What is Dash cryptocurrency? | Beginner's Guide
Developers of DASH Project decided that privacy must be a key feature of this coin.
What is Dash cryptocurrency? | Beginner's Guide
Dash - "digital cash” was launched in January 2014, under the name: XCoin, then a month later changed its name to Darkcoin (DRK), which was also changed to less suspicious - DASH, and this name stays to this day.
Specification
Bitcoin network is based only on miners who dig up new blocks, and confirm transactions, while dash needs miners only, to dig new blocks. Masternodes can perform services such as voting, PrivateSend and InstantSend.
Masternodes and miners both recive a 45% of reward, the remaining 10% goes to the Dash DAO.
To be Masternode is required to have 1000 Dash in your wallet.
InstantSend
As the name suggests this type of transaction allows you to send your money immediately. Closing the transaction now takes a few seconds.
PrivateSend
Thanks to PrivateSend, Dash users are able to send their coins anonymously. PrivateSend is limited to 1000 DASH per session. To learn more about technical details, visit this page: PrivateSend
Differences between Bitcoin and Dash (June 30, 2018)
| Bitcoin | Litecoin | |
|---|---|---|
| Excavated coins | 17 124 312 BTC | 8 165 501 DASH |
| Maximum number of coins | 21 000 000 BTC | 18 900 000 DASH (emission is reduced by 7.1% per year) |
| Speed of confirmation | 9m 44s | 2m 44s |
| First block | 2009-01-09 | 2014-01-19 |
| Amount of blocks | 529 945 | 895 821 |
| Reward for block | 12.50 BTC | 3.35 DASH |
| Size of blockchain | 203.58 GB | 6.60 GB |
| Algorithm | SHA256 | x11 |
| Privacy | The keys securing our wallets do not contain any records of our personal data, but the transactions between wallets are not anonymous and everyone has access to transaction history. | In Dash wallet is coin-mixing option. Theoretically, it is possible to trace the transaction, however, the tracer would have to own 51% of all masternodes. PrivateSend is an option, so usually sending coins is done like in Bitcoin |
| Speed | The confirmation time is relatively long and amounts to over 8 minutes. Currently, due to the increasing number of transactions per second, not all transfers go straight into the block. It depends on the transaction fee - the higher the fee is, the faster our transfer will go to the block. | Block confirmation time is about 4 times shorter than in Bitcoin. Dash has an wallet inbuilt InstantSend service for instant transactions. |
| Others | The entire reward goes to the miners. Bitcoin is based only on mining. | DASH has a built-in project financing system. 45% of the prize for the dug block goes to miners and masterns, and 10% is allocated to the development of the project. Masternodes are the "second layer of the network". Dash is based on masternodes and mining |
