Review on Dash by Kenan Chalabi

Dash is an interesting crypto project. Let's learn some facts about it.

Such obvious flaws and weaknesses in Bitcoin do not exist in Dash, which makes the two digital currencies very different in terms of efficiency. As an alternative to Bitcoin, Dash offers its users faster and anonymous services. 3

A setback to the use of Bitcoin is the low rate of funds transfer, confirmation and visibility in the beneficiary's account. It can take several minutes or even hours to confirm and complete the transaction using the Bitcoin system. However, with Dash, it takes a few seconds to confirm the transaction.

Although many other cryptocurrencies also provide instant confirmation of transactions like Dash, not all cryptocurrencies block these transactions once they are completed. Think of a buyer who buys goods from the seller and pays. If the system confirms the payment but does not freeze the amount, the buyer can purchase again with the same funds that were originally restricted.

In the world of cryptocurrency, this phenomenon is called the double-spending problem. The InstantSend feature (previously called InstantX) available to Dash users solves the double spend problem by excluding the sent amount without waiting for the lock confirmation to consider the transaction confirmation. 4

Privacy and masternodes

Dash has a coinjoin called PrivateSend (previously known as DarkSend) hybrid technology that can anonymize the transactions made by its users. Coinjoin mixes multi-party transactions into a single transaction instead of separate transactions. 4

For example, three transfers of funds from A to D, B to E, and C to F will be read as A, B, and C to D, E, and F on the blockchain. Therefore, there is no definitive way to determine who received how much money from whom. With PrivateSend, at least three different users are required to transact, and these transactions will be combined to cover the traces of the fund. Sender and receiver must send the same Dash denomination, with a limit of 1,000 DASH per session. 5

Dash runs on a network called Masternode. Masternode runs the Dash digital wallet, promotes transaction blocking on InstantSend, coordinates currency mixing through PrivateSend, and enables a decentralized governance platform. 5

Widely accepted

In 2017, Dash established a partnership with the Wall of Coins web platform. Wall of Coins provides a peer-to-peer platform that allows users to buy and sell Dash for cash. It also opens up a way for users to buy and sell cryptocurrencies at traditional financial services institutions like Wells Fargo, MoneyGram, Chase, and Western Union. Dash support has also been added to several popular wallet services, such as blockchain.info.