Dash: coin review and rate for today

Dash

(formerly known as
Darkcoin
and
XCoin
) is an open, decentralized payment system in the form of a blockchain-based cryptocurrency that uses an anonymous transaction mechanism.

Like most cryptocurrencies, DASH does not have centralized control - emission occurs during mining. Of the reward received by miners, 90% is distributed between miners and masternode operators.

The remaining 10% is used to finance approved projects.

As of the end of 2020, Dash is among the top ten popular cryptocurrencies by capitalization.

What kind of cryptocurrency is Dash?

DASH is a digital currency with a high level of anonymity, which was originally created as an alternative to Bitcoin.

As with other altcoins, the main motive for launching the cryptocurrency was to improve BTC and solve problems that the world's first crypto coin cannot solve.

It is decentralized, which means there is no central issuer and equality of network participants, while its mining does not require such high power as in the case of BTC.

Decentralization in DASH does not end with simple “equality” of participants. Each member of the network can contribute their ideas for the development of cryptocurrency or vote for other initiatives. The idea of ​​Decentralized Governance or DAO is fully realized.

By the way, the name DASH (Dash or Dash) was not immediately attached to the altcoin. When Evan Duffield, a senior developer of this network, launched the crypt in 2014, it was called DarkCoin.

Soon the gloomy name was changed to XCoin, and then another rebranding was carried out and the name DASH was taken. According to one version, this name means “jump up” or “rapid upward movement” and is at the same time an abbreviation for Digital cASH.

Evan Duffield, talking about the creation of a new cryptocurrency, emphasizes that the main point for him was and remains anonymity. Initially, the developer became interested in Bitcoin and proposed changes to the protocol of the world's first cryptocurrency.

He was not listened to, and this became the catalyst for the creation of DarkCoin in 2014. If at that time several people worked on the project, now Duffield’s team includes over 50 specialists. And it is constantly expanding.

In the first two days of the existence of the new cryptocurrency, 2 million coins were mined, which is approximately 10% of the possible maximum (16 - 22 million). Due to such a large instamine, DarkCoin was criticized in the crypto community.

Duffield even suggested restarting or rolling back the network, since instamine was the result of an error in the algorithm, but the participants refused. The mined coins were quickly sold on exchanges at low prices, and the situation stabilized.

DASH is convenient to use for everyday payments, as this cryptocurrency has an instant transaction feature. It works using the InstantSend service (until 2016 InstantX).

As a result of this, Dash Core, the company that develops dashes, signed a strategic agreement with online banking platform Wirex in October 2020.

This agreement provides for the integration of cryptocurrency into the banking system, which will allow Dash holders to pay at 40 million VISA card acceptance points in more than 210 countries.

Here's how Wirex representative Pavel Matveev commented on the deal:

“Our users will be able to convert BTC to Dash and back with a minimum commission, as well as directly buy Dash for fiat currency (EUR, USD, GBP) and withdraw through classic ATMs, pay in the usual way, with a plastic card or application on a smartphone, in shops and cafes "

In addition to instant transactions, a tool for increased anonymity is available to participants - PrivateSend (formerly DarkSend).

Dash, like Bitcoin, has a blockchain, it is mined and traded on exchanges. But there are conceptual differences between these cryptocurrencies:

• Availability of DASH's InstantSend service for instant transactions;
• Availability of the PrivateSend service for additional anonymity of transactions;
• Mining does not require such powerful rigs;
• A completely decentralized network in which each participant influences its development;
• Several cryptographic encryption algorithms are used at once;
• The whole system is two-level.

History of Dash

Dash is an altcoin that appeared as a modification of Bitcoin and its branch, fork. Dash allows you to send and receive payments worldwide using the blockchain system. However, at the same time, Dash guarantees an increase in transaction speed and increased confidentiality.

A fork is a change made to the blockchain code that leads to the system being split into two parts. Dash was created by modifying the code of Litecoin, and Litecoin is a fork of Bitcoin.

The Dash coin (from the words "Digital" and "Cash") was released by Evan Duffield on January 18, 2014 under the name "Xcoin (XCO)". As the developer himself said, he began to think about how to improve the anonymity of Bitcoin back in 2012. And he figured out how to do it, but he understood that the creators of Bitcoin were unlikely to accept his idea: Bitcoin developers have always insisted on the immutability of the basic BTC protocol. Therefore, Duffield decided to create his own cryptocurrency, which was called XCoin.

Evan Duffield is an American programmer. At the age of 15, he began to be interested in computer technology. He has worked as a software developer for a number of technology companies: Warped AI, iAcquire, Wells Fargo and Verizon Wireless. In 2010, he began to show interest in cryptocurrency technologies, in particular Bitcoin and blockchain.

Evan Duffield wrote the XCoin code alone, so initially there were problems with the release of the asset. Due to an error in the code, about 500 thousand coins were mined within an hour after the coin was launched into circulation. Then within 7 hours another 1 million coins, and 400 thousand over the next 1.5 days. It turned out that in 2 days 32% of the total current volume of cryptocurrency was mined. The developer proposed relaunching the coin, but the crypto community did not support this idea.

Problems with coin mining were eliminated and on February 28, 2014, it was renamed Darkcoin. Darkcoin has rapidly gained popularity, but it has a reputation problem. The coin was widely used to carry out transactions on the darknet. Therefore, in March 2020, another rebranding was carried out, and since then the cryptocurrency has been called Dash.

Dash is supported and developed by Dash Core Group, Inc. The team working to improve the crypto asset consists of 34 specialists from around the world. The main office is located in Phoenix, Arizona, USA.

Official cryptocurrency website: https://www.dash.org.

The site is completely translated into Russian: all manuals, news, blog. In particular, the site has a Knowledge Base in Russian. In it you can study general information about the Dash coin, its technical concept, as well as learn how to install the Dash wallet on various OSes, how and where to buy the coin. In the blog, the company covers all the news regarding product updates and cryptocurrency in general. In addition to the news feed on the website, you can follow company events on popular social networks.

Throughout the existence of Dash, the coin was actively introduced into various payment systems, exchanges, trading platforms, and banks. The developers held conferences and financed major cryptocurrency events to attract attention to their product. The technical concept of a cryptoasset has also improved.

Below are the key events from the introduction of Xcoin until the summer of 2020:

• January 2014 - release of a coin into circulation called Xcoin;
• February 2014 - renaming the coin to Darkcoin;
• March 2020 - rebranding of the crypto asset, new name - Dash;
• July 2020 - Dash is officially approved by Apple, a version of the Dash wallet for iPhone has become available;
• November 2020 - Dash 12.2 update was released, allowing to double the block size and reduce fees;
• December 2020 - the price for Dash reached $1000, during 2020 the price of this cryptocurrency increased 100 times;
• May 2020 - the coin gets a new logo;
• October 2020 - the Dash Talk chat server was launched in Discord;
• January 2020 - Dash Nexus was launched - a platform where various improvements to the cryptocurrency ecosystem are proposed and voting for these improvements takes place;
• January 2020 - Binance-owned Trust Wallet added Dash;
• March 2020 - the updated dash.org website was launched;
• April 2020 - Discover Dash, together with Really Bad Apps, launched a native mobile application with a merchant directory that helps you find all Dash-accepting businesses around the world;
• February 2020 - the Dash Text service was launched in the Telegram messenger;
• May 2020 - launch of the Dash investment fund;
• May 2020 - Samsung Experience stores in Panama and Venezuela begin accepting Dash for payment;
• June 2020 - Dash Wallet integration on Apple Watch became possible;
• July 2020 - The US Patent and Trademark Office registered the Dash trademark for Dash Core Group, Inc.

How is Dash different from Bitcoin?

The key difference between these two cryptocurrencies is the platform architecture.

If Bitcoin is a peer-to-peer network based on the Proof-of-Work protocol and the development of which is carried out “behind the curtain” by individual developers, then Dash is a much more democratic and decentralized network with two levels at once.

There are elements of Bitcoin in the form of the Proof-of-Work protocol (miners) and an additional level in the form of DGB with Masternodes (nodes).

The latter feature allows DASH to fully implement decentralized autonomous network management with internal voting on all key issues.

And also introduce features such as instant transactions (InstantSend) and additional anonymity (PrivateSend).

Thanks to the DAO, dash is a more open currency to innovation. Each node has the right to make its own proposals for the development of the platform.

There are differences in mining and reward distribution. Firstly, DASH uses its own X11 algorithm, which combines 11 hash functions at once, and does not require such power as in the case of Bitcoin mining.

Secondly, the reward after receiving a block is distributed in a specific proportion.

The implementation of DAPI, an open roadmap with ambitious plans for the future, can also be considered what distinguishes DASH from Bitcoin. Duffield and his team are serious about creating a user-friendly cryptocurrency that even a child can use.

Signing an agreement with Wirex is another step on this path.

Dash rate

In July 2020, Dash coin is worth ~$75. Market capitalization - $715,334,126. The volume of coins in circulation is 9.5 million. The maximum supply of Dash is 18.9 million tokens.

Key points of Dash rate changes:

• at the time of release into circulation in January 2014, the coin cost less than $1;
• at the beginning of February 2014, the coin rate briefly rose to $100, this was due to the renaming of the coin to Darkcoin;
• from February 2014 to March 2020, the cost of the coin did not exceed $20;
• in March 2020, the price of Dash rose to $100: the demand for cryptocurrency was associated with the appearance of Dash on the Wall of Coins service, where you can buy digital currency for cash, as well as with the fact that the African payment service MobileMoney announced support for the token;
• in December 2020, the price of the coin remained around $1,300 and on December 20 reached its maximum of $1,540, this was due to the news of increasing the block size to 2 MB;
• in January 2020, with the fall in the Bitcoin rate, the Dash rate also began to fall, on average its value remained around $600.
• by the end of 2020, the price of the coin dropped to less than $100;
• In the summer of 2020, Dash managed to briefly rise to over $100.
• In July 2020, Dash is trading around $75. This development of events is associated with the general collapse of the cryptocurrency market and the emergence of altcoin competitors.

Storage methods

Like any other cryptocurrency, dash can only be stored in a special crypto wallet. They are different:

Own wallet

Dash Core

The official local dash wallet offered by cryptocurrency developers. A “thick” client that will require significant space on the device to download the blockchain and lengthy synchronization.

But it guarantees maximum reliability of operation directly through the 2P2 network. The installation is standard, the interface is Russified, simple and convenient. Basic functions are available, and for a small additional fee you can send hidden transfers.

Alternative wallets

Exodus

A multi-currency product that supports 26 different cryptocurrencies. The official Dash website recommends it as a worthy alternative to your own wallet. It has a simple, pleasant interface that is easy to work with.

Control is available on an intuitive level. Additionally you can:

• change the design;
• set a password;
• carry out internal coin exchange.

Displays the proportions of the virtual currency portfolio composition and graphical analysis for visual perception. Some users believe that this is the best wallet for dash.

You can select another program (wallet):

• Jaxx;
• DashElectrum.

Online services

This type of wallet is considered less secure due to regular contact with the Internet and the need to trust information to a third party.

But due to the possibility of remote access and management, many investors use the services of such services. If all rules are followed and additional protection is provided, work can be completely reliable.

HolyTransactions

Multi-currency wallet with a user-friendly interface. Additional control settings are available. There are no problems with how to create a wallet for dash; all you need to do is create a new account and confirm your email.

After this, you can place virtual currencies. Allows you to store cryptocurrency, exchange dash for other coins, and carry out basic operations.

Coinpayments

Supports work with more than a hundred digital currencies. Applications for iOS and Android have been developed. Simple, convenient and fully Russified interface. Additional measures are provided to enhance safety. Internal exchange is possible.

Cryptonator is an alternative dash wallet that is also available online. There is a special Jaxx extension for the browser.

Mobile applications

Using mobile devices to save and manage cryptocurrency is less secure than using desktop clients. But with several levels of protection, you don’t have to worry about the safety of your assets.

Secret keys are placed on the smartphone. Projects are in great demand due to the possibility of quick access to digital currency.

Jaxx wallet for dash

Multi-currency mobile app supporting over 50 Ethereum-based coins and tokens. Versions are available for Android, iOS. The interface is simple and convenient. When working, you can set the commission amount yourself.

Current rates of supported virtual currencies are displayed, and the coins themselves can be exchanged within the application.

Coinomi

Allows you to place hundreds of different virtual currencies. Android support, iOS version coming soon. Nice design and controls. In addition to transfers and storage, internal conversion is possible.

You can create official dash wallets:

• DashWallet;
• DashCore.

Hardware wallets

Specialized physical drives that are designed exclusively for reliable storage of virtual currencies and confirmation of transactions. They have the best level of security. They are compact, easy to use and allow you to place dozens of virtual currencies. The dash cryptocurrency is popular, so every physical wallet has long implemented it in its functionality.

• Ledger Nano S
• TREZOR
• KeepKey

You can also create a paper dashcoin wallet.

Article on the topic: Cold wallet for cryptocurrency

What are masternodes?

Masternodes play an important role in the Dash network as they maintain the infrastructure that allows certain functions to be implemented.

Essentially, a Masternode is a computer running on the network, running a Dash wallet, that helps the network perform important functions such as instantly confirming InstantSend transactions, facilitating coin mixing, and voting on budget proposals.

To launch a Masternode you need: 1000 DASH as collateral confirmation, a dedicated IP address and the ability to work 24 hours a day with a minimum number of connection interruptions.

When a new block is found, Masternodes are paid 45% of the reward for it, which is then distributed among all Masternodes. Masternodes also have the right to vote on proposals. Each Masternode has 1 vote and Masternode owners vote on a budget proposal or important decision that will affect the Dash network.

Prospects for the Dash cryptocurrency

When talking about the prospects of a coin, people are most often interested in the question of whether it is worth investing their money in it. Regarding the DASH cryptocurrency, many experts are confident that the price of the token will definitely increase over time. Some even support the version that this particular “dark horse” may one day come out on top, displacing the undisputed leader Bitcoin. The basis for this optimism is the following factors:

• A constant and fairly rapid increase in the capitalization of the coin, which indicates increased interest from investors, the DASH cryptocurrency should grow in price in the future.
• Attracting a significant portion of institutional investments. It is enough to mention significant amounts of funding from Corn Innovation Capital and Venture51, which are experts in venture capital investments. The presence of such eminent companies among cryptocurrency investors indicates that they are confident in its future.
• Effective proprietary technological solutions providing guaranteed anonymity and high transaction speed, as well as real decentralization.
• Thanks to the availability of Dash DAO debit cards, cryptocurrency can be used in everyday transactions.

One could say that the Dash cryptocurrency is simply exploiting Bitcoin's weaknesses. If there is something unsatisfactory about this network for users, Dash offers a solution. There have been numerous complaints about the lack of real anonymity, and DASH creates a network in which transaction data cannot be linked back to users. Traders were not satisfied with the low performance of Bitcoin - in response, the DASH network made transactions even faster. There were problems with double debiting of funds - DASH implemented the InstantX mechanism, which makes it impossible for this problem to occur. In Bitcoin, the transaction confirmation fee began to increase - DASH immediately announced its reduction.

Thanks to such successful solutions and timely reactions to the weaknesses and problems of the main competitor, the popularity of DASH is increasing. This also leads to an increase in coin prices.

How to mine Dash

The easiest way is to mine cryptocurrency on a central processor (CPU mining) or graphic cards (GPU mining). To do this, you will need to purchase equipment, install a special miner program and enter settings for coin mining.

sufficient performance for CPU mining , while Radeon and Nvidia video cards are best suited for GPU mining.

Among the miner programs, ccMiner and sgMiner for mining on video cards, as well as CPUminer, Minerd and Xcoin-miner, if CPU power is used, deserve special attention.

ASIC mining gives much better results . If a processor (for example, the Intel Core i5 4670k, popular among miners) provides a power of 0.5 MH/s, and a first-class video card from Nvidia provides 2.5 MH/s, then a good ASIC produces a full 900 MH/s.

ASICs from Baikal, Pinidea and iBeLink performed very well. But high-quality equipment for solo mining is expensive, so many miners join pools and mine coins together.

Some of the most reliable pools for DASH mining include LTCRabbit, Nicehash and HashPower.

If you don't want to buy equipment, you can simply rent it. For example, enter into a capacity rental contract with Coinotron, Genesis-Mining, HashFlare or another similar company.

As we have already said, mining dash is much more economical than the same bitcoin . However, it is advisable to immediately estimate how quickly and to what extent the investment in mining will pay off.

You can accurately calculate the profitability using a special online calculator - for example, at red-miner.com/dash/.

I also recommend reading: Mining - how to start mining cryptocurrency

Advantages and Disadvantages of Dash

It is difficult to categorically “christen” certain features of this cryptocurrency as a disadvantage or an advantage. For example, consider the process of earning rewards in DASH. As we noted above, there is the following distribution:

• 45% of mined coins go to miners;
• 45% receive masternodes;
• 10% goes to network development.

To become a masternode, you need to make a deposit and “purchase” 1000 Dash.

Such a system, on the one hand, has its positive sides. For example, it protects the network from a “51% Attack” – a situation in which more than half of all cryptocurrency is owned by one participant.

In addition, 10% always goes to network development, which automatically means the introduction of improvements. The fact that a decent amount of DASH is recorded “in the hands” of supernodes provokes demand for the cryptocurrency and an increase in the rate.

But at the same time, the threshold for those wishing to become a masternode is also increasing. And the nodes themselves, with a growing rate, can eventually get rid of their DASH, which will significantly reduce the rate. And 10% for network development is not always used effectively.

Other advantages and disadvantages of the DASH cryptocurrency are systematized in the table: