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Why I started using Dash cryptocurrency
Views: 5135
| URL | PUBLISHED ON | POSTED BY |
|---|---|---|
| https://www.dash.org/ | July 20, 2021 | Dengo |
Why I started using Dash Currency
What is Dash Currency?
Dash currency is a digital currency just like Bitcoin that can be used to send and receive payments. It was launched in 2014 by Evans Duffield. Surprisingly the name of the currency was changed twice before deciding on the final name. It was originally known as Xcoin, then rebranded as Darkcoin, and then, later on, landed to its current name Dash in 2015. The name Dash is formed from 2 words: digital and cash. . It was initially designed to ensure user anonymity and user privacy.
Evans Duffield and Daniel Diaz, describe Dash as a privacy-centric cryptocurrency based on Satoshi Nakamoto’s work, founder of Bitcoin.
The company has recast its ambitions since it still features strong encryption features. Dash aims at becoming a medium of daily transactions as a digital currency that can be used through Paypal or as cash and credit card. It is an open-source project that includes a decentralized payment network.
That was just a brief history of what Dash currency is. Now I will discuss my experience with Dash and why I prefer it to other cryptocurrencies.
Dash currency was built on top of the blockchain technology that Bitcoin uses, nonetheless some significant improvements have been made to it. Dash offers better privacy and higher transaction than Bitcoin and that is how it has gained popularity. It achieves better service with the help of a unique model that involves masternodes which form the Dash network backbone.
Dash cryptocurrency operates on a self-governing and self-funding model. Its network can fund itself to make further improvements on Dash technology.
How Dash currency came about
Dash was split from Litecoin and Litecoin was split from Bitcoin. Unfortunately, a bug was launched when the fork happened. The bug resulted in the mining of 1.9 million DASH coins within the first two days.
After a technical error, Evans Duffield tried to relaunch the coin but the Dash community did not approve the proposal so the project continued as it is.
Since Dash was launched it has been priced at less than 10 USD until the end of 2016. The price of Dash started going up at the beginning of 2017. It reached a high of 1540 USD on 20th December 2017.
How Dash is used
Dash has many features that make it more favorable than other cryptocurrencies like Bitcoin and Litecoin. For example, Masternodes, PrivateSend, and InstantSend have amazing features that make Dash make transactions more private and speedy.
I got to look at each of the three features more deeply and I will share what I learned with you.
Masternodes
Bitcoin blockchain has miners who verify transactions on the blockchain and get rewarded for their work. Likewise, there are also on the Dash cryptocurrency blockchain, but the system divides it into masternodes and miners.
Masternodes are special servers that carry out the critical functions on the Dash crypto network. They are responsible for private transactions, instant transactions, and the governance and treasury.
Masternodes improve the security of the Dash network and ensure that the transactions are as quick as cash transactions. A masternode obtains 45% of the total rewards received from mining Dash coins.
PrivateSend
A major problem with Bitcoin Blockchain is that it is completely public. The main reason why I chose Dash coin over Bitcoin and Litecoin. If one makes a Bitcoin transaction anyone in the world with internet access can easily find out the following about the transaction:
> The public address of the receiver and sender of each Bitcoin transaction.
> The amount the transaction is worth
> And the previous transaction in which that Bitcoiin was involved.
On the other hand, Dash offers a service that adds privacy to transactions called PrivateSend. therefore, Dash transactions cannot be tracked and the user’s identity is not revealed to the world.
Privacy is a huge advantage Dash cryptocurrency offers over Bitcoin. It also makes Dash fungible.
InstantSend
Bitcoin transactions take on average 10 minutes to get confirmed, on the contrary, Dash takes just a few seconds for a transaction to go through. Dash solves the problem of scalability and mass adoption by the provision of a special service called InstantSend.
InstantSend was the other Dash cryptocurrency feature that just made me go for it. There is an extra charge for InstaSend over a normal Dash transaction. A normal Dash transaction gets cleared in approximately 2 and a half minutes. Since no one wants to wait for 2.5 minutes to make a payment in a store or at a restaurant we ask for the help of the Masternode by paying a small fee.
These three amazing features provide enormous benefits to Dash cryptocurrency over other cryptocurrencies.
How Dash works
Having Dash cryptocurrency in my wallet, there are a few things I needed to know about the wallet namely:
> Public address: it acts like a bank account number. It is generated with a combination of letters and numbers that you can share with anyone who wants to address you.
> Private address: this is another important aspect. It is more like an ATM pin. It should be kept secret. It is a sequence of characters you need to access the wallet.
There are a few very easy steps that I followed to make a transaction happen;
> To start with, I sent 2 Dash coins to my friend Hellen’s public address by signing in to my wallet with my private key.
> A Dash miner added my transaction into a blockchain. A group of Dash cryptocurrency transactions takes place at the same time.
> I used the InstantSend service so my transaction was confirmed by the masternodes instantly.
> Once it was done, the rest of the miners on the network were informed about it. Then, they double-checked the results from the miners that verified the transaction to confrim there are no mistakes and that the transaction is valid.
> The two dash coins were then transferred from me to Hellen.
It was just a simple transaction and it also made me want to purchase Dash coins. However, buying Dash is just a walk in the park.
All I did was register with Coinbase( but one can also register with any other high-end cryptocurrency exchange). Then it verified my identity. After I purchased Dash via my credit card. It was so fast and easy and I was assured of security.
Storing the Dash was straightforward and super easy. I was able to store it in a ledger.
Abuse of Dash cryptocurrency
As I was doing my research Dash has a slight disadvantage that I had to look out for, though it did not stop me from using it.
Unfortunately, it has become a preferred coin for illegal trades due to its anonymous and untraceable transactions.
Verdict
Dash cryptocurrency has way better features than Bitcoin, Litecoin, and Etherum. Its because it uses unique and strong technology.
Dash provided early users with tremendous returns and it still gives good returns.
Its privacy is another amazing feature that makes me recommend it to anyone interested.
Anyone wanting to own Dash he/ she can choose to either buy Dash or mine Dash. Either way, the process is fairly straightforward.
Dash is way better than Bitcoin.
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