Dash is a cryptocurrency designed to facilitate fast and cost-efficient transactions, with optional support for privacy-enhancing features. It was designed as a privacy-centric cryptocurrency based on the original cryptocurrency, Bitcoin. Dash uses a Masternode Network that allows users to run a masternode if they control over 1,000 coins. The emission rate of new Dash coins entering circulation drops by 1/14 (~7.14%) approximately every 383 days. The final supply of Dash coins will be somewhere between 17.74 million and 18.92 million coins.
What is Dash?
It’s much more reliable than Bitcoin, with a better reputation for being less prone to slowdowns and crashes and a shorter lifetime. Dash, like Bitcoin, has a block time of 3 seconds. However, the main difference is that Dashcoins and all transactions are tracked by a Block Explorer. With Bitcoin, everything is un-trackable. The only thing that is visible about the transactions is the public-facing address (which is supposed to be used anonymously) on a block explorer. There are many wallets and exchanges that have been hacked, it’s been a constant challenge to keep a private key safe.
How does Dash work?
There are two ways to buy Dash, and each exchange offers a different way to purchase Dash coins: Direct Purchase - Where the user transfers the required cryptocurrency amount to the exchange wallet, and the transaction is complete within 2-3 seconds (the speed is more consistent with the bank account transfer method). Using an exchange wallet, however, requires 2-3 confirmations. (Source: DashBubble.com) Exchange Wallet - In the exchange wallet, the user transfers the required cryptocurrency amount to the exchange wallet, and the transaction is complete within 5-10 minutes. - In the exchange wallet, the user transfers the required cryptocurrency amount to the exchange wallet, and the transaction is complete within 5-10 minutes.
What are the benefits of Dash?
Dash boasts that the decentralized nature of the coin is both the most secure and advantageous aspect of the coin. Dash is peer-to-peer and there is no central authority. The coins are minted by the users themselves and with the help of Masternodes. The coin’s anonymity is the most beneficial aspect, as a paper trail and transaction history of a Dash transaction are impossible to trace. Unlike many of the other cryptocurrencies, the coin’s source code is available online for review. The coin is also great for use by e-commerce and e-wallets. How do I buy Dash? The Dash Buy page was created to allow users to easily purchase Dash with a credit or debit card. The Dash buy page requires that the user has a wallet that has either the digital or physical coins already.
What are the drawbacks of Dash?
While the aforementioned benefits of Dash are impressive, there are a few drawbacks that could potentially change the way you use Dash: In order to pay for a Dash transaction, a user must provide proof of purchase (this is called a “private message”). This is also used to prove that you are the creator of the private message. If you lose your private message, it can be difficult to obtain a new one. If you provide proof of purchase, you will not be able to receive any Dash coins back until the transaction is processed. How to Spend Dash: After you get your private message, the process of using Dash for everyday purchases is quite simple.
Conclusion
Despite its recent surge in value, Bitcoin has a lot of things in common with Dash, and it appears that Dash's protocol will provide a better experience over Bitcoin in terms of transaction speeds, cost, and security. Dash currently has a market cap of roughly $1.66B, making it the sixth-largest cryptocurrency by market capitalization, and it's expected to launch a 2.0 protocol in the first half of 2018 that will improve on the decentralized, privacy-focused features of the currency.