Dash, the revolutionary digital currency that surpasses Bitcoin
Dash is a cryptocurrency created by Evan Duffield. Virtual currency is based on the (open source) code of Bitcoin. For the sake of promotion, electronic money is intended to be simpler, secure, anonymous and rapid. To do this, it relies on a decentralized system of governance and budget. Discover the history, the objectives, the advantages, the limits which make this currency an alternative to Bitcoin.
Presentation of cryptocurrency
Dash is a virtual currency that has many similarities to the cryptocurrencies in circulation in the market. It also reveals the specifics here.
What is Dash?
Created in 2012, Dash (DASH) is an open source cryptocurrency. These terms mean that virtual currency has been tested and improved through collaboration between developers and users. Like all cryptocurrencies, Dash works with blockchain technology.
Virtual currency ensures the anonymity of users who are not required to make their information publicly available, which is not the case for the majority of cryptocurrencies. To ensure user privacy, digital currency has integrated the option: PrivateSend. This is a powerful encryption feature.
The alternative currency to Bitcoin
The main objective of Dash virtual currency is to become even better than Bitcoin. In this context, the platform offers faster transactions. Bitcoin takes 10 mins to confirm a transaction, while Dash offers 4 mins to wait.
In terms of cost, transaction fees are up to $ 6 at Bitcoin, while Dash offers half a dollar. The flagship cryptocurrency has undergone many hard forks (Bitcoin Cash and Bitcoin SV) to improve. The development of Dash is achieved by a voting system that allows you to integrate relative and rapid changes without creating conflicts within the community (unlike Bitcoin).
Dash pieces come in three groups: miners, masternodes, and the development team. Miners own 45% of the Dash coins and are intended for minors (Internet users who mine). This distribution allows the team to ensure that a sufficient number of people and computers contribute to blockchain procedures.
Masternodes (or network servers) have 45% of the parts. The remaining 10% is intended to finance and support the marketing team as well as the customer support service. These crypto-assets also serve the development of the team itself.
How does cryptocurrency work?
Dash follows a particular mode of operation based on a two-level architecture.
The architecture of virtual currency includes: proof of work and proof of stake. In the proof of work (Proof-of-Work), minors take charge of the security of the platform and validate the transactions. They are paid 45% of the transaction costs.
In Proof-of-Stake, the server network (masternodes) offers access to additional functionality at the request of users. These features include the instant transaction option and the confidential option. They are remunerated up to 45% of the transaction costs for each mined block.
The Dash Masternodes
Network servers are like special nodes that allow proof of stake to be used to keep transactions confidential. They are decentralized. Dash has more than 5,000 masternodes around the world. When the PrivateSend option (confidential option) is activated, the marsternodes offer a degree of anonymity. Thus, the more transactions, the higher the anonymity level.
The InstantSend (instant transaction) function allows exchanges to be processed in a specific manner. The sender transfers the funds that will be blocked while validating the entry of information in the blockchain. Only, the recipient immediately receives the amount through the masternode. This specific transaction method sets Dash apart from other virtual currencies.
The pros and cons of Dash
Discover the strengths and weaknesses of this alternative currency.
The instant advantage of transactions is the main advantage of this virtual currency. This asset results from the Instant Send service. This speed allows it to beat all cryptocurrencies, even Bitcoin. The technology used even allows users to retrieve payments from a physical point of sale instantly.
The ease of use of Dash is highly appreciated by users. Fund management and associated payments are made through digital wallets. The developers plan to launch the Dash Evolution project in the near future. The latter consists of managing Dash funds from a web page.
Dash is today the target of a large number of cybercriminals, including hackers of all kinds. Like all altcoins, Dash has to deal with this threat by establishing a security device. A new challenge facing the virtual currency is to protect itself against all forms of attack.
How to buy this cryptocurrency?
Internet users make an investment in Dash to enjoy long-term benefits. The Dash price remains in constant evolution. The Dash course ((68.57 €) maintains an increasing curve.
Methods to buy Dash
To get DASH tokens, start by going to an exchange platform like eToro. This platform allows you to buy classic assets as well as crypto-assets. The purchase is made in just a few minutes. It is also possible to speculate on the value of DASH.
Another method is to buy BTC on Coinbase beforehand. Then you have to transfer these cryptocurrencies to Binance before you can buy DASH. In this case, the purchase takes the form of a quote exchange between BTC and DASH.
How to store Dash tokens?
Users benefit from a multiple choice of wallets to store DASH tokens. The virtual currency has an official wallet: the Dash Core. Having a Dash wallet is the prerequisite if you want to become a masternode.
Other wallets are compatible with DASH, but the safest are Ledger Nano S and the Trezor. Ledger is the most secure electronic wallet in France. Trezor is a highly regarded digital safe in the field of digital asset storage.