Dash is the first digital currency based on the Satoshi Nakamoto vision since it has built-in privacy functions. The coin on the network was initially known as Xcoin and then Darkcoin. It is a decentralized, anonymous, secondary P2P (peer-to-peer) with tamper-proof instant transactions that provide services to the Dash network.
It aims to provide everyone with financial freedom and a completely decentralized payments solution. Payments on this network are easy, fast and it charges a meager fee (almost zero). It allows users to buy goods from thousands of suppliers and trade them worldwide at various exchange platforms and brokers.
What is Dash?
Dash is a decentralized open-source blockchain network that offers a cryptocurrency with the same name. It is based on BTC (Bitcoin), so it is compatible with many features of the BTC ecosystem. However, this network offers considerable improvements in the pace of transactions, governance, and privacy.
It aims to be the most scalable payment system of crypto globally. Therefore it features double spend protection, instant transaction confirmation, optional privacy (like the material cash), a roadmap for on-chain scaling ( up to 400MB blocks), self-funding, and a self-governing model.
Dash wants to improve upon BTC by presenting more robust privacy and faster transactions; additionally, it charges less fee.
It seeks to become a medium for everyday transactions. This network wants to become a digital currency that people use instead of cash.
To become a medium for everyday transactions, it owns a wide net. They claim that this network will be the first scalable and user-friendly crypto platform fit for the mass public, increasing the ease of use, scalability, processing power, and platform feature set.
By order of magnitude with each new stage of development, they seek to increase the user capacity of the network. They wish to increase the number of developers to accelerate each release’s implementation (each phase of the updates to the networks).
Evan Duffield founded this altcoin in 2014; however, it is notable that this currency’s name was initially Xcoin when it came out. Then it was rebranded as Darkcoin, which made a lot of noise because some users were using it in the darknet markets.
In 2015 its name became Dash, and it has stayed the same. This altcoin has not been used in the darknet since 2016.
Evan Duffield is a computer programmer from Arizona. He started taking serious jobs while in high school, which was the start of his journey in the tech industry.
After Dash became a hit, they launched Dash Force and Dash Labs. In 2017 Evan quit his job as The CEO of the Dash Core Project, and Ryan Taylor, who was priorly the director of finances, stepped up and filled the position. Evan Duffield is an advisor to the corporation, and he is more focused on Dash Labs.
This company expanded into Venezuela (The first crypto foray into a country with a distressed economy), and it has become vastly popular (arguably the most popular crypto) in Venezuela.
As the demand for cryptocurrency rises, so do Dash users. This increase is because users need a transactional currency. This technology will develop the backbone infrastructure’s abilities that support the network and ensure that it can take care of the market’s transactions and data storage requirements.