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Dash (cryptocurrency)

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Dash
Dash Logo
Denominations
PluralDash
CodeDASH
Previous namesXcoin, Darkcoin
Subunits
 1⁄100000000duff
 ?Dash
 ?mDash
Development
Original author(s)Evan Duffield
White paperWhitepaper
Initial release18 January 2014 (11 years ago) (2014-01-18)
Latest release21.0.0 / 29 July 2024 (5 months ago) (2024-07-29)
Code repositorygithub.com/dashpay
Written inC++
Ledger
Timestamping schemeProof-of-work
Hash functionX11
Issuance scheduleDecentralized, block reward
Block reward1.9063962 DASH (as of 2 August 2024)
Block time2.5 minutes
Block explorerinsight.dash.org
Demographics
Official user(s)Worldwide
Administration
Date of introduction18 January 2014; 11 years ago (2014-01-18)
Website
Websitedash.org
Inside shop with cryptocurrency Dash in Tomaszów Mazowiecki, Poland

Dash is an open source cryptocurrency. It is an altcoin that was forked from the Bitcoin protocol. It is also a decentralized autonomous organization (DAO) run by a subset of its users. It was previously known as Xcoin and Darkcoin.

History

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The currency was launched in January 2014 as "Xcoin" by Evan Duffield, as a fork of the Bitcoin protocol.[1][2] It is an altcoin and in its early days it was subject to pump and dump speculation.[3] It was rebranded as Darkcoin,[4] which received press for being used in dark net markets.[5] In March 2015, it rebranded again with the name Dash as a portmanteau of 'digital cash'.[3] As of August 2016, Dash is no longer used in any major dark net markets.[4]

In early 2017 Duffield, who lived in the Phoenix area, and some other people working on Dash took space in a business incubator at Arizona State University.[6] The Dash DAO later funded a blockchain research lab at ASU.[7]

As of April 2018, Dash's market capitalization was around $4.3 billion and it was one of the top 12 cryptocurrencies.[8]

As of February 2019, Dash was the most popular cryptocurrency in Venezuela according to Der Spiegel.[9] In Venezuela, it was often used alongside Bitcoin and Petro, with Petro basing much of its technology from Dash. On 1 October 2018, Petro switched to an X11 algorithm-based design, which was copied from Dash.[10]

Design

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Dash was designed to allow transactions to occur quickly and to implement a governance structure that addresses perceived shortcomings in Bitcoin.[3]

Governance is managed through a form of decentralized autonomous organization in which decisions are made via a blockchain. The system includes standard nodes and miners.[1]

One of Dash's distinguishing features is CoinJoin, a privacy-enhancing technology that enables users to mix their transactions, making it more difficult to trace transaction histories.[11]

Additionally, the platform introduced InstantSend, which allows for near-instant transactions by locking inputs in a transaction through consensus among masternodes, significantly reducing confirmation times compared to Bitcoin.[12]

Another major development was Evolution, Dash's next-generation platform designed to improve user experience by enabling features such as human-readable usernames, friend lists, and the ability to store data on the blockchain.[13]

The system's decentralization has been criticized due to a mishap during its initial coin distribution, which allowed too many coins to be distributed at release. This concentrated wealth within a small group of early adopters, giving them disproportionate power in decisions regarding the currency’s future.[8]

As of 2018, coins were mined using a proof of work algorithm with a hash function called "X11," which involves eleven rounds of hashing. The average time to mine a block was around two and a half minutes.[1]

References

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  1. ^ a b c Lee, David; Low, Linda (21 Jun 2018). Inclusive Fintech: Blockchain, Cryptocurrency And ICO. Singapore: World Scientific. p. 219. ISBN 9789813238657.
  2. ^ "Bitcoin may be king, but Ripple dark horse in crypto race". Reuters. January 3, 2018. Archived from the original on November 9, 2020. Retrieved August 31, 2018.
  3. ^ a b c Eha, Brian (26 June 2017). "Can Bitcoin's First Felon Help Make Cryptocurrency a Trillion-Dollar Market?". Fortune. Archived from the original on 26 June 2017. Retrieved 17 July 2018.
  4. ^ a b "Meet Monero, the Currency Dark Net Dealers Hope Is More Anonymous Than Bitcoin". Motherboard. 2016-08-23. Archived from the original on 2018-11-18. Retrieved 2018-11-18.
  5. ^ "Online Drug Dealers Are Now Accepting Darkcoin, Bitcoin's Stealthier Cousin". WIRED. Archived from the original on 2018-11-18. Retrieved 2018-11-18.
  6. ^ "Dash Open House". Arizona State University. March 30, 2017. Archived from the original on August 20, 2017.
  7. ^ Moore, Heather (24 Aug 2018). "Cryptocurrency Dash aims to give mainstream money a run". 3TV/CBS5. Archived from the original on 24 August 2018. Retrieved 27 August 2018.
  8. ^ a b Orcutt, Mike (April 25, 2018). "The top 12 cryptocurrencies and what they are—and aren't—good for". MIT Technology Review. Archived from the original on June 12, 2019. Retrieved September 2, 2018.
  9. ^ Glüsing, Jens (February 2, 2019). "Nichts zu essen, aber kostenlos Benzin". Der Spiegel (in German). Archived from the original on July 29, 2020. Retrieved February 6, 2019.
  10. ^ "Petro". Archived from the original on 21 August 2018.
  11. ^ "CoinJoin in the Wild: An Empirical Analysis in Dash" (PDF). Dominique Schroeder Publications. Retrieved 23 January 2025.
  12. ^ "Dash White Paper" (PDF). Bitcoin Crypto Advice. Retrieved 23 January 2025.
  13. ^ "Introducing Dash Evolution Platform". Dash Core Group. Retrieved 23 January 2025.
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