What is Dash(DASH): Everything A Beginner Needs to Know

coingyan (46)in #dash • 7 years ago

Dash-ing through the snow on a one horse opens slay. Hohoho. I think so you guys know what is coming today right. We’re going to be talking about the cryptocurrency Dash.

Yayyyyy. Alright, buckle up for a smooth journey up ahead. Broom-broom time to begin.

What is Dash

Dash ( earlier known as darkcoin and xcoin ) is an open source peer to peer based cryptocurrency that aids its users to send and receive money globally in the form of digital currency just like Bitcoin.

Like several other cryptocurrencies dash also eliminates the use of the middleman in its transaction system ( i.e., you can send and receive Dash without any middleman business ).

Apart from this, it currently offers instant transactions (InstantSend), private transactions (PrivateSend) and operates a self-governing and self-funding model that enables the Dash network to pay individuals and businesses to perform work that adds value to the network. This is something that Bitcoin doesn’t do in my opinion. Movin on, Dash’s decentralized governance and budgeting system makes it a decentralized autonomous organization (DAO).

It commenced its journey in 2014, and as of now, it is the 11th largest cryptocurrency regarding market cap after Bitcoin, Ethereum, Ripple, etc. However, its value may change in the upcoming future because the very nature of cryptocurrencies is volatile. One day up and another day down.

How does it work

Dash’s unique structure runs on a two-tier network called the master node network. In addition to traditional Proof of Work (PoW) rewards for mining Dash, users are also rewarded for running and maintaining particular servers called master nodes. Thanks to this innovative two-tier network, Dash can offer innovative features in a trustless and decentralized way.

There’s a lot to be clarified here, so let us discuss what it means.

The Dash network’s first tier is composed of nodes — computers that communicate with one another within the system. Miners use these nodes to verify Dash transactions and create new coins.

The second tier is composed of master nodes. These are full nodes — computers that contain the entire blockchain of a cryptocurrency and impose rules within its blockchain. Master nodes aid in carrying out functional transactions for the Private Send and InstantSend feature. Moreover, they control the development of the Dash network.

So all in all this is how Dash seems to be operating on a daily basis. For further information, you guys can click here.