A Peer-to-Peer Digital Currency
Dash (DASH) is another digital currency that was created to operate as a peer-to-peer currency.
The digital token came onto the market in 2014, making it one of the older digital currencies that investors are interacting with today. In 2017, Dash became one of the largest digital currencies by market cap, drawing in investors on a global scale.
But what is it that makes Dash so different from all the other peer-to-peer digital currencies on the market? It turns out that Dash’s core strength is in its ability to keep a secret.
Dash is what many would call an anonymous digital currency. Like Bitcoin, you can use Dash to make purchases.
You can also hold it in a hardware or software wallet as an investment. Like Bitcoin, Dash relies on a public blockchain where each transaction is recorded. And with a transaction speed of four seconds, Dash offers users speed that’s far beyond Bitcoin’s.
The average transaction fee is also significantly lower at $0.04 per transaction.
That sounds pretty good, but it also leaves many investors wondering how Dash is anonymous. After all, since it has a public blockchain, shouldn’t everyone be able to see the transactions taking place? Although it’s true that Dash transactions are public, they also still allow users a degree of anonymity.
You don’t have to share any personal information like your name and address. And although many view this anonymity as a benefit, there are also those who fear that it will pave the way for criminal behavior.
Like Bitcoin and Ethereum, Dash is created through a network of miners. These miners use special hardware and software to solve computer algorithms that maintain the Dash network.
Another key strength of the Dash network is established governance.
When it comes to decentralized projects, governance can be tricky. Dash hurdles this issue by making sure decisions are made by the network. The people who participate in these decisions are owners of masternodes. And owners of masternodes can vote for or against any proposal.
For a quick example, let’s look at Dash’s block-size increase. Back in 2016, a proposal was submitted by the Dash Core Team to increase Dash’s block size to 2 MB. In less than 24 hours, a decision was made to implement the change.
Funding for the Dash project comes from Dash’s block reward. With it, 10% of each block reward is used to fund Dash’s development. Dash’s block rewards are divvied up, with 45% of the reward going to the miner, 45% going to the master nodes, and 10% going back to network funding.
If you want to learn more about Dash, you can access the company website here.
And if you’d like to access the company’s white paper, you can do so here.
How to Buy Dash (DASH)
Dash can be bought on multiple exchanges, including HitBTC, Bitfinex, Bittrex, Poloniex, and Binance.
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