Dash, formerly known as XCOIN, was founded by Evan Duffield almost a decade ago. It was designed to ensure complete anonymity and enable users to enjoy lightning-fast transaction speeds.
Evan Duffield wanted to create the perfect and scalable cryptocurrency that improves on the already efficient operations of Bitcoin. Dash’s creators view their coin as the impetus guiding the world toward complete financial digitalization.
However, despite being extremely ambitious and dedicated, Dash coin suffered a dismal launch as a large chunk of its total supply was instamined within 24 hours. Having said that, redemption stories are always there to be pursued, and Dash is on the right track to do so. Let’s explore how.
How does Dash work?
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Dash takes the Bitcoin blueprint and aims to perfect it. Transactions are recorded in a public ledger. However, unlike Bitcoin, Dash runs a two-tier network where miners and masternodes run in tandem. The tandem option solves the Bitcoin scalability problem.
On Dash, masternodes verify and perform transactions rather than miners. This operation enables the miners to focus on building solid security for the whole network. It also adds to the overall decentralization as the power miners enjoy on other platforms is balanced out on Dash.
It also has solid protection that prevents rouge miners from abusing and overpowering the network. To put things in perspective, if a miner achieves more than 51% mining power, the masternode operator will regulate the issue instantaneously.
To become a masternode operator, you must contribute and lock in at least 1000 Dash to demonstrate your commitment to the network. If a masternode operator cheats the network, they stand to lose their deposit. This is how the network ensures compliance with set rules.
Decentralization
Decentralization is one of the main reasons why cryptocurrencies are so popular, and it is a massive part of Dash’s infrastructure as well. It is set up so that a large group of miners or a legal body cannot control its operation.
Dash’s ability to achieve this through the masternode setup, which the creators believe is far safer than a third-party security service.
Dash current price and predictions
It’s common for cryptocurrencies to fluctuate in price. Some are more volatile, while others have a more stable nature. Unfortunately, the Dash coin is one of those coins that cannot boast about its stability. On the one hand, this high volatility lures some investors while forcing risk-averse investors to steer clear.
Currently, the price of DASH crypto hovers around $48. Making predictions about cryptocurrency prices is very difficult. However, experts noticed a pattern that might give investors a clue when to buy or sell their Dash assets. If the prices of Bitcoin go up, experts state that altcoins such as Dash will follow suit. And if they go down, things will look grim both for Bitcoin and Dash.
So can it outgrow its controversial launch?
While the launch of Dash was rocky, its future seems bright. The team behind Dash is partnering with businesses of all sizes and, to top that, payment services as well. Dash allows users to transfer money anywhere they see fit and quickly.
The main “selling point” of Dash is its feature called PrivateSend. With this feature, transactions are entirely private and untraceable. Disrupting the traceability of the coin’s path is, for some, the pinnacle of decentralization and online privacy, making this coin one of the most beloved.
The development team behind Dash is planning to release the DashPay wallet, which will further expand on the already good user experience. And, as more businesses adopt the Dash network, more users will follow.
And lastly, experts predict that Dash has all the right features to challenge the crypto market and surpass its all-time high of $1642 by 2026. Going over the whitepaper again and delighting in the listed qualities that Dash possesses in droves should be your following action if you are planning to invest.
Final thoughts
One of the most popular altcoins, Dash, has features that can shape how we view online transactions. From lightning-fast transaction speeds to completely untraceable transactions, it’s the dream coin for many investors. Still, despite the overwhelming positive features, you should conduct thorough research before investing your hard-earned money in Dash or any other cryptocurrency.
