What is Dash?

 As of the time of writing, the market cap of Dash is $6,111,446,873.

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Welcome to the world of cryptocurrency!!! The next word that pops into our mind when we talk about Cryptocurrency is Bitcoin, but here we will not be discussing it. Instead, we will be highlighting a new alternative currency that has created a buzz in the market. We will be focussing on Dash and its crucial feature which has made it become a popular choice for people seeking faster and quick transaction. It currently at third position lead by Ethereum at second position and Bitcoin at the top.

Dash is the most user-friendly payments focuses cryptocurrency in the world.  Its instant transaction confirmation, anonymity equivalent to that of physical cash and self-governing features makes it so popular amongst the digital currency users.  Although Dash is based on Bitcoin, its two-top network structure makes it a step ahead of other cryptocurrencies.

One minute read

Before heading further to understand in-depth about Dash, let’s have run through on Bitcoin first. We all know that Bitcoin is a cryptocurrency that came into existence in the year 2009 and since then its market capitalization has only seen the phase of growth and escalation. An essential feature of the transaction in done cryptocurrencies is the wait for approval of the transaction. In simple terms, if you are doing a sale or purchase in cryptocurrency, as a merchant you need to wait for the approval of the network to ensure that the transaction is valid. This feature puts the cryptocurrencies like Bitcoin a step back of the physical cash. Although we have payment gateways which allow vendors to avail zero-confirmation transaction you can only do this with the trusted partners. Dash is an excellent alternative to this. It is an altcoin and was developed with privacy and speed of transaction as a prime area of consideration.

What is Dash?

As mentioned above, Dash is cryptocurrency developed on the base of Bitcoin with a few alterations. It was created in January 2014 and was then names as “Darkcoin.”

Dash’s exclusive technologies InstantSend and PrivateSend enable the user to send and receive transaction at a breakneck pace. The most striking feature of Dash is that you don’t have to wait too long for the transaction. This is a stark contrast to Bitcoin functioning which takes several minutes for transaction confirmation. In simple words, when a merchant does any transaction in Bitcoin, it can take 10 minutes to few hours to confirm this transaction. It affects the speed of operation which is not the case with Dash.

Autonomous governance system is another feature of Dash which makes it so popular and in-demand. It means that it allows its network to assign resources for development and marketing coin by voting on the proposal. Anyone can introduce the proposal in the network.

The crux of the matter is Dash is faster, quicker and more anonymous to Bitcoin. Although anonymity was initially a part of Bitcoin with the alteration in the technology, the anonymity factor has decreased in Bitcoin.

A quick view of the points that led to the rise Dash

Although Bitcoin is the most popular cryptocurrency, there are certain drawbacks of the same. These gaps have led to the rise of Dash an alternative currency based on Bitcoin.

Let’s have a quick view of the gaps-

  • The need for faster transaction
  • The need for anonymity
  • Zero-confirmation transaction

These are the three critical factors that led to the surge of Dash and are also responsible for their ever-increasing popularity.

Key features of Dash-

Well, I have covered it before but, It has many other notable features apart from being quick and fast. There are various other features which makes it so accessible; let’s have a quick look at it:

  1. Privacy- For any transaction, privacy is an integral aspect. With the help of Dash, you can keep your payments With this feature of Dash only you have access to your financial information.
  2. Instant – Another feature which gives Dash an upper hand is that you can instantly do the transfer. It makes use of the power of Master node network to trigger the technology called instant. While doing the transfer, if you select instant in the wallet, your transaction will be processed within four seconds.
  3. Lower Fees- Most of the transaction in cryptocurrencies charge less or none, which makes it a better option as compared to other money transferring modes like Paypal or the Western Union.
  4. Global– With the help of it you can send and receive money globally and that too for the same fee or lesser.

Conclusion– Although ambiguity still surrounds Dash and other cryptocurrencies, yet with the improvisation in the technology and the need to have a less controlled channel of money transfer will lead to the rise and growth of such currencies.

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Toshendra Sharma

Founder & CEO at Allchains
I am a Blockchain Researcher, Developer & Consultant. Founded Allchains, Blockchain-as-a-Service Company. Earlier founded SaaS-based mobile application security company Wegilant (Appvigil). I am very passionate about new technologies like Blockchain, IOT, Application Security, AI etc. I am also the part of Forbes 30 Under 30 list of 2016 in Technology.