Getting Started – Dash Advantages
What makes Dash special, besides being a decentralized digital currency? Dash has several fundamental advantages over other digital currencies. Check out our video that summarizes some advantages of using Dash.
With Dash fees are much lower than banks or credit cards; often even there is no fee – you don’t get charged a lot to use your own money and you can send micro-payments anywhere in the world.
While fast relative to bank transfers, Bitcoin and most other digital currencies take a significant amount of time to confirm transactions on their network. In the case of Bitcoin, it takes an average of 10 minutes to confirm a transaction and many merchants require 5-6 confirmations before considering the transaction complete. While this 50-60 minute transaction time may be acceptable for making payments online (where goods may not be shipped for hours), this makes nearly all digital currencies impractical for things like face-to-face or in-store purchases and could limit their potential. The developers of Dash created a unique, decentralized technology called InstantX that guarantees and confirms payments in around four seconds. That’s right—you can send money to any place in the world in only a few seconds!
Crypto-currencies use a public ledger where anyone can verify transactions as they happen. The public ledger concept is really important – the confidence, people have in the system, comes from the fact that everybody on the network acts as an auditor to verify that the system is working correctly..
Digital currencies like Bitcoin, people send and receive money using “public keys” or “addresses”. These addresses consist of a string of characters and look like this:
While users don’t use their name (this is called a pseudonymous system), over time many vendors, exchanges, services, and individuals that users transact with can attach your personal information to your address. Once your identity has been associated with your address, that valuable information can be used to track your income, spending, and other transaction activities, or even sold to others such as marketers, criminals, tax authorities, law enforcement, or even snooping relatives. If you send money to anyone, that person or entity can associate you with your entire transaction history.
Dash views financial privacy as a fundamental right. Therefore, Dash created an option for users to make transactions with true privacy, so that nobody could ever associate a person’s identity with a particular address or transaction. With Dash, users have the ability to keep all their transactions private.
Dash is the first crypto-currency to introduce the concept of “masternodes.” These are servers connected to the Dash network that are “always on,” secure, and capable of delivering numerous services to the network. Today, these servers are used to enable the privacy features and instant transactions we’ve already discussed. In the future, they can be used to introduce new services to the network that other crypto-currencies are unable to deliver. This two-tier network also ensures that Dash remains a very robust system with that provides a high level of service to its users.
Well-Defined Governance Model
Good governance and management of a crypo-currency project is vital to everyone, even those who are not technically inclined. For example, despite being the most popular and best-funded crypto-currency, Bitcoin is completely dependent on voluntary contributions from private industry and institutions. This has left Bitcoin vulnerable to the whims of these institutions for continued support. Additionally, serious disagreements amongst its developers about technical aspects of Bitcoin’s solution lack a well-defined path to resolution, leading to concern in the media over the project’s direction and ability to overcome disputes.
In contrast, Dash has a well-defined set of mechanisms for anyone to submit proposals to the network to improve Dash, obtain approval, and fund those proposals directly from the network’s revenue. This is important to end-users for several reasons. First, it ensures that Dash is free from the influences of key benefactors and can focus on delivering its core mission to its users. Second, it provides a means to resolve disputes over the future development of the technology, which ensures continuity of the network’s services. Third, it enables all deserving projects or improvements the opportunity to be funded, even if the benefits are widely spread across the network. We believe the Dash governance mechanisms will ultimately benefit its users by delivering a superior solution.
Until now, you were totally dependent on banks to transfer your funds. They have the power to block your account, devalue, or even confiscate your money. Now you have a choice – with Dash all your funds are controlled by your personal wallet and all money transfers are controlled and verified by a distributed network. The decentralized network of users worldwide gets rid of the need for intermediaries and their fees.
Dash is your own personal digital cash protected using advanced cryptography. Transactions are processed not by a bank, but by the distributed power of thousands of independent computers all over the world.
Dash operates on a secure, decentralized network and its fundamental advantage is the two-tier architecture of its network. Dash’s source code is open and available to be viewed and vetted by anyone. This guarantees the independence, safety, and security of the system. The Dash network utilizes its two-tier structure and advanced encryption to maintain full security of users’ funds.
Global Infrastructure and Payments
You can transfer money anywhere, to anyone who has a Dash wallet. These transfers can’t be tracked or blocked by third parties.
Easier International Trade
Digital currencies solve many inefficiencies in the financial system, such as facilitating international money transfers and electronic payments for small amounts (for which credit cards are wire transfers are prohibitively expensive). Digital currencies bring people together in a world that is rapidly cutting distances and allows for more international interaction independent of a person’s location or local currency. Because fees are low or non-existent, it enables the transfer of micro-payments for services that would otherwise make little sense leveraging higher-cost money transfer systems.
New Business Opportunities
Digital currencies like Dash are opening a new world of business opportunities and is important to be familiar with this technology.
Just like with the rise of the internet and networking technologies, the development of worldwide digital currencies opens up many opportunities either to provide services and infrastructure directly related to Dash or just to be familiar with the way it works and offer it as a value added option to customers in any traditional business. Dash in particular is a leader in crypto-currency innovation, being the first to build in privacy features, instantaneous transactions, and a number of other innovative features. We believe it is important to be familiar with the technology, hold some digital cash, learn how easy it is to use a wallet to send and receive money, and with very little effort new ideas will come up about how to apply this new exciting technology to your day-to-day life.
Early Adopter Advantage: Investment Potential
Dash’s future looks promising and the Dash network provides many features which are very useful for people around the world. Being an early adopter gives rise to the possibility that your Dash holdings could grow in value over time. There is, of course, always a risk of price fluctuations, but Dash has proven to be very stable when compared to other crypto-currencies.