Lab

Meet Dash – Digital Peer to Peer Cryptocurrency

Dash Privacy Cryptocurrency coin

For anyone who enjoys the ease of use of PayPal, but is attracted to the ever increasing value of cryptocurrency, Dash represents a viable alternative. Launched in 2014 by Evan Duffield, Dash has undergone several evolutions to become the peer to peer digital currency it is today. Duffield was intrigued by Bitcoin, but wanted a currency that was more decentralised and private. He soon realised that privacy was not something that would be made possible through Bitcoin, and so Dash was born.

What is Dash?

Today, Dash is the sixth largest cryptocurrency in the world. It was conceived as a peer to peer cryptocurrency, which means that you can directly use it over the internet without going through a third party. To purchase one, a person can simply sign up for it on its website or on a cryptocurrency exchange site and then purchase Dash with normal currency.

Its value 

It has a hard cap of 18 million coins, so there will only ever be this many made. It is created through mining, similar to how Bitcoin is made. It takes about 2.5 minutes to mine Dash blockchain, compared to the 10 minutes to one hour’s time that Bitcoin takes. The value of Dash is currently $690 each, while Bitcoin’s current value is about $15,800 each. That said, the coin has certainly been soaring in value since its creation, when it costed just $0.3 per unit.

Technology behind it

Dash coin proclaims to be a completely incentivised network. It runs on a two-tier network in which the first tier is made up of nodes, which are used by miners to create Dash coins and to verify transactions. The second tier is made up of masternodes, which are used for special transactions as in the case of PrivateSend and InstantSend. Since masternodes are responsible for the development of this coin, you have to have 1,000 Dash in your possession before you can run a masternode. The way this works as an incentive is that anyone who has that much Dash coin in their possession would not do anything to intentionally harm the network and would instead do their best to protect it from attack. Compared to Bitcoin and other cryptocurrencies, this coin has a balanced set of fees for both miners as well as developers or masternode operators, which has led to its wider acceptance.

Where to buy it?

Are you now interested in getting some for yourself? You can get yourself a wallet on desktop or mobile through the official wallet or through Jaxx and Exodus. It is available on cryptocurrency wallets as hardware like TREZOR, or you can opt for a paper wallet to note down your encrypted blockchain codes.

 

 

We'd love a bit of discussion. Please leave a comment.