Ever since the introduction of bitcoins, the cryptocurrency world has gone haywire. Most of the investors in bitcoins out of their own experiences, decided to form their own cryptocurrency. Well, who wouldn’t? The remarkable profits in bitcoins will draw any enthusiast to the cryptocurrency business. Most of the new cryptocurrency have maximized on the drawbacks of their predecessors for example the inability of bitcoins to differentiate between anonymous and private transactions.
This has led to the innovation of new cryptocurrencies for example Dash. In this article therefore, we are going to discuss history of Dash and its founder, hoping to give you a better understanding of the cryptocurrency.
History of Dash
The invention of the Dash coin was sparked by the idea that Bitcoin don’t provide true anonymity. Some critics argued that the only reason someone might look for anonymity is to conduct illegal businesses. However, that is not the case. Anonymity in the cryptocurrency helps the buyers to conduct transactions that are completely private.
Therefore, no one can snoop around your transactions. Take for consideration, if the entire world could see your bank transactions. That kind of information is not only invasion of someone’s privacy, but also with the current technological advances and computer geeks lurking around, someone can manipulate your transactions.
Additionally, the anonymity maintains a coin’s credibility and value. For instance, if someone could see where the money goes to and where it is coming from, if it was out of an illegal business, this could in turn depreciate the value of that coin.
Unfortunately, bitcoin did not provide true anonymity to the transactions carried out by individuals. This is because even though the individual transactions were not linked to individuals, they were publicized in the blockchain networks. Therefore, with enough research, one can retrace the two parties involved in the transactions.
Originally, Duffield was weary of this glitch in the bitcoin cryptocurrency and suggested that they can make improvements in the bitcoin network. However, the long term investors and developers did not support this idea so he opted to do it the traditional way. He forked the bitcoin and formed the ‘Dark Coin’ which was released in January 2014. Eventually, a new coin was born.
In the beginning of this coin, most cryptocurrency enthusiasts flocked and bought them at an alarming rate. This was because the coin proved to solve one of the biggest cryptocurrency problem. In turn, the coin was ranked among the big leagues in the market capitalization list.
The Dash Evolution
Well, this marked the beginning of a new revolution just from a simple idea. The founder created a tier node (master node) that to date has proven to be more powerful and reliable than that of bitcoin nodes. Any geek who knows about software development will tell you that the foundation of any project is the building block of its success.
The master nodes in this cryptocurrency proved to be the best invention in the cryptocurrency world. The crypto continued adding more and more features to the foundation hence building an empire that has managed to be among the top cryptos of our century. However, the name Dark coin was linked to the coin’s only one aspect which is anonymity. This limited the users to thinking that this is the only potential the coin has.
Furthermore, the name made future investors think that the coin was only linked to its illegal use. Therefore, there was a further need for the founder to change its name to something that is more attractive. He later changed the name to Dash which was a short version of the word digital coin. Thus the birth of Dash cryptocurrency
Over the years, Dash has gained popularity and maintained being one of the best cryptocurrencies. Currently, is has over 18 million coins in supply. The technology has the following features:
Master Nodes – this is one of its primary features. This allows the users to be able to form their own master nodes by owning at least 1000 Dash which will be used as collateral. These nodes earn the block a reward of about 45% which is quite the eye-catcher. It can also perform the functions of both the Instant send and the Private send nodes.
Private Send – In this feature, the Dash platform allows you to transact your private transactions by mixing it along other transactions hence making it hard to identify a given transaction. This is made possible by a feature known as Coin Join. The feature is optional hence you have the choice to use it or not. Unfortunately, you can only send 1000 Dash at a time using this feature which happens to be one of its major limitation.
Instant Send – as the name suggests, users are allowed to use this feature which increases the transaction speed to up to 1.5 seconds. The fees of this transaction may vary for example the master node charges a higher price to use this feature. However, it is completely worth it. In addition to its great speed, this feature also resolves the double spending problem.
Since the introduction of its new master node feature, Dash has undergone some upgrades in its system which include;
Self-budgeting – which enables the currency to solves financial problems for example the budget for the development of the currency. This is made possible by the master node which transacts funds directly to the development department.
Instant Send – this is a feature discussed earlier. It enables the platform to conduct transactions in a matter of seconds which is quite remarkable. Additionally, the master nodes are able to lock some of the transactions instantly.
Self-governance – the master nodes enables voting to take place hence it can solve some of the critical problems in the governance of the currency which will affect the future of the currency.
In conclusion I hope with the above description, you can see the different ways through which the coin has improved the cryptocurrency world. However, many critics argue that the coin has undergone a pump and dump scheme during its initial days. This was out of the fact that in only 48 hours, 11%of the coin was mined. This was explained as a system glitch which most people are skeptical about. All in all, the coin proves to be a good investment for any cryptocurrency enthusiast.