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Review on Dash by Peace Ofem

A CRYPTOCURRENCY OF SPEED AND PRIVACY

Being forked from the Bitcoin protocol though it has new elements added to it which makes it different, it is an open source cryptocurrency. Coined from the mixture of two words digital and cash, it was built January 2014 by its previous name "Xcoin" (XCO) by Evan Duffield, and in its early days was subjected to the pump and dump speculation. It was re-branded as "Darkcoin" and received press for being used in dark net markets. It again re-branded in march 2015 with its current name Dash as a portmanteau of 'digital cash.



It is a decentralized autonomous organization (DAO) which is run by a subset of its subscribers (users), called "masternodes which is the backbone of the Dash network and with a high market cap has gained fame because of its different approach to the market and offers better privacy and higher transaction speeds. specifically made for payments, it has a two tier network structure and is the first known for the implementation of masternodes and currently leads as one of the most popular cryptocurrencies in Latin America and has partnered with Mexican cryptocurrency exchange to launch its first crypto visa debit card.



Amazing features of Dash:



InstaSend

quick transactions can be carried out using the InstaSend protocol. it bypasses miners and utilizes a consensus of masternodes to validate a transaction with this process eliminating the waiting time linked with blockchain network confirmations.



PrivateSend

One of the most advanced features Dash utilizes is its Private Send protocol. This protocol allows its users to make and get untraceable payments on the blockchain which is very convenient.



Chainlock

chainlock is another powerful feature it incorporates as this protocol defends against 51% attacks when used in parallel with InstaSend. A 51% attack occurs when more than half of a blockchains node introduces fake data.

Sporks

experiencing some issues with a 2014 update named RC3, the community resolved it was best to find a more smoother upgrade strategy and this led to the creation of Sporks that allows for major upgrades such as soft or hard forks but without the need for instant change. its updates enter the blockchain in a multi-phase approach and allows developers to monitor real-time data surrounding the upgrade. plus it allows the network to gradually make the upgrade without its integrity all at once.



Dash transaction fees are lower compared to credit cards/banks. the fee for using personal money and for sending micro payments globally is quiet minimal and gives users the freedom to move their money anywhere due to its clear peculiarity leading to an everyday transaction by people globally.

This cryptocurrency is accepted by business of all shapes and sizes worldwide making it instant and easy to use.





Pros & cons

  • High security
  • Fast transactions speeds and stable network
  • can be mined
  • one of the most private cryptocurrencies around
  • can be applied easily, is decentralized and safe
  • Suffered a bug upon release
  • May be misused in illegal activities