What is Dash?
Often referred to as Digital Cash, Dash is a fork of Bitcoin centered around anonymity and transaction speed. It was launched as Xcoin by Evan Duffield in 2014, later renamed Darkcoin, and finally rebranded to Dash in 2015.
Mining & Masternodes
Dash mining works similarly to other cryptocurrencies, where the foundation is a blockchain with a built-in Proof-of-Work (PoW) protocol and a decentralized public ledger. Governance in Dash is done through a form of decentralized autonomous organization (DAO), in which several “master nodes” host a copy of the blockchain, relay messages, and validate transactions on the network. They also regularly vote on proposals for improving Dash’s ecosystem, which ensures that the master nodes are online, responding, and at the correct block height.
Unique Features of Dash
Developers of Dash want it to be as liquid and fast as the online fiat money that is mostly used now, and they’ve already achieved a lot. The two distinctive features of Dash are InstantSend, an algorithm that allows instant transaction confirmation bypassing mining, and PrivateSend, which merges funds of multiple users together when executing a transaction in a way they cannot be uncoupled after that, making these transactions untraceable. These two options, InstantSend and PrivateSend, are not the only things that have led to this coin’s success.
Unlike most cryptocurrencies, Dash uses its own hash function, X11, with an average time to mine a coin four times lower than that of Bitcoin. The such implementation makes using a conventional processor or video card ideal. Although InstantSend and PrivateSend are not very unique and may not surprise you anymore, they are still extremely practical and remain competitive today.
Where to store Dash?
The ticker for this coin is conveniently just DASH. Magnum Wallet allows you to easily manage your funds in Dash and exchange them instantly if you need to. Your data is kept safe in the Magnum Wallet, as no one but you has access to your private keys, and no personal information is collected in the process.