So far, we have done a series of guides on various cryptocurrency coins. And in this blog post, we’ll talk about Dash. How did it start? What is the purpose of this coin, and how did it get rebranded during the years?
So, without further ado, let’s get started.
History of Dash
In the beginning, in 2014, the cryptocurrency was known as Xcoin, and it was a hard fork of the bitcoin protocol, Bitcoin Dark. However, soon, this altcoin got rebranded as Darkcoin. Along with the rebranding, came some accusations from the media about the coin being used in darknet markets.
Then, in March 2015, the coin rebranded again, this time taking the name Dash, which is still in use. Today, it’s one of the top twelve cryptocurrencies, with market capitalization around $4.3 billion.
How does Dash work?
Dash is an open-source cryptocurrency for making online transactions. It allows its users to transfer money fast, easily, and globally. Plus, its transactions are untraceable.
The platform is run by masternodes, while the platform includes standard nodes and miners as well. If you want to run a masternode on Dash, here is what you’ll need:
- You need to own 1000 Dash coins
- Static IP address
- Fulfilling requirements for CPU, RAM, network bandwidth, and disk space
The cryptocurrency has a hard cap of 18 million coins, and each coin costs $108 at the time of writing.
Dash vs Bitcoin
Both Dash and bitcoin are amazing decentralized peer-to-peer cryptocurrencies. They are private and secure, but Dash has a couple of advantages over the bitcoin blockchain. One of them is a fast confirmation time.
For example, if you pay the minimum bitcoin transaction fees, it will take 13 minutes for your transaction to get confirmed. On the other side, Dash’s transactions are confirmed within 4 seconds. When it comes to fees, they’re also different. Bitcoin’s fees depend on many factors and you can end up paying a couple of dollars for a single transaction. Dash, however, has much lower transaction fees, usually in the number of pennies.
Despite its somewhat controversial history, Dash turned out to be a powerful cryptocurrency for online payments. In fact, every day it’s getting more mainstream and accepted by companies, merchants, and organizations.
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