What’s in our review?
Here at ChangeNOW, our reviews are made to give the reader an in-depth look at all areas of the specified cryptocurrency. In this review, we’ll be looking at DASH coin. Here’s what you can expect in our review;
- Background and history on DASH
- How to mine DASH
- Where it buy DASH
- The best DASH wallets
Let’s get stuck into this review on DASH and give you some valuable information before you head out to buy your very own DASH coins.
What is DASH?
Much like bitcoin, DASH is a cryptocurrency that is used as a digital currency. The main use case of DASH is to send and receive payments on the blockchain. The refined network of Dash gives it better privacy and lighting speed transaction times in comparison to bitcoin.
Dash was first developed on January 18th, 2014 by Evan Duffield. Evan’s first saw bitcoin in 2010 and observed all the flaws in the cryptocurrency. He was determined to make changes to bitcoin but was sadly denied by the main bitcoin team as the core code would need changing.
This led to Evan’s taking his own path and developing DASH using the core code of bitcoin. Modifications to the core code were made where he saw fit to build DASH better than its predecessors. Once developed the new coin was named Xcoin. It was later named Darkcoin and then eventually rebranded as DASH in 2015.
In today’s market DASH is known for its privacy and fast transactions making it a strong competitor to bitcoin. As of this review, DASH is ranked at 20 with a value of $74.06 USD per coin. The price history of DASH in 2020 has been fluctuating with highs of $140.70 USD and lows of $34.91 USD. The future price of DASH could vary depending on the market.
The DASH network is composed of two layers. Each layer has a different purpose for the network and brings more depth to DASH. The first layer is similar to the network of bitcoin which is made up of nodes. This is where miners will mine for blocks and place them onto the blockchain. (More information on DASH mining later)
Masternodes are the second layer of the network and are the same as full nodes. The Masternodes hold the entire blockchain of the DASH cryptocurrency and govern the network. They have full control over features such as InstantSend and PrivateSend. (More on these features in the best section)
Running a Masternode requires a collateral of 1000 DASH. The collateral put forward to run a Masternode can be moved or used at any time. However, doing so results in the network being turned off. Having a 1000 DASH collateral stops individuals from attacking the network. To attack the network an individual would need to put up a 1000 DASH collateral which wouldn’t make sense as they’d have a negative effect on their holdings as well.
It also costs Masternodes money to look after the network and keep things running smoothly. To keep Masternodes running an incentive is given by DASH. The incentives are;
- 45% of the block rewards are awarded to Masternodes
- 45% of the block rewards are awarded to the Miners
- 10% of the block rewards are kept by DASH.
This keeps everyone happy and keeps the entire network running.
Features Governed by Masternodes
InstantSent which was known as InstantX is DASH’s platform for carrying out transactions with instant speeds. Transactions occur within 1.5s using InstantSent which is remarkable when compared to the median transaction time’s bitcoin has of around 13 minutes.
There are two ways to send money on the DASH network. Users can either utilize the normal DASH transactions which take around 2.5 minutes to send, or they can send it through the much quicker InstantSent route. However, there is a small fee to pay when using InstantSend. Fees are 0.001 Dash and will vary in USD depending on how much 1 DASH costs.
The InstantSend feature also stops double transactions from being made by the user. This is carried out by using the DASH technology of the Masternode, where a lock is produced upon creating the transaction. Once the DASH coins are locked they cannot be unlocked, this stops users from double-spending.
Sending money privately is one of the main aspects users want with any transactions they make on any platform. The biggest issue with the bitcoin blockchain is that all the transactions are traceable. The wallets from the two parties are shown alongside the amount that was sent, and other transactions made. It’s far from private if the world can search through these details.
PrivateSend solves this problem, it allows the user to send DASH coins privately on the blockchain. It uses a coin mixing technology based on CoinJoin. Multiple transactions are mixed together to increase the privacy of the transaction alongside further modifications to the technology. The service is great if users want to make private transactions. However, there is a limit of 1000 DASH per transaction. At the current price 1000 DASH is $74,600.
DASH uses a proof of work concept for miners. It’s similar to any mining operation where the miners are given a mathematical problem to solve through their computers. Mining DASH becomes more difficult with the more miners present. Eventually, one of the miners will solve the problem and this is where the proof of work concept comes into play. The proof of work is shown to individuals who will confirm if the answer is correct. If everything checks out the block is added to the blockchain and the miners are rewarded with the DASH coins.
Most miners these days will use an ASIC which is an application-specific integrated chip. The chip was designed specifically for miners, to be highly efficient for the task. It was deemed so efficient that the mining difficulty skyrocketed when ASIC came onto the scene. The difficulty is governed by the X11 algorithm that’s used for DASH coin mining. It has options to use GPU, CPU and ASIC chips for extraction. Block times are 2.6 minutes with 2MB blocks. Every year the block rewards also decrease by 7.14%.
Mining DASH can be highly profitable if the conditions are right. Having an energy-efficient system and a cool environment will assist in profits. Before buying a mining kit it’s essential to check the profitability of mining DASH at the time. There are DASH mining calculators out there that will provide you with a full list of profits you’ll make. Have a quick check just in case the profitability isn’t worth it at the time.
Where to Buy DASH?
There are multiple platforms and exchanges to buy DASH coin from. It is possible to purchase DASH using credit and debit cards, alongside trading cryptocurrencies like Bitcoin and Ethereum to exchange for the coin. Here are some of the exchanges you can buy DASH at;
The list could go on for a while. However, we’ve provided you with the most reputable and safe exchanges to purchase DASH coin on. Make sure to check out our ChangeNOW exchange to purchase your DASH coins.
Storing your DASH in a wallet is the first step anyone should take when they purchase their coins. No coins are 100% safe on exchanges, there’s always a chance that exchange can be hacked and people losing their coins and tokens. So why risk it? There are different types of wallets available for users. They are split into, hardware, desktop, and mobile wallets. From the three the most secure are the hardware wallets because everything is kept offline. No one can hack an offline wallet because it’s not connected to anything. Here are some of the best wallets in all 3 areas.
- Hardware — Ledger Nano X, Trezor Model T and, KeepKey
- Desktop — Dash Core Wallet
- Mobile — Edge, DASH Core Wallet, Coinomi
If you’re looking to use some great features of the DASH network like InstantSend and PrivateSent. It’s best to open a dash account and use the DASH Core Wallet as it’s been specifically designed to have these features built-in.
DASH is a unique token and has all the right features to act as a digital currency. DASH has proven to its users that transactions are much more private and quickly processed in comparison to bitcoin. It’s a no-brainer for many users to adopt DASH over bitcoin when it comes to receiving and sending money with lighting speeds. We hope that you’ve gained some valuable knowledge on DASH and are confident in beginning your journey using the token as a digital currency.
To learn more about DASH price prediction, please visit the following DASH post in our blog.