach over US$380. That will also continue to grow for the coming years. Early in 2021, the prediction was that Dash will hit US$300 in Q2 and that has already been reached. By May 2021, the price of Dash hovered around US$345. If this trend continues to grow, there is no reason not to expect it to reach US$1,000 by the end of 2024 or more.
This means that the Dash coin is as scalable as it comes. With a faster transaction processing speed and better security, its voting system allows changes to be made faster. If this trend continues and the pattern is anything to go by, Dash would be the most remarkable cryptocurrency out there in 2021 and beyond.
Dash Partners with Decentralized Information Asset
While Dash is widely traded in most exchanges in the crypto market, one name that came out in March 2021 was in the partnership with DIA or Decentralised Information Asset. This partnership proves a huge step forward where DIA is a financial information platform that sources and validates data using cryptocurrency economic incentives. It is open-source and allows market players to share and use the data involving financial digital assets.
The partnership between DIA and Dash will see them providing more access to a wider DeFi ecosystem for the community of developers and merchants. With Dash, cheap and fast payments can be made without needing to go through a central authorization party. With this collaboration, they are aiming to allow those in their target segment to gain more from the potential of DeFi and get more financial freedom. Once started, both the firms will be looking at more ways that will give users of DIA and the communities of Dash further leverage to its capabilities.