Introduction to Dash
What problem does Dash solve?
Ever since Bitcoin’s value crossed a major barrier of $1000 at the end of 2016,
ridiculous amount of attention and investments have been poured into the cryptocurrency market. Even though
Bitcoin remains the industry’s giant and influences the price valuation of other cryptocurrencies, there remain
some fundamental flaws in the technology that would perhaps never allow it to become a
practical currency of choice. To address these issues, many altcoins have emerged on the scenes,
and Dash is one of them.
Dash was purposely built, or rather forked off (copied)
from Bitcoin, to be an easy to use cryptocurrency for mass adoption (Walters, 2019). It
has been built from the basics of blockchain technology to enable it to become the
simplest cryptocurrency buyers and merchants can use for their daily transactions without going into much
hassle or any stress. Dash has reduced the transaction charges to such an extent that
it could now be used for micro-transactions, unlike Bitcoin. The fees for a normal transaction
is around $0.01. However, users are also given an option to make instant transactions (InstantSend)
or private transactions (PrivateSend) for additional charges (Evan Duffield, 2018).
Aimstone: Monero vs Zcash vs Dash (Privacy Coins)
What is Dash
What does the cryptocurrency Dash actually do?
The current Dash product is stable, as coins can be sent through the network that is controlled by masternodes. The fees are relatively small as costs can be as low as $0.01. By paying additional fees it’s possible for a sender to make an instant transaction and/or a private transaction, but around 13% of these private transactions are traceable to their origin.
Who is behind Dash
What team is working to make Dash successful?
The founder of Dash is Evan Duffield, and he equally serves as the lead developer. He released Dash originally as XCoin in January 2014, later renaming it to DarkCoin. Obviously, this name created issues and was not warmly welcomed by the general public which eventually led to its rebranding to Dash (short for Digital Cash) in March 2015. There is not much information about the relevant past experience and endeavours of Evan Duffield.
The development team is headed by Evan Duffield, who also happens to be the co-founder of Dash. The current team consists of 30 developers who are all working actively towards enhancing the network. The development progress and history can be tracked on their GitHub repository.