Today there are a large number of different cryptocurrencies such as Dash, each with its own characteristics, strengths, weaknesses, and operating mechanisms. This means that we can find a wide range of digital currencies to invest and to carry out transactions.
Here we will talk about one of the most popular cryptocurrencies on the market and which year after year it occupies the TOP 10 of the coins with the best value or most used. That's right, we will tell you everything you need to know about, from the simplest points to the technology behind.
✨What is Dash? ✨
As we already anticipated you, Dash is a cryptocurrency which is based on the P2P or Peer to Peer code. Also known as XCO, this cryptocurrency originated under the name Darkcoin, although in 2015 it was renamed Dash, the name it maintains today.
This currency, in the beginning, was designed to compete directly, face to face, with Bitcoin in terms of network speed and transactions, as well as privacy. That is why the concept of its Blockchain is based on a decentralized system which makes everything more efficient.
✨ Dash value✨
Another point that you should know is that its price or its value has remained stable over time. That's right, despite the cryptocurrency market being very volatile, Dash has managed to maintain between the range of 90 to 70 euros on average.
While we do have both falling and value peaks, with their corresponding little curves, in reality their value is slightly more stable than other currencies. Take into account that like other cryptocurrencies, the downward trend is the one that reigns here.
✨Difference between Dash and other cryptocurrencies✨
- Privacy: The first thing you should know is that there is a significant difference in terms of privacy. Dash uses an X11 algorithm together with a PrivateSend function which is responsible for creating completely anonymous transactions.
- Net: Another of the most striking differences between Dash and Bitcoin, for example, is that Dash uses a two-tier network. The nodes of the first level (Decentralized) are in charge of mining these coins while the second level of the network handles the anonymity functions, that is, PrivateSend and InstantSend.
- Speed: One of the main disadvantages of Bitcoin is the fact that its blockchain has really long transaction times. However, Dash incorporates the InstantSend feature with optimized Blockchain technology. This makes transactions practically instantaneous, increasing the operating speed.
- Commission: Finally, you should know that thanks to its architecture the operation of this block of codes is faster. Thus, the operating cost is much lower, which is why we find very low commissions. Dash commission cost is 0.01 while those of Bitcoin are 2.
As we already anticipated, it operates under an improved Blockchain which incorporates a 2P2 or Peer to Peer code. This causes some features to be shared with Bitcoin, although other much more advanced features have also been added.
The algorithm known as X11 incorporates features such as instant, private transactions, and decentralized DGBB governance. Another striking feature is that it uses a two-level architecture which allows each of the levels to focus on a specific process, thus making operation more efficient.
The first level of the Dash architecture we find the miners who are in charge of validating and registering the transactions in the Blockchain which helps to build the chain of blocks. If you wanted to be part of Dash mining then you would operate at this level or layer.
On the other hand, in the second layer or level we have the Master Nodes or master nodes which are responsible for supporting Dash applications. In this way, it is possible to reduce some problems of the original Bitcoin algorithm such as the slowness in the recording of transactions.
The mining of this cryptocurrency is very similar to that of other cryptocurrencies, since it is based on Blockchain technology. The mining mechanism used in this coin is the PoW or Proof of Work which works with the Blockchain and the PrivateSend function.
The miner is in charge of solving some of the mathematical problems or complex puzzles of the chain. If the information is true and the developer confirms the solution, a new block is added to the chain. Then the miner receives a Dash coin as compensation for having solved the puzzle or math problem.
✨How can I use it? ✨
One of the disadvantages of many cryptocurrencies is that they are not yet as accepted as means of payment because their scope is much more limited. The same happens with Dash that although little by little more businesses are in charge of accepting it, it is still far from being as used as a card.
PayPal is the main platform that allows you to use Dash as a form of payment Thus allowing you to buy goods and services using your Dash Coins. This is a great advantage, since PayPal is used globally on many sites.
✨How can I get my Dash Coins? ✨
As we already told you, the first option to get your Dash Coins is by mining them. For this you need to have knowledge about coin mining and adequate equipment. If you solve a Blockchain puzzle then you will be earning a Dash token.
On the other hand, you can buy Dash Coins in some exchange or exchange houses, as well as you can buy them from individuals and then store them in your Wallet or purse. Even You can invest in Dash Online, an option that is rapidly gaining relevance as a way to obtain your own cryptocurrencies.