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What is DASH? – A Detailed Guide

  • Evan Duffield launched Dash in 2014 as an improvement on Bitcoin (at that time Dash was known as Darkcoin).
  • A user requires a minimum of 1000 DASH tokens to become a Dash Masternodes owner.
  • Dash allows its users to obscure the trail of their transactions through the PrivacySend feature.

Dash is a prominent name in today’s crypto scene. It was one of the pioneer cryptocurrency projects that modified Bitcoin’s code, because they wanted to build on Bitcoin’s code to access the larger market. 

The Dash project was launched in 2014, but it wasn’t just a modified version of Bitcoin. Dash had many features that were different from that of Bitcoin’s technology. There was a reason behind adding many new features to Dash. The founders aimed to make Dash transactions similar to how people transacted through traditional online payments.

What is DASH? – A Quick Look Into Its Unique Features

Two prominent features were added to Dash – InstantSend & PrivateSend. Both were pretty innovative. Let’s see how each of these features work:

With InstantSend, Dash users did not have to wait for confirmation of the transaction. InstantSend enabled them to lock their funds by sending their cryptocurrencies to masternodes. The locking of funds happened even before it was recorded in the next block.

PrivateSend must have already given you an idea about what this feature does. Yes, it helps separate the identity of a person sending cryptocurrency from their transactions. It obscures the trail of the transactions by mixing it along with other transactions. The user has to send their cryptocurrency to masternodes to access this feature.

Dash started providing staking to its users even before it became popular like it is today. Dash token holders could take part in deciding how the Dash blockchain operated. Dash went on to add many new features for the benefit of its user community.

Dash has come a long way since its inception. Many of its operations such as marketing, development, and software infrastructure are partly run through contracts. The Dash team is working hard to bring many innovative features for the Dash community.

A Short History

Dash has been in operation since January 2014. It was created by Evan Duffield, a developer. But it wasn’t always known by the name of Dash. Previously, Dash was named Darkcoin. The name summarized its privacy-oriented features. In 2015, Evan Duffield, the founder of Dash, rebranded Darkcoin to Dash. Dash is the short form of Digital Cash.

How Do DASH Masternodes Work?

The masternodes concept was pioneered by Dash. Today the concept of masternodes is gaining tremendous traction and is in implementation in many popular projects already. So, how does masternodes work?

On Dash blockchain, the participants can take part in how the blockchain is governed and how it will progress ahead. They can hold Dash tokens and shares in collateral. The participants can even verify transactions on the Dash blockchain.

Benefits for Dash Participants

There are double benefits for the participants to provide collateral to the Dash network. The participants receive rewards in lieu of providing collateral to the Dash network. The rewards are in the form of a part of transaction fees that Dash generates from services it offers to the network. The participants also get voting rights along with the rewards. With voting rights, the participants can take part in the governance of Dash.

The minimum number of DASH tokens required for becoming a Dash masternodes owner is 1000. What’s the benefit of the masternodes concept? It ensures that no participants act in a manner that will put the Dash network at risk as they have a stake in it.

The participants are free to withdraw their tokens any time they want. Their collateralized tokens don’t reduce over time either. Dash is maintaining a two-tier incentivized network, and that’s only possible because of masternodes. It also has enabled Dash to offer innovative features such as PrivateSend and InstantSend which we have explained above.

Price Movements of DASH Tokens

Source: Alpari

Dash was launched in 2014, and on 15th February 2014, each DASH token was worth just above $0.27. Within a week, its price more than quadrupled to $1.11 on February 21st, 2014. By April 11, 2014, DASH’s price had halved and was around $0.503. But this setback did not stop DASH from growing even further.

In 2019, the DASH prices were down to less than $100. It recovered to touch a figure of over $125 in February 2020. From March 2020, the prices of DASH tokens started falling again. The current price of DASH is hovering around $65.

Summary

The DASH tokens have seen a huge fall from its highs in 2018. The current price of DASH tokens hovers around $65, and it is a far cry from its highs of over $1200. Such a drastic fall has made many question the future of Dash. Its governance model is unique in itself.

Many Dash proponents swear by the privacy feature of Dash. But the truth is that Dash is not among the top-most privacy coins that are led by Monero. The road ahead is going to be quite challenging for Dash. It would be interesting to see if Dash can tackle the challenges that it will face in near future or it will lose the race.

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