August 19, 2018 / Types of Cryptocurrency

What is Dash

In different countries regulators tighten control over currency transactions – an increasing number of people begin to take care of the their own confidentiality . Thus, cryptocurrency Dash comes as a solution that provides full anonymity of payments, which is so lacking in traditional fiat currencies.

DigitalCash (Dash) is one of the popular peer-to-peer (P2P) decentralized open source cryptocurrencies. This anonymous cryptocurrency, built on the algorithm # X11, and allows you to make instant transfers.

Team behind Dash is in constant search of solutions that can improve the level of cryptocurrency anonymity, and also in the direction of its convenience for use all over the world.

Thus, one of the options already implemented in Dash are:

#Darksend is a function that allows users to achieve complete anonymity in making money settlements between themselves.

#InstantX – technology due to which almost instantaneous transactions are implemented, the speed of which can be compared with the speed of processing payments from bank cards. The difference is that such transactions are made without the participation of a third party.

Transaction anonymity is achieved by combining several inputs from different users with multiple outputs into one transaction. Thus, the network hides the flow of funds and neutralizes the ability to directly track transactions. Despite the fact that there are assumptions about the possible tracking of transactions on the Dash network – there is no evidence for this.

The PrivateSend mechanism which allows achieve such a high level of anonymization, includes next procedures:

Splitting the payment into equal parts: 100, 10, 1, 0.1, thereby preventing tracking by the amount. Thus, not an entire sum is anonymized, but each fractional part:

  • they mix only parts of the same size;
  • each stage elected by new masternode.

Upon completion of the mixing process, the amounts are returned to the owner for new anonymous addresses and can be used on demand.

With the increasing number of Dash users, getting rid of the uncertainty in the blending structures is becoming increasingly difficult.

Advantages and disadvantages

According to the forecasts of the world’s leading experts and analysts, cryptocurrency Dash is quite promising. They justify this optimism by the purposefulness of the developers to make Dash not just the most convenient, but also accessible to ordinary people.

In addition, Dash has several advantages. Here are the main:

1. Low fees

When carrying out transactions, Dash fees that are much lower than credit card commissions. In the case of making international transfers as well as for local transfers, the commission for transactions will remain unchanged.

2. Instant calculations

In addition, coins will be delivered instantly to the recipient. The developers have created tech InstantX, allowing to make payments in a seconds. This advantage gives Dash superiority over other alternative cryptocurrencies, the confirmation of transactions in which can take from several minutes to several days, depending on network mempool.

3. High level of confidentiality

Confidentiality of Dash transactions is the main goal of cryptocurrency team. It ensures that no one can connect the identity of the user with a particular transaction or address, thereby, and was able to attract the first attention from the stakeholders.

4. Two-level network structure

As it is already clear, Dash includes two levels: miners, who are responsible for security in the detachment and masternodes. Masternodes – special nodes that implement the mechanism of mixing “PrivateSend”. Masternodes are in the management of the community and do not have a centralized body. In combination of random masternodes, the chances of persons having complete information about all the inputs and outputs of the transaction are decreasing.

5. Availability of the possibility of filing requests for better services

On the official website of the cryptocurrency, team behind Dash responds any suggestions and recommendations for improving the network and services to make Dash better. This function will be useful for end users, since they are able to make a request for those services or their improvement, which they consider to be the most important.

6. Wallets

The site presents personal wallets, which control all means in Dash. Thus, the platform eliminates intermediaries, as well as fees for their services.

7. High-level security

For the purpose of security, encryption and a two-level structure have been introduced in the cryptocurrency locker. Each transaction is processed by decentralized facilities located around the world.

8. Global transfers

So, Dash allows global transfers. While making a bank transfer, such an operation is most likely to be monitored and provided upon request to the authorities, in the case of Dash, third parties will not be able to track such transaction. Therefore, both a person and a legal entity can easily pay for work and services or take money from abroad, while not keeping their financial operations in secret.

Despite the huge list of advantages of this cryptocurrency, Dash also has drawbacks.

The main ones are the lack of huge popularity of the cryptocurrency. For today, Dash users are significantly less than bitcoin, but perhaps this is temporary.

In addition, many critics have expressed dissatisfaction with the volume of issue of coins at the time of the launch of the system. However, according to CEO Evan Duffield – this is just a bug in the code, which was quickly fixed.

At the press time, the price of Dash according to Coinmarketcap is about $ 230 and ranked 14th on the market capitalization rating.

Considering the speed of DashCore releases, DashPay and also the addition to the Apple iOS platform, then we should expect only high rates of platform development and its adoption by users.

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