A Detailed Guide To Dash Coin
Nowadays, everyone seems excited about cryptocurrency as they are progressing at a swift pace. Cryptocurrency became popular when the first virtual coin called Bitcoin came into the market. Another cryptocurrency that became popular besides Bitcoin was Dash cryptocurrency, which was launched in 2014. At present, it holds a total market capitalization of around $2.4billion. In this blog, we will provide you with a detailed guide to Dash coin and tell what makes it different from other cryptocurrencies that exist today in the market.
What Is Dash Coin
Unlike Bitcoin, Dash cryptocurrency is a virtual currency that allows users to make transactions using a secure digital platform. Dash uses similar blockchain technology that Bitcoin uses; however, several improvements were made by Dash coin. Dash became popular because it has a higher transaction speed and offers better privacy than Bitcoin. Dash coin uses a unique model called “Masternodes” which made improvements that Bitcoin lacked.
Dash coin not only offers high speed and more security, but it also operates on a model that is self-funding and self-governing. Just like Bitcoin, Dash coin’s network can fund itself to enhance the DASH technology furthermore. The word Dash comes by combining the two words ‘Digital’ and ‘Cash’. It was started on January 18, 2014, as “Xcoin (XCO)” but its last name “Dash” came on March 25, 2015.
Masternode And Its Role
As on the Bitcoin blockchain, there are people called miners, who are responsible for the transaction verification process and they get rewarded for this work. In the blockchain system used by Dash coin, the mining system contains Masternodes and miners. To become a Masternode, a user has to deposit a minimum of 1000 DASH.
Masternodes are the specialized servers that enable critical functions on the Dash blockchain network. The Masternodes are responsible for PrivateSend and InstantSend that are used to ensure some privacy and control over the network. The Masternodes are responsible for enhancing the network’s security and ensures that transactions get as fast as possible. This costs effort and money from the Masternodes, for which the Dash blockchain network rewards them.
Potential of DASH
Dash was at its best during 2017. If you had invested $10 in early 2017, it would have resulted in $1500 in December, which means that it showed a growth of 14,900% in a single year. One of the main factors that made Dash coin so popular is because it offered better privacy and high speed, which the Bitcoin was lacking. Moreover, Dash coin showed continuous improvement after 2017 and is expected to grow more in the future.
Can Dash Be Considered Secure
Dash cryptocurrency, which uses the blockchain technology, provides a secure option by making the process decentralized. Rather than relying on a third-party like a bank, Dash transactions get verified by 4,943 servers hosted across the globe. We can consider Dash coin secure unless the technology creates a bug within itself. We can call this creation of bug within itself as “Instamine controversy”.
So far, we have seen that Dash coin got introduced in 2014. This cryptocurrency became popular because it offered more privacy and speed, which Bitcoin was unable to do. Today, crypto investors can get information about Dash crypto price while browsing through several blogs and articles related to cryptocurrencies. Dash coin brought some improvements with the help of master nodes in the blockchain technology which the Bitcoin lacked and became a hot investment in the year 2017. Finally, we can say that Dash coin has the potential to show tremendous growth shortly, and can bring innovations in the blockchain technology field.