Introduction and History

Dash was created at the beginning of 2014 by developer Evan Duffield, with the goal of offering Bitcoin-like transactions that were both private and rapid. First known as XCoin before being renamed to Darkcoin and then Dash, it is a decentralised peer-to-peer cryptocurrency with open-source software.

Technology

Bitcoin’s transactions are pseudonymous, since the public keys are known for every transaction.  The next stage is full anonymity, and Dash is one of a number of cryptocurrencies which have been developed to address this demand for anonymous transactions.  Dash also was intended to offer faster confirmation times than Bitcoin, and the block time takes around 2.5 minutes, as compared to 10 minutes of Bitcoin, with a block reward which decreases 7% every year, presently being 3.35 Dash.  At present there are about 8 million mined Dash coins, with this number reaching a hard limit of 18.9 million by the end of the year 2300.

Other features of Dash are InstantSend, an instant transaction function, and PrivateSend, a method for conducting private transactions.  In addition to the PrivateSend and InstantSend functions when using Dash, another significant difference from the all-nodes-are-equal approach of Bitcoin is privilege nodes, also called Masternodes. Owners of 1,000 Dash are able to set up a Masternode, used to facilitate PrivateSend and InstantSend functions, and receive a 45% reward in return. This is part of an incentive program offered by Dash consisting of a 3-Way split. Through this incentive program, 45% of generated coins are allotted to Miners, 45% to Masternodes, and 10% is rewarded to development grants. Clients who may be interested in participating in the incentive program, but who have less than 1,000 Dash in their investment wallet, are still able to receive an investment return by buying a share in a Masternode and receiving a corresponding return. (Coin Sutra, Nov. 2017)

Noting that they are both self-governing and self-funding’– Dash aims to encourage both self-monitored accountability and increased participation by suggesting that their member-owners offer their own suggestions for more ways to use Dash. If consensus is reached by the participating members, then new investment strategies may move forward.

(Dash, n.d.)

Availability and Exchanges

Dash prices have, as with most other cryptocurrencies, been very volatile.  Having started at around $10 at the beginning of 2017, the price exceeded $1000 in December 2017 before dropping below $250 in 2018.  Dash can be purchased and sold at various exchanges including Bitfinex, Kraken and Poloniex.

Dash wallets are available for both desktop and mobile systems, from the core team and also third party developers.  The core team is also developing the software Dash Evolution which is intended to be a more user friendly wallet, in which users do not use their wallet keys directly, and with list of chosen friends and vendors accepting Dash.   (Dash, n.d.)

Traders continue to recommend Dash, partly for the previously mentioned positive aspects of ease of use and speed, and partly for their marketing skills. A portion of the Dash strategy has always been to pursue a relationship with carefully selected businesses – but Dash also participates in various types of charity work.

(Tradingview, Nov. 2017)

Whether setting up crowdfunding for academic conferences, scholarships and tutoring, or proposals for non-profit charities, Dash continues to grow as a way to express their clients’ social conscience. (Dash, Sept. 2017)

Future Development Trends

The adoption of Dash as an alternative to Bitcoin has been dependent on Dash maintaining a position as a platform that is easy for clients to understand and use. Upcoming changes that are planned at Dash include an increase in transaction availability, consistent testing of masternodes for robustness, removal or ‘blocking’ of those that fail to measure up, the development of innovative new software to run Dash functions, and the upcoming creation of masternode specific hardware. (Cryptocoins News, Feb.2017)

REFERENCES

  1. Khatwani, Sudhir. Dash Cryptocurrency (2017, Nov. 22). Retrieved from https://coinsutra.com/dash-cryptocurrency/
  2. Dash Is Digital Cash (n.d.). Retrieved from https://www.dash.org/
  3. Jacobs, Sam (2017, Nov. 13). While everyone was watching bitcoin cash, the fifth largest cryptocurrency exploded. Retrieved from http://www.businessinsider.com/while-everyone-was-watching-bitcoin-cash-dash-coin-exploded-2017-11?IR=T
  4. Mizrahi, Avi (2017, July 24) Privacy-Focused Cryptocurrency Dash Welcomed Back to Apple’s App Store. Retrieved from https://www.financemagnates.com/cryptocurrency/news/privacy-focused-cryptocurrency-dash-welcomed-back-apples-app-store/
  5. Kharif, Olga (2017, March 8) Investors who missed bitcoin rally turn to dash, ether, monero. Retrieved from http://www.livemint.com/Money/bHgV6EwzNKVKSrI3JsFRZN/Investors-who-missed-bitcoin-rally-turn-to-dash-ether-mone.html
  6. Coleman, Lester (2017, Feb. 7). Dash Reveals Roadmap For Mass Adoption. Retrieved from https://www.cryptocoinsnews.com/dash-reveals-roadmap-mass-adoption/
  7. Dash’s Past and Future (2017, Aug. 31). Retrieved from https://www.dash.org/2017/08/31/pastfuture.html
  8. Dash Is Doing Everything Right (2017, Nov. 23). Retrieved from https://www.tradingview.com/chart/DASHUSD/8X1B8nXC-DASH-Doing-Everything-Right-and-the-Market-Loves-It/
  9. US Students Lead On-Campus Dash Promotion, Crowdfund Trip to London Conference (2017, Sept. 20). Retrieved from https://www.dash.org/2017/09/20/USStudents.html
  10. Dash Documentation. Retrieved from
    https://docs.dash.org/en/latest/index.html