The Essential Guide to the Roots of Dash Exchange
July 29, 2019 (Investorideas.com Newswire) When it comes to the world of crypto trading, everybody already knows about Bitcoin - and for a lot of people, Bitcoin is still the only crypto they know about. That is understandable - after all, Bitcoin was the very first cryptocurrency that appeared, so it is still the most well-known.
However, despite its pioneering status, Bitcoin is actually quite riddled with faults. You can read more about the problems it is currently facing online. You can check here for more information.
Over the years, a lot of new systems cropped up trying to solve all that, so now we have around one hundred altcoins circulating the financial world. One of those is Dash, and it is generally considered to have made the greatest improvements to the prototype. Here is everything you need to know about it.
What is Dash in simple English?
Dash is an acronym, meaning "digital cash". Like the name says, this cryptocurrency strives to function just like regular cash, and is open source, just like Bitcoin. The info on this one, though, can be slightly confusing if you are not familiar with its background.
Older texts and articles, from 2014, refer to XCoin, but then as soon as February the name Darkcoin started popping up all over the web. Finally, in 2015, in March to be precise, the name was again changed to Dash and it stayed that way from then on. So, when you see all these various monikers in your research, remember that they refer to the same currency.
Its main reputation points are the ability to make transactions private, known as PrivateSend, and the capacity to make transactions happen instantly, appropriately named InstantSend. On that note, if you are looking to get involved, you should track Dash's current status in regards to the US Dollar, so keep an eye on websites that track the trends, such as https://rubix.io/dash-exchange/.
Why all the name changes?
In short, due to getting tangled up in a controversy right upon launching. In the first forty-eight hours, approximately 1.9 million XCoins were mined, which disproportionately exceeded the expected rates and came to be known as "the instamine controversy". Evan Duffield, who created XCoin, said that the instamine episode happened due to an error in the code for difficulty adjustment.
The financial community was understandably ticked off and rejected his offers of relaunching the cryptocoin or any other suggested remedy. The whole thing dealt huge damage to the developers' reputation, with rumors going around that they premined the stuff themselves. So, drastic rebranding was desperately needed.
The PrivateSend and InstantSend Features
Like we mentioned, Dash boasts some unique features, the most notable being PrivateSend and InstantSend.
PrivateSend was designed to make transactions less trackable, if at all. Usually a cryptocoin can be traced through the blockchain via every single transaction it was used in. PrivateSend renders exchanges anonymous by sending data to master nodes instead of directly to miners.
Master nodes in this case are people who have more than 1000 Dash already. They keep it updated and provide the above two services. For PrivateSend, they mingle coins from different users so that none of them link back to one specific individual.
As for InstantSend, the name is pretty self-explanatory. It aims to remedy the problem of the time it takes to confirm every single crypto transaction with the other currency brands. For example, Bitcoin is already infamous for needing an entire ten minutes on average to get that operation through. In contrast to that, the average transaction confirmation time for Dash stands at 1.3 seconds.
Just like PrivateSend, the coins are sent to master nodes. A smaller group of people takes less time to reach a consensus, so things are quicker, and their approval is irreversible which saves you from double-spending. If a consensus is not reached for whatever reason, the transaction goes through miners according to the regular process.
Dash is fast, anonymous, and decentralized, making it more or less just like real cash. Most businesses nowadays accept it as payment, which proves its practicality. Now that you know where it came from and how it works, why not give it a try yourself?
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