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What is Dash?
Dash (suitcase word from digital and cash) is a digital cash system based on a blockchain and hosting its own decentralized autonomous organization. The native unit of account is the dash, whose market symbol is DASH (or more rarely DSH). The goal of the dash is to become a currency as fast, anonymous and easy to use as the cash we know.
Dash has unique features for this that allow it to distinguish itself from other cryptomonetary systems, in particular Bitcoin. The two main features are:
- InstantSend, which allows you to finalize transactions in seconds. This functionality guarantees the instantaneous nature of the currency.
- PrivateSend, which gives the user the ability to send confidential payments. This functionality guarantees the specific fungibility of cash.
Dash blocks are added to the chain every 2 ? minutes on average. This fast block time, coupled with a maximum size of 2 MB, today allows Dash to process (in theory) 59 transactions per second.
Like many other cryptocurrencies, the dash has a well-defined monetary policy: the issuance of new dashs is reduced by 7.14% each year, so as to tend towards a maximum total of 18.9 million dashs in circulation . Since April 2020, this issue is 2.89 DASH / block, which represents a rate of monetary creation of 6.4% per year.
With the transaction costs, the issuance of new dashboards can be used to reward the validators in charge of the proper functioning of the system (miners and masternodes), but also to finance external projects such as software development, research or project marketing. The choice of these projects is subject to the vote of the autonomous decentralized organization of Dash.
Where does the Dash project come from?
Dash was created by Evan Duffield, a US software developer and financial investment advisor. In 2012, he originally wanted to add anonymity techniques within the Bitcoin protocol, but seeing that the developers of Bitcoin Core were never going to accept it, he started working on his own cryptocurrency project.
The system was launched on January 19, 2014 under the name of XCoin. This is originally a modified version of Litecoin. In the genesis block, the following message is written:
Wired 09 / Jan / 2014 The Grand Experiment Goes Live: Overstock.com Is Now Accepting Bitcoins
This message sets the tone for the direction the project wishes to follow: becoming a payment currency.
The beginnings are difficult, since more than 2 million tokens are mined in the first 48 hours due to a technical problem. This technical problem stems from the source code of Litecoin, which also suffered from a "rolling" similar to its beginnings. This distribution problem will intensify since it will later be decided to reduce the maximum dash threshold from 84 million to 22 million.
After only 10 days of existence, XCoin is renamed in Darkcoin for insisting on the confidential nature of its transactions. In the following months are developed what will form the basis of Dash: the Dark Gravity Wave difficulty adjustment algorithm, the masternode system, upgrades without hard fork (sporks) and the DarkSend protocol (which will become PrivateSend).
In March 2015, the Darkcoin project finally became Dash to focus, not only on anonymity, but on all aspects of cash. It was during the same year that the basic source code of Dash was reworked to approximate that of Bitcoin, and that the InstantX functionality (which became InstantSend) was implemented to authorize near-instant payments.
Finally, the governance system is set up and the first budgetary payment takes place on September 7, 2015, making Dash the first decentralized autonomous organization (DAO).
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