DASH

Dash is an open source peer-to-peer cryptocurrency and digital cash you can make instant and private payments with. Based on Satoshi Nakamoto’s work on the Bitcoin, Evan Duffield, the founder and lead developer of Dash, created the privacy-centric and highly anonymous cryptocurrency, which can be used for point-of-sale (“POS”) transactions due to the digital currency’s InstantSend feature (versus the time required to wait for the Bitcoin network to confirm transactions).
Share:
Price
Basic
Location:
Arizona, US
Announcement Date:
2014-01-18
Initial release:
2014-01-18
Hash function:
X11
Smart Contract Support:
No
Consensus Mechanism:
Proof of Work / Proof of Service Hybrid
DASH101

What is Dash?

Formerly known as Darkcoin and XCoin, Dash is an open source peer-to-peer cryptocurrency and digital cash you can make instant and private payments with. Based on Satoshi Nakamoto’s work on the Bitcoin, Evan Duffield, the founder and lead developer of Dash, created the privacy-centric and highly anonymous cryptocurrency, which can be used for point-of-sale (“POS”) transactions due to the digital currency’s InstantSend feature (versus the time required to wait for the Bitcoin network to confirm transactions). It also allows vendors to use mobile devices instead of traditional POS systems for commerce.

Dash is managed by the Dash Foundation, which is an association of persons with common business interest, organized to engage in any lawful activity relevant to the promotion, protection, and standardization of Dash.

How does Dash Work?

Two key features of Dash is InstantSend, which allows the users to send instant and irreversible transactions, and PrivateSend, a standard trust-less implementation for improving the privacy of users.

PrivateSend uses the concept that a transaction can be formed by multiple parties and made out to multiple parties to merge funds together in a way where they can’t be uncoupled thereafter.

For InstantSend, utiliizing Dash’s specific Masternode network, inputs of a transaction are locked to only be spendable in a specific transaction. The transaction lock takes approximately four seconds to be set currently on the network. If consensus is reached on a lock by the Masternode network, all conflicting transactions or conflicting blocks would be rejected thereafter, unless they matched the exact transaction ID of the lock in place.

X11's chained hashing algorithm utilizes a sequence of eleven scientific hashing algorithms for the proof-of-work. Dash uses a proof-of-work/proof-of-service hybrid to run its robust Masternode network.

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