what is Dashcoin
What is Dash about?
Put simply, Dash is a variant of the Bitcoin cryptocurrency that operates on the same blockchain network. A blend of the words ‘digital’ and cash’, Dash coin has become one of the most talked about altcoins in recent months. It was originally launched under the name ‘XCoin’, before being altered to ‘Darkcoin’ and latterly Dash.
Arguably the biggest benefit of the Dash coin is that its transactions can be sent wholly anonymously, rather like fiat cash payments. This is achieved by using a mixing protocol, which operates an exclusive network of servers, known as Masternodes. While Bitcoin operates only a single-tier network of miners, Dash uses these Masternodes as an additional layer for its network, removing the need for trusted third-parties to authorise transactions that could compromise the anonymity of any payment.
Another key differentiator between Dash coin and Bitcoin is that the former splits mining reward between its mining community, participants that hold a specified amount of Dash and a long-term development fund for the Dash community.
What is its purpose?
There are three key issues that Dash coin was designed to solve – lack of privacy, sluggish transaction speeds and overall governance. Bitcoin is only capable of handling seven transactions each second. When you consider that Visa authorises 24,000 transactions within the same time, it’s clear that cryptocurrencies still have some way to go before usurping traditional payment methods.
However, if you’ve always wondered what is Dash about, let’s outline the ways in which this new altcoin attempts to address those three problems that are endemic throughout the crypto space. We’ve already touched upon the Masternodes, which help to facilitate the instant transfer of funds. It’s also important to discuss the PrivateSend functionality which is an in-built coin mixing model that enhances transaction anonymity and outperforms comparable altcoins like Monero and Zcash for privacy.
Finally, Dash coin decentralises its overall governance across its entire network of participants. Any individual on the Dash network can propose new features and amendments to improve the overall infrastructure. Each proposal is then voted on by the Masternodes. Providing there are more ‘yes’ votes than ‘no’ votes, the proposals can go forward and receive funding from the Dash block reward.
The team behind Dash
The senior figureheads behind what Dash is about are appointed by the Dash network and funded monthly by its blockchain to evolve the technological fundamentals of Dash. Ryan Taylor is the network’s CEO. Taylor is an expert in the payments industry, with more than 15 years of expertise in the FinTech sector.
Dash Core Group Inc. manages the maintenance and development of the Dash coin, but there are various other organisations and individuals that aren’t officially listed on the Dash website that have a handle on the Dash network.
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