Dash Basics | How to Buy Dash | Dash Wallets

Dash (DASH) is one of the cryptocurrencies that received a lot of attention in 2017. It has also been named as one of the top 5 cryptocurrencies to invest in this 2018 by cryptocurrency experts. Dash traded at $10 per coin in January 2017 but by December 2017, it was trading at $800 per coin, that is an impressive 8000% increase. In other words, if you had bought a $100 worth of Dash in January, you could cash out $8000 in December 2017. However, this is not a guarantee that is will keep increasing in value.

Like other Altcoins including the ones I have reviewed in the past like Ethereum, Litecoin, Neo, Ripple etc. the founder of Dash saw room for improvement in the first cryptocurrency – Bitcoin – in terms of the speed of transaction, privacy and scalability. This led him to create Dash. There are many articles on Dash online, however, in this article, I am going to give you the basics in an easy to understand manner with a beautiful infographic at the end enjoy.

 

What is Dash?

Dash is a cryptocurrency that was created by Evan Duffield on January 18, 2014. However, “Dash” was not the name of this cryptocurrency when it was released.

It was released as XCoin (XCO) in 2014, rebranded to “Darkcoin” in February 2014 and rebranded a second time on the 25th of March 2015 to “DASH” meaning “Digital Cash”.

Evan Duffield after studying the bitcoin blockchain was impressed by it. He was also quick to realise some limitations bitcoin has, which includes that it is not fast enough, it is not really private and scalable. So, he decided to create a cryptocurrency similar to bitcoin where these changes can be implemented, hence Dash. Dash currently has about 50 employees continuously working on its development.

NOTE: Evan could have made these changes in the Bitcoin Blockchain but it is much difficult as thousands of bitcoin miners around the world have to agree to that which is not easy to achieve and usually lead to bitcoin forks; the kind that gave birth to bitcoinCash and bitcoinGold. For example, there has been a debate to increase the block size of bitcoin. This debate has lasted for two years now without resolution. This is same proposition was made in the Dash network and was agreed on within 24 hours.

What is the Maximum Number of Dash Coin?

The maximum number of DASH that can ever be mined is 18 million DASH. About 7.4 million of these coins are already mined and are currently in circulation.

From the way the Dash network is programmed, the number of coins mined each year is decreased by 7.1% every other year. This implies that the last of the 18 million Dash coin would all be mined by the year 2300.

 Outstanding Features of Dash

Some features that make this cryptocurrency outstanding include;

  • Private send
  • Instant send
  • MasterNodes
  • Governance
  • Dash Evolution

Private Send

In bitcoin transactions, your payment is not completely anonymous because everybody can see the wallet addresses a bitcoin is coming from and going to but the owners are not known. However, some who knows you personally and has your bitcoin wallet address can check all the transactions you have made on that wallet address.

With the Dash Private send feature, you can make a private transaction. When you send Dash using the private send, your transaction is first mixed with other transactions before it is sent to the wallet you intend it to be sent. This is just like someone throwing in a piece of paper into a basket filled with similar types of paper, have it shaken it together and later picks it out. It becomes more difficult for someone to know the number of Dash you sent and the address you sent it to.

Instant Send.

Bitcoin transaction it instant but it takes about 10mins for confirmation. Dash is 4 times faster as it takes 2.5mins for confirmation but with the instant send feature, it would take less than a second. However, using the ‘instant send’ feature cost more in transaction fee – about 3 cents compared to 1 cent for normal sending.

MasterNodes

In the Bitcoin Blockchain all nodes are equal but in the Dash network, it is not so. There is a second group of nodes called the MasterNode. It is through this nodes that the ‘Privet Send’ and ‘Instant Send’ features are implemented. Anyone can own a MasterNode but you will have to stake 1000 Dash to do so (this is to ensure you don’t abuse it as you will likely lose your coin if you do so). You are free to withdraw the 1000 Dash coin anytime you like but when you do so, you lose the MasterNode.

The MasterNodes earn 45% of the reward from block confirmation. There are currently over 4,500 MasterNodes in 41 countries.

 Governance

This feature is what makes fast and continuous improvement of the Dash network possible because it allows the MasterNode owners take part in decision making of the Network. Each time a block is mined there is a reward, unlike bitcoin where 100% of these reward goes to the miners, 45% of the reward goes to the miners, 45% goes to the MasterNodes owners, and 10% is saved for the Dash development. This 10% is released monthly but can only be spent when at least 51% of the MasterNodes owners approve of the spending proposal. The proposals include salary payment for the DASH developers, DASH awareness campaign and approving changes in the DASH network itself.

Dash Evolution.  

The fact that DASH has a development team that is funded by the DASH network itself is one of the reasons why investors believe Dash is among the top 5 coins to invest in this 2018. This is unlike bitcoins where development team relies on donations. Evolution is the next phase of Dash development; its purpose is to make Dash more scalable and more user-friendly. Its features include; a light wallet, new better API, strengthened MasterNode performance to handle increasing activity in the Dash network. The full version of Evolution is expected to be released this year 2018.

How to Buy Dash

There basically 3 steps in acquiring your first Dash

Step 1 – Get a Dash Wallet

Dash wallet is where to you will hold you Dash coin. If you are buying a large amount of Dash coin, you should definitely buy the hardware wallet as they are the safest.But if you are not buying a large amount, then the desktop or mobile wallet should do. Here is a list of dash wallets:

Dash Hardware Wallets

Dash Mobile Wallet

Dash Desktop Wallets

Also  read: Top 12 Wallets to Safely Store DASH

Step 2 – Buy Dash

There are not so many exchanges where you can buy Dash directly with fiat money (Naira or USD). Most of the exchanges require you purchase bitcoin or Litecoin and exchange it for Dash. Some exchanges to buy Dash include.

Also read: Top 5 exchanges to Safely Buy and Sell DASH

Step 3 – Move your Dash to your Wallet.

When you buy Dash from exchanges like Binance or CEX,  move if from these exchanges to your own wallet where you have complete control of your coin. Exchanges, in general, have been hacked in the past.

 

Dash Vs Bitcoin

 DASHBitcoin
SymbolDASHBTC
Coin Limit18 million21 million
Transaction time1 sec - 2.5 mins10 mins
AlgorithmX11SHA-256
FounderEvan DuffieldSatoshi Nakamoto
(Unknown)
Creation date18 Jan. 20143 Jan. 2009
Coin Market Cap
(04/02/2018)
Approx. 5 billion USDApprox. 153 billion USD

In Summary, this beautiful infographic presents the differences between Dash and Bitcoin in a very interesting form.

Dash Infographic

Conclusion:

To keep abreast with what is happening in the Dash, these Dash official channel will be of help

Dash was a profitable investment in 2017, it is still very promising but there is no guarantee that it will remain a profitable investment this year. If you choose to invest in Dash, you can make a lot of money but you can also lose your more is the value falls. When investing in Cryptocurrencies in general, do so with money you can afford to lose.

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