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Dash cryptocurrency and payment system specific traits

30/10/2017 00:00
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International digital currency and payment system has been created in the basis of Bitcoin open source code and allows instant and completely anonymous payments. Network users have the possibility to make various transfers, pay for goods and services and make purchases at various e-shops. Dash cryptocurrency has been approved by thousands of e-shops in hundreds countries of the world. Reviewed system main advantage is its complete anonymity coupled to other advantages this system has.

Dash cryptocurrency history and specific traits

Dash decentralized payment system (initially Darkcoin, then XCoin) has been launched in 2014 году and managed to get to totally new level due to developers’ efforts in using ready open source code.  At the beginning of 2016 Dash has become extremely popular in many countries of the world and gained approval both at large scale companies and private persons.

System uses “Darksend” mechanism to provide transactions anonymity at reviewed system. Like other digital currencies Dash has decentralized management system. The currency emission is done by the miners, getting reward in form of Dash tokens after new blocks formation. 90% of mined sums are equally distributed between miners and Masternodes operators, while other 10% are used for network improvement financing.

Currently Dash is at the sixth place at popular ratings on the matter of market capitalization. Such index is considered to be rather high. Cryptocurrency exchange rate is constantly growing that is why investing in this currency is rather profitable and prospective activity.

If to speak about its resemblance to Bitcoin Dash has some specificities:

  • completely anonymous transactions;
  • usage of hashing algorithms titled as X11, which is the set of 11 cryptography hash functions. this algorithm has been offered by Dash developer Evan Dufield in order to make difficult the usage of specialized equipment during the process of mining;
  • less energy consumptive mining;
  • taking decisions about network further improvement collectively not by single developers group; but by all team members via the mechanism of decentralized management. This decision making model has been applied when network members have decided to increase blocks size till the level of 2MB. This process took less than 24 hours.


Masternodes make indispensable part of Dash cryptosystem and are its specific nodes (servers) providing the operation of payments specific mixing system titled as «PrivateSend». Masternodes management is done by volunteers’ community without any centralized body.

Masternodes task is both participation at management and the performance of the following unique and crucial functions:

  • They make Dash cryptocoins anonymous and completely identical irrespectively of their prehistory. In this case Dash reminds fiat money.
  • Masternodes support instant transactions. This fact makes this reviewed system attractive for retail sphere as it requires fast transactions confirmations.

Masternodes get reward amounting to45% from each mined block for such a useful work related to system functioning maintenance.

In order to understand the role of masternodes clearly it is worth mentioning that each masternode is the system complete node which contains blockchain with all transactions done from the beginning of project functioning. All this provides network stability and reliability.

Now Dash network contains more than 3 900 masternodes (only Bitcoin contains more complete nodes- 5 750). If to review the index of masternodes amount correlation to the coin capitalization amount, the Dash stays on the first place. in other words the value of reviewed cryptonetwork is provided by complete network better than it goes about other cryptocurrencies.

Besides this in order to minimize the option of system management by thieves (e.g. in order to reveal transactions anonymity) of most masternodes in the network the limiting factor is applied. The connection of each masternode to the system is possible after loan in the amount of 1 000 DASH.

Dash-wallets and the usage of cryptocurrency

Dash cryptocurrency is defined by the highest paces of development in cryptosphere and its popularity is constantly growing. If to speak about technical point of view Dash-wallets have protected keys and transactions signatures, but they are not connected to cryptocoins themselves. Dash-transactions are in Dash blockchain. In case of Dash coins sending the user transfers coins property right to receiver and this fact is marked in blockchain.

Official Dash Core wallet has been developed on the basis of Bitcoin wallet titled as Bitcoin Core QT wallet, but it has additional functions. Generally Dash wallets can be of different forms: desktop, mobile, online and paper wallets.

After creation of the wallet and getting wallet number user can accept transfers and withdraw money from the system.

The purchase of reviewed cryptocurrency is possible at cryptocurrency stock exchanges or exchange sites. Users can check resources for Dash coins purchase via fiat or digital money at cryptocurrency official web site. In most cases money withdrawal and refilling is done instantly. But it if goes about bank transfers this process might be a little bit slow.

Cryptocoins withdrawal is done in the same way (via stock exchanges and exchange sites) as Dash payment system doesn’t have own exchange site.

In most cases the founders of Dash cryptosystem develop several innovational projects, which they think will help them to win cryptocurrency market and take leader place. Taking into account active and successful story of this coin development such situation is quite possible. And we can say for sure that Dash investments are not for granted.

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