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Dash (DASH), originally known as DarkCoin and subsequently XCoin, is a fork of Litecoin created in the year 2014 to allow for more anonymity to users performing transactions using the currency. The cryptocurrency shares several features with both Bitcoin as well as its parent Litecoin and is an open-source system created by Evan Duffield.
An abbreviation of the phrase Digital Cash, Dash was created the address the need of ensuring greater privacy to users of the currency in the blockchain network. Dash is also designed to allow faster transactions between users on the network. The currency offers a decentralized governance system designed to be operational even after sustained attacks.
Dash is also based on peer-to-peer technology, but unlike Bitcoin, is designed in a way to ensure that fees incurred during Dash transactions are the lowest when compared to its competitors. Dash also makes use of a two-tier network in which the primary network is responsible for the creation of new blocks for mining while the secondary network, called masternodes, is responsible for transactional and decentralized governance functions.
The main advantages Dash offers over other cryptocurrencies are:
- Greater level of security using PrivateSend feature to ensure users’ privacy
- Faster transactions over the network using InstantSend feature
- Super-low fees to ensure value for money
- Two-tier network makes the currency resistant to attacks
- Masternodes provide global connectivity as well as portions of rewards when new blocks are found
- Dash is also one of the first Decentralized Autonomous Organizations(DAO) powered by a Sybil proof decentralized governance systems
More than 7.8 million Dash coins are in circulation, which is almost half the total number of Dash coins at 18.9 million. The cryptocurrency is at the 11th rank as of January 2018, in terms of market capitalization.
DASH is available in all the major digital currency exchanges including Bittrex, Binance and Coinone among others. The Dash community is one of the largest crypto communities to have their presence on the internet and many decisions regarding the future of the currency is made in consultation with these communities.
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