1 Level
6 Review
5 Karma
Review on Dash by Bert Harper
Dashcoin review
The purpose of dashcoin development was to improve upon the original blockchain and provide faster and safer transactions. Suffice to say, it succeeded in doing so and is now one of the top 12 cryptocurrencies.
Users can make use of untraceable, instant transfers and a practically unhackable network. The smallest unit in Dash is 1 millionth of the coin and total supply is limited to 19 million – expected to be reached in the year 2254.
Dashcoin’s origin can be traced to Evan Duffield back in January 2014. It began its life under the name Xcoin, later rebranded to Darkcoin and finally became what we now know as Dash – short for Digital Cash.
Currently, the team consists of more than 50 developers, all funded by the network itself. Operating as a Decentralized Autonomous Organization (DAO), 10% of each block reward is transferred into a fund used for further improving the project.
Dash is an improvement of Bitcoin’s blockchain, it still uses Proof of Work as a consensus protocol for confirming mined blocks, based on the X11 hashing algorithm. Block time is roughly 2.6 minutes, the size – 2MB and the reward 1.67 Dash coins.
Pros
- InstantSend is one of the functions enabled by masternodes. As the name implies, it’s practically instant transactions, rivaling the speed of credit cards and they’re a crucial factor in the network as they enable two key functions. An added benefit to hosting such a node is the rewards you receive
- PrivateSend - A secure transfer of funds that obscures the actual addresses of senders and receivers, thus increasing privacy
Cons
- About 2 million coins were issued over 2 days due to a bug in the mining algorithm. That amount is currently still 15% of the total supply and there are speculations that early adopters have abused this fact for their own benefit.
