DASH is a cryptocurrency based on a similar technology to Bitcoin, but with an added layer of security and anonymity added to it.
EDITOR’S NOTE: There is a cryptonote called Dashcoin still trading on some exchanges, but this article is about the newly rebranded coin by the name of DASH.
Cryptocurrency, Bitcoin included, took off because people wanted a cash equivalent for the digital age.
Transaction made with Dash are private, secure and untraceable, however, it has been proven that that is not the case with most cryptocurrencies. Most alt coin transactions are published to the blockchain allowing both the sender and receiver to be (relatively) easily identified.
Dash offers users options for both transparent and private transactions. This flexibility gives users a choice. When transacting privately they use a technology called Darksend.
This makes blockchain information impossible to access and does not put the integrity of the system in one third party’s hand. True decentralization.
History of DASH
This cryptocurrency has gone through a number of iterations to arrive at its current name. It was initially called Xcoin, then DarkCoin and then finally Dash (see: https://www.dashpay.io/news/darkcoin-is-now-dash/), and trades on exchanges under the symbol DASH.
There is some confusion regarding DASH and a coin called Dashcoin (which still trades on Poloniex and HitBtc under the symbol DSH) which continues to function as a Bytecoin mirror (as a cryptonote), however the way they are mined and function is vastly different.
Advantages of DASH?
Dash has taken the ease of using cryptocurrency and made the transactions risk free. The fees levied are extremely low or even free in most cases, the privacy layers assure anonymity on both ends and they utilize InstaX technology to make the transactions almost instantaneous.
Add to this solid encryption end to end, the same amount of money and time for transactions across the world and you have a currency that is very attractive to use.
How is DASH mined?
Dash uses an algorithm called X11 to define proof of work. This algorithm is widely accepted because it can be mined by both CPU and GPU hardware. This increases the number of people that can have access to the currency greatly and makes its valuation more stable.
Total number of DASH available?
Below is from the official DASH Bitcointalk page that you can find HERE.
– Dash is a Next Generation cryptographic currency
– Dash supports instant transactions and privacy using decentralized technology
– Dash has no premine and was fairly and transparently launched
– Total coins will be between 14 and 18 million
– Coins will cease to be generated near the year 2150
– Dash uses the X11 algorithm for mining
CoinMarketCap.com shows the currently available amount of DASH (not Dashcoin) (November 2015) at just under 6 million coins.
Which exchanges can DASH be traded on?
Currently DASH can be traded for other cryptocurrencies on over 24 different exchanges. It trades at a dollar value (late October 2015) of around $2.40. Wallets are available on the official DASH website for all major computing platforms to make it easy for users to store and spend their currency.