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Dash is a cryptocurrency that is open source. It’s a cryptocurrency forked from the Bitcoin technology. It’s also a decentralised autonomous organisation (DAO) managed by “masternodes,” a fraction of the network’s members.

Evan Duffield established the currency as “Xcoin” in January 2014 as a fork of the Bitcoin system. It is an altcoin that was susceptible to pump and dump speculation in its early days. It was renamed Darkcoin, and it gained notoriety as a result of its use in underground markets. In March 2015, it was renamed as Dash, a combination of the words “digital cash.” Dash is no longer utilised in any major dark net markets worth noting as of August 2016.

Duffield, who resided in the Phoenix region at the time, and a few other Dash team members moved into a business incubator at Arizona State University in early 2017. The Dash DAO went on to establish a blockchain research lab at Arizona State University.

Dash’s market value was about $4.3 billion in April 2018, making it one of the top 12 cryptocurrencies.

According to Der Spiegel, Dash was the most popular cryptocurrency in Venezuela as of February 2019.

Dash was created to address Bitcoin’s inadequacies by allowing fast transactions and having a rapid governance system.

Governance

Governance is managed through a type of decentralised autonomous organisation in which masternodes make decisions on a blockchain. Masternodes perform typical node duties such as hosting a copy of the blockchain, relaying messages, and validating network transactions, as well as acting as shareholders who vote on ideas to improve Dash’s environment. The system also contains regular nodes and miners in addition to masternodes.

Ownership of 1000 Dash is required to run a masternode. Masternodes must also have a static IP address and fulfil minimum CPU, RAM, disc space, and network bandwidth requirements.

A proof of service protocol guarantees that masternodes are up to date and running on the blockchain technology.

The system’s decentralisation has been questioned due to a glitch resulting in an overabundance of coins being issued at launch. This concentrated wealth in the hands of a few people, giving them disproportionate control over the currency’s destiny.

Consensus

Coins were mined using a proof of work method with a “X11” hash function with eleven rounds of hashing as of 2018, and the average time to mine a coin was about two and a half minutes.

Transactions

Masternodes bring two more types of transactions to the mix. “InstantSend” avoids mining by requiring a consensus of masternodes to validate a transaction, which speeds up the process. “PrivateSend” is designed to provide users with consumer-grade privacy by combining unspent Dash from participating users before performing a transaction.

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