In 2009, Bitcoin pioneered what was to become a new asset class and a new industry becoming the first stateless and borderless currency in the world that was at once fast, private, and secure. Bitcoin has since seen widespread adoption and investment from all corners of the world, but it was not very long after its launch that a few cracks started appearing in its processes and functionality as an alternative to traditional fiat currency.
With the focus of the cryptocurrency and crypto asset world being, in part, on uprooting and replacing the traditional financial banking systems of the world, it was not long before those in the cryptocurrency and cryptoasset community who felt dissatisfied with the way things were going brought their own alternatives to the crypto scene. These new and alternative coins to the original cryptocurrency bitcoin became known as altcoins over time. Among the more prominent of these altcoins was and is Dash - a portmanteau for Digital Cash.
As its name implies, Dash is a blockchain based cryptocurrency whose main goal is to one day become the go-to digital alternative to everyday cash. Dash seeks to provide all of the uses that cash offers us all in our everyday life, but under a decentralized system that is fast, safe, cost-efficient, and highly private. Dash was conceptualized from its foundation to solve many of the key problems that plagued bitcoin.
Dash aims to be more private than Bitcoin
Many people new to the cryptocurrency and cryptoasset scene think Bitcoin is private. Although it is reasonably private, it is not completely private by any means - Bitcoin uses public keys that can easily be tracked and these public keys (if they are able to be tied to a person's real-world identity) can show what Bitcoin transactions a person had done.
Dash's original team of developers wanted to create a digital currency that was actually private. One of the key attractions of the digital currency and the cryptoasset worlds is that it promises the user a completely private means of sending money from one place to another without the fear of being tracked by anyone. Although Bitcoin transactions don’t strictly carry the names of the sender and the recipient of any digital payment, the actual payment can be traced by anyone with a computer and internet connection using the open source blockchain. This type of digital currency tracing is not possible with Dash using special features of the Dash network.
Dash aims to be faster than Bitcoin in digital currency transactions processing
Dash, unlike Bitcoin, offers its users a nearly instantaneous means of confirming digital payments on the Dash network. A typical Dash payment can’t take as little as 2 seconds to completely confirm -this is fast compared to Bitcoin which takes at least 10 minutes (due to the 10 minute block time) and far faster than centralized options such as third-party clearing providers. Lately, as the Bitcoin network has expanded in terms of the number of users who are adopting the digital currency, transactions can take up to a day to be confirmed.
Dash attempts to be truly Fungible
One of the key weaknesses of Bitcoin is that Bitcoins themselves are not seamlessly interchangeable with one another. This is because Bitcoins carry a history of the transactions they have been involved in previously. Therefore, any Bitcoin that is traced to have been previously used in an illicit or dark activity is at the risk of being rejected by merchants or having its value deprecated in some way. Merchants or Bitcoin exchanges can blacklist Bitcoin wallet addresses. Dash comes with the fungibility of fiat currency as the transaction history related to a coin on the Dash network is routinely deleted - this makes them interchangeable and protects users from losing the value of their digital asset.
Recurring Funding - Dash's Approach to Improving the Platform
While Bitcoin relies completely on the big-interest miners to continuously verify transactions and keep the network intact, with no recurring source of funding, the Dash acts like a digital corporation where recurring funding is sourced in order to allow the digital asset platform to keep hiring tech-savvy minds and bringing in new ideas in an attempt to improve the Dash network.
How to Acquire Dash
As with Bitcoin, Dash can be acquired either via mining or via simple purchase from digital exchanges. In this sense, Dash is similar to Bitcoin and many other cryptoassets and digital currencies that rely on hashing algorithms and mining.
And now, given the rise of cyrptocurrencies and crypto assets to quasi-mainstream financial assets, we're dedicated to providing quality, relevant, and interesting material on cryptocurrencies and cryptoassets. Articles on Bitcoin, Ethereum, Ripple, Cardano, and many more cryptocurrencies and cryptoassets can be found on Pennies and Pounds - all that in addition to a plethora of information on what cryptoassets are, how the entire crypto industry came to be, blockchain/immutable ledger technology, mining, proof of work, proof of stake, and how to prudently invest in crypto if you are so inclined (based on your risk tolerance and ability to withstand the volatility that will come with a crypto portfolio).