Review on Dash by Olugbenga Ajayi
Dash: Masternode Network
Dash was initially created in 2014 by copying bitcoins code and first called it xcoin Dash is a crypto currency with various transformations such as a two tier incentivized network that is popularly known as Masternode Network. Dash also made other improvements like Darksend for increasing fungibility and instantX. InstantX allows instant transaction confirmation without a centralized authority. Dash is the first privacy-centric cryptocurrency based on the work of Satoshi Nakamoto. As a rresult of decrease observed in the amount of nodes running on p2p network on Bitcoin network, many solutions were proposed. Masternode was used to solve this problem. Masternode are full nodes, just like in Bitcoin network except that they must provide a level of service to the network and have a bong of collateral to participate. To run a Masternode, the node must store 1000 dash.
Pros
- Decentralization is achieved through democratic voting of the masternodes.
- Transactions fee or charges is lower than credit card
- Rewards from block development are split between miners, the masternodes and a funding pool for das development
- Transactions are made faster with instantSend, a technology which ensures this features as well as confirmed very fast
Cons
- There are two speculations that a large amount of masternodes are owned by the core development team
- There is a controversy over the core development team setting aside for themselves 2million of the total 18million coins by fast miming them within the first 48hours of the release.
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Comments (1)
May 06, 2020
The goal of Dash is to offer financial freedom to everyone and to be used as a practical alternative to cash and credit cards.
Dash provides it's users with a portable, inexpensive,divisible and fast digital cash that can be used inn the Internet and in the real world
