DASH is starting to get more attention in the cryptocurrency world, and with good reason. It advertises itself as a genuine peer to peer option: true electronic cash. Ultimately, DASH plans to have liquidity equal to that of actual cash — one of the many reasons that people are growing increasingly intrigued by it. Here is what we have learned about DASH, and what you need to know if you’re considering an investment.
How is DASH Different?
DASH is different in a couple of ways. While it shares core code with bitcoin, DASH was developed by using bitcoin only as a starting point. The main reason that DASH founders started the cryptocurrency was that it wanted to improve upon bitcoin’s main problems. DASH has its own blockchain and is completely distinct from bitcoin. One of the most interesting features of DASH is the very low transaction fees — one of the main areas where bitcoin is failing at this time.
While bitcoin is a single tier network that relies on miners for everything, DASH has a two tier network. While miners perform some of the network jobs, the second tier enables private and fast or even near-instant transactions using PrivateSend and InstantSend.
With bitcoin, every node is the same. With DASH, a unique solution known as masternodes was created. By maintaining a total of 1000 or more DASH, a masternode can be created. The masternode gets special privileges, including the ability to do the ultra-fast transactions (PrivateSend and InstantSend) and also an impressive 45% reward. If you have less than the 1000 DASH needed to form a masternode, you can still get benefits by entering into a masternode share. Masternode shares are currently returning around 10 times more in interest per year than the average bank account returns.
The average transaction time is only around two and a half minutes, making it far faster (and cheaper!) than bitcoin. In fact, bitcoin’s transaction times have sometimes stretched into many hours or even longer as the digital currency boom really kicked in during 2017. DASH seeks to solve these problems in a simple and elegant way. DASH is, in many ways, the evolution of a cyptocurrency model (bitcoin) that simply wasn’t willing to make the changes needed to stay competitive.
The Team Behind DASH
DASH, the brainchild of Evan Duffield, started in 2014. Upon initial release it was called XCoin and then was later called Darkcoin. Its current name, which stands for "digital cash" was implemented in 2015. Duffield decided to launch a different cyptocurrency because bitcoin simply wasn’t living up to its potential. He knew that digital currency could be both more anonymous and quicker, so he set to work making that happen using bitcoin’s core code. At this time, DASH has more than 50 employees and a number of volunteer workers as well. The DASH employees are paid from DASH’s own budget, thus avoiding potential problems with donated money or with sponsorships.
The Potential of DASH
The potential of DASH is impressive — and now that it’s been around for years, it appears that the foundation is solid enough for it to grow into something really big. At this time, DASH use is growing, and there is plenty more room for growth. Ultimately, DASH will have 18 million coins and it won’t hit that cap for hundreds of years based on its current supply of around 7 million.
DASH has shown a great deal of growth over the last year — and in particular over the last few months of 2017. Heading into 2018, this cryptocurrency appears to be poised for great growth if the trend continues. Its potential is also improved by the fact that more and more websites are offering DASH. The days of bitcoin being the only cryptocurrency that you could buy reliably are over — and DASH is one of the alternatives that may just take over very soon. At this point, DASH is often ranked in the top 10 or even the top 5 cryptocurrency options, which makes many people even more excited about its potential.
One of the most exciting things about DASH is that it still has the feeling of being fresh, new, and unique. DASH has shown an ability to change with the times and to adapt into something that people want — which means the long term forecast looks quite bright. It’s still possible to buy into DASH for a quite reasonable cost at this point in time, so you don’t have to spend a lot to get something significant. If you’re interested in buying DASH, there are now a number of different places online to do so. Check out our recommendations for exchanges to buy from — and don’t forget to transfer your DASH into a mobile wallet, desktop wallet, or hardware wallet as soon as possible to keep your funds safe.
Of course, any cryptocurrency — or any investment — does carry risks. It’s very important that you learn as much as possible about any cryptocurrency that you plan to invest in. It’s also important to ask yourself about exactly how much risk you feel comfortable taking. While we feel great about DASH, it’s still important to remember that there’s no foolproof investment.
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