CryptoZiller Dash Dashboard
What is Dash?
Dash is an anonymous cryptocurrency that focuses on speeding up transactions and offering enhanced financial privacy using a technology called DarkSend. It is a peer-to-peer decentralized cash system that promises to be as liquid as real cash we use in our everyday lives.
Dash is based on Bitcoin’s core software but with the addition of unique features such as privacy, instant transaction, and decentralized funding system. Like Bitcoin, Dash is open source cryptocurrency with its own blockchain, wallet infrastructure, and community.
Dash was built by Evan Duffield in 2014 to provide solutions to problems inherent in Bitcoin by making digital transactions private and faster.
What makes Dash different?
Private Send - Dash focuses on keeping your digital payments and transactions private so that nobody can track you. It uses ahead-of-time anonymization tool called CoinJoin to provide financial privacy, ensuring that only you have access to your financial information. It is worth noting that Private Send is an optional feature which the user may choose not to use.
Instant Send - Dash utilizes an innovative technology known as InstantSend (previously InstantX) that allow users to send transactions instantly (within 1.5 seconds). InstantSend is powered by Dash’s Masternode network, and such transactions are irreversible.
Security - Dash offers advanced encryption and trustless protocol to ensure the security of payments and anonymization process. Dash works on a protected, decentralized system by utilizing a propelled cryptography.
Low-fees - Dash transaction fees are negligible. It costs a few cents to send money anywhere in the world, much cheaper than services like PayPal, Western Union, or Moneygram.
What are Masternodes?
Masternodes are the main providers of the necessary infrastructure to the Dash network. Unlike Bitcoin that uses a single-tier network to broadcast and confirm transactions, Dash uses a two-tier network.
In the first tier, users post transactions to the network and miners find blocks and incorporate all those transactions into the blockchain. The second tier, however, comprises of special servers called Masternodes. These special nodes perform InstantSend (instant transactions) and PrivateSend functions, and earn a 45% block reward from miners.
Anyone can run a Masternode by holding 1000 Dash as collateral. The 1000 Dash is not locked or consumed, which means a Masternode owner can still spend it, though doing so will see the Masternode turning itself off.
What is X11 Chained Hashing Algorithm?
X11 chained hashing algorithm is the Proof-of-Work (PoW) that uses a sequence of eleven hashing algorithms for Dash blockchain. This X11 algorithm is designed to increase the decentralization level of Dash cryptocurrency by making mining using ASICs difficult to achieve. Also, GPUs requires roughly 30% less wastage when running on the X11 algorithm.
What is Dash Mining?
Dash Mining refers to the process of searching for solutions to complex computational problems as a method of securing blocks in the Dash blockchain. Dash mining uses X11 chained hashing algorithm for proof of work, and miners earn currency tokens as rewards. You must join a mining pool in order to find and solve blocks. Dash mining can be done using GPUs and ASICs.
What is DarkSend?
DarkSend refers to the privacy feature of Dash that allows users to store pre-mixed, denominated Dash currency in the user’s wallet, to be used instantly at any time the user desires. This mixing and denomination process is done seamlessly and automatically, and requires no intervention on the part of the user.
How DarkSend works?
After every 10 blocks, users all over network send any unmixed Dash in their possession through anonymization phase. Here, Masternodes are used in chain sequence to mix the coins they receive from the network and break them down into homogeneous denominations. A minimum of two Masternodes are required to process the coins. The coins are then sent to the next Masternode in the chain or back to the user’s wallet at randomly generated change addresses.
How is Dash coin supply like?
At its inception, Dash was designed to have a total supply is 18,9 million coins. At the beginning of 2018 , over 7.8 million Dash coins were in circulation, and the supply will reach 18,9 million in the year 2300.
You can get hold of your first Dash at various Exchanges such as Binance, HitBTC, EXMO and many others. In order to purchase Dash you will need a supported cryptocurrency such as Bitcoin or Litecoin, and Dash address where you would like to receive your Dash.
What can you do with Dash?
Dash can be acquired, held or traded at various Exchanges. You can use Dash to make online purchases, shop at online Visa stores or spend it at many other merchant services like gaming, gift cards and so on.