DASH Cryptocurrency | DASH vs Bitcoin in Blockchain

Dash is an open-source cryptocurrency. It is an altcoin that was forked from the Bitcoin protocol. It is also a decentralised autonomous organisation (DAO) run by a subset of its users, which are called “masternodes”. The cryptocurrency was originally called Xcoin. After some minor adjustments it finally landed on its current name, Dash, in March 2015. When it was initially created, it was designed to ensure user privacy and anonymity.

Points to Remember

• Dash aspires to become a medium for daily transactions as a digital currency that can be used as cash, credit card, or via PayPal.
• Dash is run by a subset of its users, which are called “masternodes.”
• All masternodes have a starting stake, which is equal to 1,000 DASH in their systems.

History of DASH

The currency was launched in January 2014 as “Xcoin” by Evan Duffield, as a fork of the Bitcoin protocol. It is an altcoin and in its early days it was subject to pump and dump speculation. However, It was rebranded as Darkcoin, which received bad reputation for being used in dark net markets. In March 2015, it finally rebranded again with the name Dash as a portmanteau of ‘digital cash’. As of August 2016, Dash is no longer used in any major dark net markets worth noting.

In early 2017 Duffield, who lived in the Phoenix area, and some other people working on Dash took space in a business incubator at Arizona State University. The Dash DAO later funded a blockchain research lab at ASU. As of April 2018, Dash’s market capitalization was around $4.3 billion.

Understanding Dash

Dash aims to become a medium for daily transactions, and it has cast a wide net to achieve that ambition. In 2018, the digital cash company expanded into Venezuela, an economically distressed country.

Demand for cryptocurrency and the number of Dash users has increased since virtual currency was introduced three years ago. The primary reason for this is the need for a transactional currency; Venezuela is currently experiencing a period of significant civil unrest and hyperinflation to such a degree that the local currency (bolívar) has been essentially rendered valueless.