Digital cash is not a new phenomenon, but a perfect solution is rare to come by the project behind the dash is aiming to give people an easy to understand and easy-to-use solution, and they’re succeeding at it.
Dash has not always been named Dash, Back in January 2014 To be more precise the 18th of January 2014 the first step towards creating the coin we now know as Dash, was released under the name XCoin (XCO), on January 28th they change the name to Darkcoin. A little later on March 25th, 2015 Darkcoin was rebranded into the name we now know today as Dash Which is short for digital cash. The original code for dash comes from litecoin, so yes this is not an entirely original coin it is a fork, with a lot of development the team has taken it to an entirely new level for cryptocurrencies.
In the first two days after the creation, 1.9 million coins were mined. This amount to approximately 10% of the total supply that they will be issued and according to the Development Team it was because of a bug in the Litecoin code, which incorrectly converter the difficulty. Even though that development team offered a relaunch of the coin, the community was so strongly opposed to this that they didn’t relaunch.
And from humble beginnings, the team responsible for development has grown to 30 full-time employees, 20 part-time employees and an undisclosed number of unpaid volunteers. The way The core team is paid comes through DASH’s budget system and therefore doesn’t run into a conflict of interest with sponsorships and donations.
Tracking the Ledger
Dash ledger track is split into two a proof-of-work and a proof-of-stake part, and this makes DASH in some regards the same as Bitcoin where you can mine it this can be done with mining equipment. And unlike many other coins, you can actually use ASIC miners to mine for DASH but you can also use GPU mining, and if you have a powerful GPU you will be able to stick it to any ASICS miner. This is the proof of work part of making DASH functions.
There is another part to making dash functions, and this is through proof-of-stake, where you can have a master note which is continuously updating the ledger, To run a master node you need to put down collateral of 1000 DASH.
The block rewards are split between the master nodes and the Miners with 45% to each group, the remaining 10% is going into the budget or treasury system that is funding the decentralized autonomous organization and The Development Team.
The ecosystem of Dash is a little more complicated than most other coins. And that’s why we will be covering different aspects of the ecosystem in different articles but to sum it up we can start with the transaction system where the coin features a private send a system that allows for all a higher level of privacy in transactions And instant send which provides for instantaneous transactions. Besides that, there is the whole treasury system which includes the decentralized autonomous organization better known as the DASH DAO.
The last but just as exciting subject we’re going to cover in later articles is how DASH Is marketing itself and what they have sponsored It will surprise you how much they have funded and what they have funded.
I will just recommend one book for you to read if you want to know more about how a decentralized autonomous organization can have a lot more power then any government in the world.
It is “The Starfish and the Spider” Which is the book about how organisations without a leader can be more powerful than any organisation with a leader. I had read it before I got into cryptocurrencies and it has helped me to understand the possibility of cryptocurrencies and particular helped me to understand what power the DASH DAO. So I strongly recommend that you read it and contemplate a little about what Ori Brafman and Rod Beckstrom have found out about a leaderless organisation.