The billion-dollar cryptocurrencies’ club had another useful member joining the Dash coin. It has become known for providing faster transactions and privacy. The market size of this currency has reached $ 660 million. In January 2017, the coin was worth only $ 11, but is now up to $ 72.31. Various factors, such as partnerships with banks and payment services, and the announcement that new cryptocurrencies are being offered by exchanges, such as Bifinex, have led to an increase the cryptocurrencies. The currency has recently attracted a lot of attention, but in reality it’s been a while since its release in 2014. This base currency has new features that many currencies do not have. Dash digital currency is a kind of peer-to-peer decentralized electronic payment inspired by bitcoin.
Dash coin Genesis
To know everything about the Dash digital currency, we first need to look at the emergence of the Dash. Evan Duffield is the founder of Dash, and like many other coin founders, he began his career with Bitcoin. Duffield discovered Bitcoin in 2010 and was influenced by the technology. But after using it, he discovered some of the key challenges that need to be addressed. First, bitcoin was not fast enough. Duffield found that the confirmation of its trades was too long and slowed the trading time. Second, he felt that infrastructure needed a greater level of privacy. The main attraction of cryptography is privacy.
So in 2014 this digital currency was introduced and used bitcoin code. During the first two days of its launch, nearly 1.9 million coins were extracted, which is roughly 10 percent of the total supply of the coins, which was a huge amount! Then the issue was resolved and the recipients were allowed to keep the coins, but the bug was resolved to prevent the problem from occurring. Today, about 4.7 million coins are in circulation, and the number of coins is expected to reach 18 million by 2300. Originally named Darkcoin, the name was later changed to “dash coin”.
Dash coin features
In this section, we examine the hard currency digital currency. In fact, the technology of this digital currency is the bitcoin technology with a little difference. The digital currency uses a secondary network called the Masternodes, a new concept in digital currency, where users are more motivated to fully implement nodes and provide additional services to networks such as Darksend and InstantX. Simply put, they allow us to add features to the network chain that are impossible in Bitcoin.
Another feature of this digital currency is the privacy of anonymous users. In bitcoin transactions, all transactions are displayed on one public page so that everyone can read. And although it is true that these transactions are not related to any particular person, some believe that with sufficient research, individuals may be able to discover users’ identities.
Dash digital currency provides privacy for those who are concerned about sharing information about their transactions. They can use the private send (PrivateSend) feature, which allows users to send funds privately using a Coins combination service. In fact, one person’s transaction funds are mixed with others during the transaction to make the transaction completely anonymous.
Producing Dash digital currency is through mining activities. Currency Extraction has the same challenges as other encrypted currencies, such as bitcoin or Bitvoin SV. Transactions must be verified to ensure that no coin is paid twice. This is where mining is put into action. Transaction verification is done through a consensus mechanism, which is a process of proof of work. Miners also perform complex mathematical equations to confirm each transaction and receive rewards.
The prize varies and drops 7.1% annually. The average extraction time of a block in blockchain is 2.5 minutes, which is about four times faster than bitcoin. You can either extract it from a digital currency or buy it through various currency exchanges and keep it in the wallets.
Compare transaction costs
When looking for a payment system, one of the most important factors that people check is the cost of transactions. This is especially important when the number of transactions increases and the cost of each transaction increases. One of the major advantages of Dash is that it has a very low transaction cost compared to other options. For example, check out this graphical comparison from June 2017. The difference between trading the different currencies is enormous.
For example, the seven-day Bitcoin average is shown at $ 4.04 per transaction. Monero transactions are also priced at $ 1.72 and Dash digital currency is at its lowest. Of course, keep in mind that transaction costs are not constant and are constantly changing.
In this article, we present everything about the Dash digital currency. In addition to low transaction costs, this currency code also allows users to make quick use of transactions. Users of cryptocurrencies support infrastructure because it is not managed by a centralized entity such as the government or the bank. This network is a perfect option for users who want faster transactions and more privacy features.