What is Dash?
Dash is a cryptocurrency which was released by Evan Duffield and Kyle Hagan on 18 january 2014. It is an open source peer-to-peer cryptocurrency that offers instant transactions (InstantSend) private transactions (PrivateSend) and token fungibility.
Dash was originally released as XCoin (XCO). After 2 weeks of its’s release, on February 28, XCoin was re-named “Darkcoin.
Again on March 25, 2015, Darkcoin was re-christened as “Dash” (Digital Cash).
Dash is operated on a decentralized governance and budgeting system, making it the first decentralized autonomous organization.
Dash uses a chained hashing algorithm called X11 for the proof-of-work. Instead of using the SHA-256 (from well-known Secure Hash Algorithm family) or scrypt it uses 11 rounds of different hashing functions.
Dash has two technological products, InstantSend and PrivateSend, which allow the users to make transactions in a very quick and absolutely anonymous manner. This is a major distinctive factor form Bitcoin whose network can take anywhere from 10 minutes to several hours to confirm a transaction, more over reducing the anonymity due to technological advancement in the field of Blockchain.
Dash is being considered as a faster and more anonymous substitute to Bitcoin, with an extra feature of smart decentralized governance which fastens the process of improving and marketing the coin.