Best Dash / Bitcoin Exchange ( BTC / DSH )
Dash (DHC), formerly known as Darkcoin and XCoin, is an open source peer-to-peer cryptocurrency that offers instant transactions, private transactions, and token fungibility. It was rebranded from “Darkcoin” to “Dash” on March 25, 2015.
Dash uses a chained hashing algorithm called X11 for the proof-of-work. Instead of using the SHA-256 (from well-known Secure Hash Algorithm family) or script it uses 11 rounds of different hashing functions.
As of April 5, 2017, Dash is the fifth most valuable cryptocurrency by market capitalization, placing it after Litecoin and before Monero.
Who Created Dash?
The currency was created by Evan Duffield, a programmer, and cryptocurrency enthusiast. It was created at the time when there were many scam coins. People used to create a cryptocurrency, pump its value, get the money and abandon the project. All this caused the community to be careful and go slowly. It took almost three years for Dash to get its place in the top 10 cryptocurrencies, but it was worth it, as it truly offers solutions for many currency problems nowadays.
Why Was Dash Created?
It was specially designed to provide a peer to peer payment service with instant private transactions. Therefore, Dash is an improvement of the Bitcoin as it increases privacy and the speed of transaction which makes the platform highly efficient.
How Does Dash Work?
Dash works as a payment system with decentralized governance. It uses a unique hashing algorithm for its proof of work. Instead of using a script or the secure Hash algorithm, Dash uses eleven rounds of different hashing functions. Ten percent of the Dash block rewards go to the treasury to fund projects that are beneficial to Dash. The treasury system presents a mechanism of agreeing on proposed system changes and how to fund the advancement of the Dash ecosystem. The treasury system funding allows the founders to hire additional developers among other employees. The treasury also supports conference attendance and integrations with major API providers and exchanges.
Every operator of the master node is awarded a single vote. The formula that Dash uses to fund proposals is NO VOTES – YES VOTES (0.1 TOTAL NUMBER OF MASTERNODES). In case there is an oversupply of the number of proposals that meet that criteria than the budgeted funds for the month, then the Treasury will pay for the project that has the highest number of new votes. The submitters of the proposal interact with the whole community via the dash.org forums or through the websites that are driven by the community such as the Dash Whale. The websites allow those individuals to make proposal submissions, create a draft, and then lobby for the support of the community before they can submit the final project to the community for voting. Once the person submitting proposal receives enough support, the ecosystem will pay the required funds automatically in the following superblock the occurs every month.