What is Dash?

What is Dash?
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Dash (DASH) is a next-generation digital currency based on the Bitcoin software.

Dash has solved many of the problems inherent in Bitcoin by speeding up transactions, offering enhanced financial privacy, and developing a decentralized governance and funding system.

Why Choose Dash?

– PRIVATE

Keep your payments private so nobody can track you, your transactions and balances are nobody’s business. With Dash’s ahead- of- time anonymization, only you have access to your financial information.

– INSTANT

Dash harnesses the power of its Masternode network to power an innovative technology called InstantX. When sending money, users can select the “Use InstantX” box in their wallet, and transactions will be fully sent and irreversible within four seconds.

– SECURE

Advanced encryption and a trustless protocol for complete security in your payments and anonymization process.

– GLOBAL

You can send money anywhere in the world with the same low fees and the same speed as if you were sending money next door!

– LOW – FEES

Most transactions only cost a few cents to send, which is considerably cheaper than services like Western Union, PayPal, or Moneygram.

– HOW TO GET A DASH DEBIT CARD

SpectroCoin offers Bitcoin prepaid cards, which can be used at any ATM around the globe or shops as an ordinary payment card.

The SpectroCoin VISA Debit Card is funded instantly, so you do not have to worry about exchanging your bitcoins in advance.

The card can be denominated in dollars (USD), euros (EUR) or pounds (GBP).

Pay with bitcoins wherever you want. SpectroCoin bitcoin debit card is accepted everywhere where MasterCard or VISA is accepted. That includes automated teller machines (ATMs) for cash withdrawal, online sites, and physical shops. This Bitcoin debit card can also be linked to PayPal or any other online wallet.

Virtual and physical bitcoin debit cards are available. Virtual bitcoin cards are issued instantly and can be used to spend bitcoins anywhere online. Physical bitcoin cards are delivered within 1-4 weeks and can be used to spend bitcoins anywhere physically and online.

Instant loading. Bitcoin debit cards can be loaded immediately from SpectroCoin wallet.

No verification required. To simplify the process, you are not obliged to complete verification immediately. However, to benefit from higher debit card limits, you will have to verify your account.

Cards in several currencies are available. USD (dollar), EUR (euro) and GBP (pound) cards are issued.

Multiple digital currencies this debit card can be funded with various digital currencies including Bitcoin, DASH and more.

Low fees are guaranteed for SpectroCoin bitcoin debit card holders. The dollar, euro or pound denominated debit card costs 9 USD/8 EUR/6 GBP respectively. There is also no loading fee.

Unlimited lifetime withdrawals and deposits to the bitcoin debit card for verified cardholders. Other limits also being high.

– PEER- TO- PEER

Like bittorrent, Dash is a fully decentralized peer-to-peer (P2P) network. Because of this, you don’t have to trust a bank or other centralized service. Everything stays between you and the other party in the transaction.

– MASTERNODES AND PROOF-OF-SERVICE

In addition to traditional Proof- of- Work (PoW) rewards for mining Dash, users are also rewarded for running and maintaining special servers called “Masternodes”.

What are Masternodes?:

Simply put, Masternodes provide much of the necessary infrastructure to the Dash network. Most people are familiar with the single-tier network that Bitcoin utilizes. Users broadcast transactions to the network, and when miners discover a new block, they incorporate all those transactions into the blockchain. Each block that is added to the blockchain is considered one “confirmation,” but transactions are not considered to be fully “cleared” and irreversible until they receive at least six confirmations. With an average blocktime of ten minutes, Bitcoin transactions take about an hour to fully confirm!

Dash takes things a step further by utilizing a two-tier network. The first tier works in the same way as Bitcoin: miners find blocks and post transactions to the blockchain. The second tier, comprised of special servers called Masternodes, enables additional features such as instant transactions (InstantX), private transactions (Darksend), and decentralized governance and budgeting.

Anyone can run a Masternode, but in order to do so, the user must prove that they own 1000 DASH. This is to prevent so-called “Sybil attacks” on the network. The 1000 DASH is not locked or consumed–a Masternode owner can spend that 1000 DASH anytime he/she wants, but doing so will result in the Masternode turning itself off. Masternodes are typically hosted on virtual private servers (VPS) run by companies such as Amazon Web Services, Microsoft Azure, Vultr, and others.

People are incentivized to run Masternodes because they receive a portion of the reward when miners find new blocks (45% of the block reward goes to miners, 45% goes to Masternodes, and 10% is used to fund Dash-related projects via the decentralized budget system). The return on investment is currently about 15% (over the course of a year, you will earn approximately 150 DASH from running a Masternode).

At the time of this writing, there are 3400 Masternodes in 22 different countries. This provides a high level of decentralization due to the impossibility of one user gaining control of enough Masternodes to deanonymize transactions.

X11 Chained Hashing Algorithm

X11 is a widely used hashing algorithm created by Dash lead developer Evan Duffield. X11’s chained hashing algorithm utilizes a sequence of eleven hashing algorithms for the proof-of-work. This is designed to increase the decentralization level of the currency by making ASICs difficult to develop. The crypto community has seen the increasing levels of centralization within Bitcoin that have come about since Bitcoin ASICs were implemented and Dash is trying to avoid that. Another benefit of the X11 algorithm is that GPUs require approximately 30% less wattage and run 30-50% cooler than they do with Litecoin’s Scrypt algorithm.

What is DarkSend?

The Dash client stores pre-mixed, denominated Dashs in the user’s wallet, to be used instantly at any time the user desires. The mixing and denomination process is seamless, automatic, and requires no intervention on the part of the user. Here’s how it works:

Every 10 blocks, all user clients network-wide will send any unmixed, Dash in their possession through an anonymization phase. In this phase, Masternodes are used in chained succession to mix the coins they receive from the network and break them down into homogenous denominations. After being processed by a minimum of two Masternodes, the coins are either sent to the next Masternode in the chain or back to the user’s wallet at randomly generated change addresses. Please note that at no point in the process do a user’s coins ever leave his/her control. They will be sent to different addresses within the wallet, but they never leave the user’s possession.

Depending on the desired level of privacy, users may select between two and eight “rounds” of mixing. The desired mixing depth can be selected in the client GUI.

At the end of the anonymization phase, the user’s coins are returned to their client at a randomly generated change addresses. When the user wishes to make a transaction, the client forwards the intended amount from these anonymous change addresses directly to the intended receiver’s address.

What is DASH Mining?

Dash uses a special algorithm called X11 for the proof-of-work. X11 is one of the innovations introduced by Dash and has been widely adopted in the cryptocurrency community since its launch.

The characteristics of X11 make it very unlikely that ASICs will be developed to mine it, at least in the short term.

What is InstantX?

InstantX stands for “instant transactions” and is the technology that allows for transactions to be fully confirmed in only four seconds. InstantX uses the second tier of the Dash network (Masternodes) to produce a “lock” once a transaction is created on the network. The DASH involved in that transaction are locked and cannot be double-spent; the network will reject any attempts to spend the locked DASH again.

What is Decentralized Governance by Blockchain?

Dash has developed a decentralized system to govern and fund the future development of the project. Anybody can come up with a project to help develop the Dash ecosystem and submit it to the network. The proposal will then be voted on by Masternode owners and if approved by at least 10% of the network’s Masternodes, the proposal will be considered approved.

In the meantime, every time a miner solves a block, 45% of the block reward goes to the miner and 45% goes to support the second tier of the network. Ten percent of the block reward is not created at that time–it is withheld by the Dash network. Once a month the DASH that was withheld is created by “superblocks.” These blocks, one per approved proposal, create the DASH needed to pay the proposals. Dash’s emission rate doesn’t change, since the same amount of DASH is created as would otherwise have been.

  • Step 1: Get A DASH Wallet.
  • Step 2: Get Some DASH.
  • Step 3: Use Your DASH.
  • Step 4: Stay Up-to-Date.

Masternode Guides:

Masternode Services (Hosting / Pooling / ….):

https://dashpay.atlassian.net/wiki/pages/viewpage.action?pageId=1867885

Whitepapers

DRK: http://www.darkcoin.io/downloads/DarkcoinWhitepaper.pdf

Dash: https://www.dash.org/wp-content/uploads/2015/04/Dash-WhitepaperV1.pdf

Translations: https://github.com/dashpay/dash/wiki/Whitepaper

Website

www.dash.org

Block Explorer / Crawler:

chainz.cryptoid.info
Official Explorer
Bitinfo Charts
Coinpayments Explorer

Full Official Page listing:

https://dashpay.atlassian.net/wiki/pages/viewpage.action?pageId=13795346

DOWNLOADS

Windows / MacOS / Linux
Electrum Wallet
Mobile Wallets
Paper Wallet
Walletgenerator.net – Paper Wallet
Dash Source
Wiki + Confluence
MINER Guides

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