Dash 101

Dash 101

By: William McCormick - Posted in:
An image of a woman trading Dashcoin on her mobile app

The Rising Popularity of a Secretive Coin

WealthHunters has taken an in-depth look at key players in the cryptocurrency market- so it’s only fitting we explore another emerging titan. It’s time to bring your attention to the unique history of Dash and Evan Duffield. Many crypto experts believe Dash has more potential than Bitcoin- let’s explore why.

What is Dash?

Dash is a digital currency and network that uses masternodes for validation which paves the way for instant transactions, a self-governed organizational structure, and innovate services.

Much like Bitcoin, Dash is another open source peer-to-peer cryptocurrency. However, it’s recognized as the industry’s first Decentralized Autonomous Organization (DAO). A DAO is a set of rules enforced digitally through smart contracts to eliminate the need for middle management that plagues most companies. A normal organization establishes a set of rules for how the company will function. Some of the rules include management, a process of paying employees, and anything else necessary to structure the company.

Evan Duffield developed the concept to improve upon Bitcoin’s weaknesses. Bitcoin officially debuted on the market in 2009. Dash launched in January 2014. In five years, Bitcoin became the most recognized cryptocurrency in the world. However, there wasn’t another cryptocurrency on the market to compare against it. Duffield’s goal was to give Bitcoin a necessary upgrade.

Bitcoin relies on a huge network of “full nodes.” These are computers that use the Bitcoin Core software to validate the creation of cryptocurrency tokens through mining. Evan Duffield created the Dash network using masternodes to perform the same function but with additional services.

For instance, the platform offers InstantSend that sends payments in one second. Bitcoin’s network can take as long as an hour to process the same transaction. PrivateSend allows for complete privacy in your payments by sending your transaction anonymously but with all other information to validate the exchange.

The network requires its users to invest 1000 tokens to create a new masternode. This is a way to ensure users will contribute to the system. Dash also rewards miners for their efforts. Just like Bitcoin, miners receive 45 percent of the reward. The difference is masternodes receive another 45 percent while Bitcoin doesn’t reward them at all. The last 10 percent funds new projects for developers.

Bitcoin vs. Dash

It may be unfair to compare Dash and Bitcoin since the latter had a five year head start on the crypto market. The former undoubtedly has the more advanced software, but it’s still struggling to attract developers to expand the company.

Bitcoin offers more apps and innovative wallets for its users. Along with the other major assets such as Ethereum and Litecoin, Bitcoin established better connections with secondary industry players that help to connect merchants with their users.

In theory, it’s quite unfair to judge Dash after four years on the market because it was carved out a strong position. Analysts and traders weren’t as harsh on Bitcoin after only four years in development. However, Evan Duffield must have known that could be the perception people had of Dash after creating the asset to compete against Bitcoin. That perception has hurt the company more than it helped Dash price history over the last few years.

History of Dash and Evan Duffield

Evan Duffield worked in technology since he was 20 years old. He worked in a number of tech jobs and discovered his natural talent for analyzing data. It wasn’t until he read Satoshi Nakamoto’s whitepaper for Bitcoin that he took blockchain more seriously. By 2013, Evan Duffield followed early prominent Bitcoin figures on the online forum Let’s Talk Bitcoin. At the time, Bitcoin’s attention as on fixing their core network issues. Duffield was more concerned in network stability and currency fungibility. Eventually, Evan Duffield began developing his own platform with the main focus of legitimizing cryptocurrency.

The history of Dash began with the launch of the “XCoin” in January 2014. The new coin wasn’t on the market for more than a month before Evan Duffield changed the name to “Darkcoin.” He wanted to create a “dark” aura around the asset of confidentiality. In the history of dash, the first forty-eight hours were a disaster. Duffield mined a significant amount of Darkcoins that traders believe was the result of a glitch or a ploy by Duffield himself. Unfortunately, “The Glitch” created a reputation that still plagues the asset today. Dash’s price value suffered a great deal while the brand rebuilt its image.

Darkcoin’s Fresh Start as “Dash”

The history of Dash took a positive turn when Duffield changed the name of his asset again in early 2015. “Dash,” which actually stands for digital cash, sounds like a safer investment for traders. Duffield represents his asset as digital cash because cash in itself is anonymous. The 20 dollar bill in your wallet could have been used for criminal activities in the past, but you wouldn’t be aware of it. In cryptocurrency, a “dirty coin” can be traced between users. Dash hopes to be at the forefront of innovation like that.

Last year, Evan Duffield decided to step down as CEO of Dash. Ryan Taylor, the former Director of Finance, took his place while Duffield moved into an advisor role with the company. Duffield has shifted his focus to Dash Labs, a new project working to prevent the centralization of blockchain technology.

Dash’s Price History

After changing the name to Dash, price began to trend upward. Four years have passed since “The Glitch” and crypto traders and analysts have more respect for the Dash brand. After “rebranding” for the third time, Dash’s price history was mostly uneventful until traders began trusting the brand again. It took two years for that to happen, but Dash earned a big victory in 2017. Some believe it could be a “pump and dump,” but Dash became the third cryptocurrency to break $100 per coin and grew nearly 800 percent overnight.

As of this writing, the market cap for the currency is almost 1.6 billion dollars. A total of 7.4 million coins are circulating through the market. The total supply for the currency will be 18 million coins by the year 2300. That means Dash coins will be more rare than Bitcoins someday.

The network’s success speaks for itself, but Evan Duffield has utilized the 10 percent to fund projects in developing countries and industries. Alt Thirty Six, a payment platform for the cannabis industry has received almost 500 thousand in funding. That’s been an interesting footnote in the Dash price history. 

The company announced a new partnership with Kripto Mobile, a Latin-American phone company, to produce mobile phones for sale in Miami and Venezuela. The announcement resulted in a 35 percent surge in value- which is one of the largest in Dash price history.

Thus far, the company has invested over one million dollars to advance cryptocurrency into Venezuela hoping to improve its economy. If the asset can help the country’s economy troubles, millions of Venezuelans may grow up knowing how to buy Dash like it were anything else.

How to Buy Dash

Changelly has emerged as the easiest process for how to buy Dash. The exchange has the support of 55 currencies and offers instant trading. The only required information you need is your address and another supported cryptocurrency to exchange.

You’ll need to register for a login and password, but that’s true of any big exchange. If Changelly doesn’t strike your fancy. CEX.io shows you how to buy Dash with a credit or debit card. Bitfinex offers a mobile app and there are plenty of choices. How to buy Dash isn’t the issue, it’s where to buy it.

The next question on your mind should be how to buy Dash wallets. Depending on your preferences, you can choose between mobile, desktop, or hardware wallets to store you Dash tokens. Jaxx, Coinomi, and Dash have all developed great mobile wallets. Jaxx and Dash Core are excellent choices for your desktop. The Ledger Nano 5 continues to be a great choice for most cryptocurrencies.

Now that you’ve heard a bit about the history of Dash, would you invest in it? Why or why not? Let us know your predictions about Dash and other cryptocurrencies below!

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2 Replies to “Dash 101”

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