Dash is a very popular cryptocurrency that was created as a fork of the Bitcoin code. Initially, this currency was called XCoin, later it was called DarkCoin, but to avoid association with the Darknet, it was called “Digital Cash”, which is abbreviated as Dash. This currency was developed in 2014 by Evan Duffield. He created an algorithm called “X11” and based on this algorithm he created the Dash project, since his algorithm, according to him, would hardly be accepted by bitcoin developers.
The Dash cryptocurrency is very similar to Bitcoin, but it has several improved characteristics. First, the developers made a two-tier architecture that allows updates to be injected into the system. Secondly, the dash is a completely anonymous system, so all payments cannot be tracked. Thirdly, it is the most convenient and secure network, because it cannot be hacked.
Where to buy DASH cryptocurrency
Dash cryptocurrency is not the most popular tool among crypto traders, but this does not prevent it, it is listed on top exchanges. DASH coins can be bought on Binance, Bitfinex, and Bithumb, but the largest volume of trading takes place on HitBTC. To store your coins after purchase, you can use the Trezor hardware wallet or the Coinomi multi-currency phone wallet.
Dash currency benefits
- The anonymity of transactions due to enhanced security measures;
- Innovative technologies that allow you to send money almost instantly – within 4 seconds;
- Global coverage: a transfer can be sent from any current in the world at the same fees and speed;
- Low cost of operations – only a few cents, which is significantly lower than the cost of other services.
Dash is the world’s first cryptocurrency with a two-tier network. At the first level, some miners record operations in a log (blockchain), at the second, some servers ensure anonymity and speed of operations. In the future, the second layer of the network may provide unique opportunities that other digital currencies will not have.
Dash facts
- The intermediaries in the Dash exchange are miners who have bought more than 1000 units of currency.
- Dash blockchains work on the same principle as other cryptocurrencies. When a user sends requests, they are processed by different servers, and thus traces are lost.
- A unique feature of Dash is the Darksend system, which makes any transactions anonymous. There is no need to register an account or be verified to work with Dash. This degree of anonymity allows Dash to stand out versus Bitcoin.
In the future, Dash developers are going to launch even more features that will allow this currency to take a leading position in the financial market.
How is Dash Mined?
Before we learn how to mine Dash, you must learn about the process itself. Dash mining works just like any other cryptocurrency. You set up your computer, connect it to the Internet, and leave it alone.
People around the world make transactions every second and record them. The problem, however, is that some are trying to trick the system.
To prevent this, the Dash blockchain uses a concept called Proof of Work and, of course, miners.
Miner computers need to solve a math problem. This mathematical problem gets more complicated as the number of miners increases. The person who is the first to solve the problem creates a new block in the blockchain.
With this system (Proof of Work), miners earn Dash for their efforts to verify transactions. After that, the rest of the blockchain compares the miner’s version with its version.
If they match, then the blockchain reaches the so-called consensus and the process starts anew, but with a new task.
The people who mine Dash are an important part of how the entire blockchain works. This is an important job that they get paid for and can afford to buy powerful equipment.
