Fixed count of around 19, 000, 000 coins, Not having a critical mass of merchants or users yet
Dec 31, 2013
Dashcoin (DSH) is an automatically mutating anonymous cryptocurrency. Dashcoin is a next-generation anonymous cryptocurrency and the first automatically mutating cryptocurrency created with CryptoNote...
Dashcoin (DSH) is an automatically mutating anonymous cryptocurrency. Dashcoin is a next-generation anonymous cryptocurrency and the first automatically mutating cryptocurrency created with CryptoNote technology. The network code is always up to date with minimal developer cost and close to 0% errors.
Ryan Taylor and Evan Duffield
Most privacy-conscious cryptocurrency, Low transaction fees, Consumer friendly, Coins can be sent instantly across the dash network, Allows transactions to become untraceable, Capability of being transferred to any part of the globe with an internet connection, Masternodes or proof-of-service “miners”
Dash is an open-source peer-to-peer privacy-centric digital currency and was formerly known as Xcoin (it's released name). After just a month of creation, the name was changed to Darkcoin, and then changed to its current name. It is based on Bitcoin, with numerous improvements such as a two-tier network. It allows its users to remain anonymous while making transactions, similar to cash. It was created by Evan Duffield, a computer programmer, and Kyle Hagen, a longtime admirer of Digital currency. It has since gained much popularity.
Dash incorporates many changes aimed towards increasing anonymity and improves the system function. Its mission is to become a sort of electronic cash. That's why one of its essential innovations is its Darksend system. It's a system where so-called Masternodes collect and execute numerous transactions at once, blurring the prying eyes as to whose coins are going to who. It's basically a mixing protocol which makes use of an innovative decentralized network. The presence of this system avoids the need for a trusted third party that might compromise the system's integrity. At the same time, this means that there is no publicly available ledger like other coins. The network has grown to 4,100 masternodes since its launching in 2014, making Dash's peer-to-peer network one of the largest in the world.
Another essential innovation of Dash is its X11 hashing algorithm. It is very unique compared with other coins' Scrypt or SHA-256 because X11 allows users with less powerful hardware to still be able to competently mine by verifying transactions. X11 also only consumes 30% less power than Scrypt and taxes hardware significantly less, making it more energy-efficient compared with other coins.
Dash also heralds itself as having the first self-governing, self-funding protocol. Dash, with its large community and developers, hope to add numerous features in the future such as IP obfuscations, instant payment processing and many more. Self-governing would help it to move further forward. In Dash, everyone has a voice and the ability to propose projects directly to the network. Anyone can do anything, from marketing to development, and even receive funding if it would help Dash grow and improve.
How to Buy
The very first step to buying Dash as a digital currency is to set up a Dash wallet which will be tacked later. Dash can be purchased and sold in several ways, each with different advantages and disadvantages: Exchanges, Instant Exchanges, and Peer-to-peer.
- Exchanges: This is the most popular way to trade cryptocurrency. A wide range of exchanges exists, each offering slightly different features. Some serve different markets, some are in direct competition, some have cheaper fees, and some are subject to more or less strict regulatory requirements. Most exchanges are centralized, meaning they are operated by a single company, which may be obliged by the laws of the jurisdiction in which it operates to collect data on its customers. Others are decentralized, but as a result, have higher escrow requirements since you are dealing peer-to-peer instead of with a trusted entity. Exchanges can be broadly broken down into two categories: exchanges which accept national currency (fiat money) and exchanges which deal in cryptocurrencies only.
- Instant Exchanges: This has a similar function with normal exchanges, but without the requirement to log in. They effectively convert one currency to another, with some limits on the amount to be exchanged and usually at a less advantageous rate. Others may even offer to sell cryptocurrency as a credit card purchase.
- Peer-to-peer: A number of sites have appeared to facilitate the trading of Dash between individuals. Volume is often lower, and users typically make offers or requests at the price they are willing to pay and wait for someone to contact them and arrange details of the sale. More advanced peer-to-peer sites offer escrow services for a fee to prevent cheating during the sale between two parties who have never met.
Remember that it wasn’t easy for you to acquire the Dash coins in your wallet, so the best thing to do is to be careful how you spend them. Before trying to trade (either buy or sell or exchange for goods and services), first observe the market trends. When the prices are up, that is the best time to sell to make a profit. Conversely, when the prices are low, you should also know that you can buy more (with discretion though), and keep until you can sell at a profitable cost.
There are good online exchanges where you can sign up and start trading your Dash coins; one of them is AvaTrade. There are many others you can find out by doing a simple google search.
There are a number of wallets that can be used to store Dash. Always choose the wallet that would suit your needs and what platform or device you will be using.
- Dash Core Wallet: This is the professional "heavy" wallet with full blockchain downloaded plus all the Dash features
- Electrum Wallet: In contrast with the one above, this is the easy or the "light" wallet. This doesn't have the blockchain downloaded and has no sync feature which makes it appear to have a fast start. This also doesn't have Dash features available.
- Online/Cloud/Web Wallet: This is where third parties store your Dash on their servers for you. This means that you can access your Dash from any device connected to the Internet.
- Mobile Wallets: Both Android wallet and iOS wallet are available in their respective stores.
- Hardware Wallets: This is a specialized, tamper-proof, hardware device that lets you store your private keys. This device is able to sign transactions with your private key without being connected to the internet. Example of these devices are Trezor, KeepKey, and Ledger.
- Paper Wallet: This is the most secure type of wallet there is. This is an offline wallet where you can store your keys locally.
Pros & Cons
- Most privacy-conscious cryptocurrency
- Low transaction fees
- Consumer friendly
- Coins can be sent instantly across the dash network
- Allows transactions to become untraceable
- Capability of being transferred to any part of the globe with an internet connection
- Masternodes or proof-of-service “miners”
- Fixed count of around 19, 000, 000 coins
- Not having a critical mass of merchants or users yet