{"id":15076,"date":"2017-12-21T00:00:00","date_gmt":"2017-12-20T16:00:00","guid":{"rendered":"https:\/\/www2019.dash.org\/2017\/12\/21\/a-deeper-dive-into-dash-and-its-explosive-year\/"},"modified":"2021-09-18T11:38:41","modified_gmt":"2021-09-18T11:38:41","slug":"deepdive","status":"publish","type":"post","link":"https:\/\/www.dash.org\/news\/deepdive\/","title":{"rendered":"A Deeper Dive Into Dash and Its Explosive Year"},"content":{"rendered":"

Dash (DASH)<\/a>\u00a0is having a phenomenal year \u2014 just one year ago, Dash was worth about $10 per coin. This past week, Dash broke the $1000 barrier and at press time is trading for $1531.<\/p>\n

\"Dash\"<\/a><\/p>\n

Dash<\/a>\u00a0runs a proof of work (PoW) and proof of stake (PoS) consensus algorithm.<\/p>\n

A portmanteau of \u201cDigital Cash,\u201d Dash aims to be just that: a realistic, reliable digital cash solution for the global economy.<\/p>\n

While\u00a0Bitcoin<\/a>\u00a0and\u00a0Ethereum<\/a>\u00a0look for off chain solutions to scalability,\u00a0Dash<\/a>\u00a0has a rather ingenious on-chain\u00a0solution to keep all transaction validations on the blockchain.<\/p>\n

The Rise<\/h2>\n

In June of 2017, Dash really started to take off \u2014 the daily trade volume spiked to $100 million\/day several times throughout the month and it became the one of the most talked about coins on\u00a0Bitcoin Talk<\/a>.<\/p>\n

\"\"<\/p>\n

ASU is one of the largest colleges in the U.S. with a population of 71,946 students.<\/p>\n

Dash\u2019s developer community eventually reached to 30 full-time and 20 part-time employees, all who are paid by Dash\u2019s\u00a0budget system<\/a>. This budget system is run by crypto\u2019s first ever DAO, otherwise known as a decentralized autonomous organization.<\/p>\n

In August of this year, Dash partnered with Arizona State University to create\u00a0a blockchain research lab<\/a>. According to it\u2019s press release:<\/p>\n

Initial research will focus on blockchain scalability, best practice, network architecture, environmentally -friendly mining, latency and throughput. Work will commence this month, and as the partnership progresses, may also include on-campus student lessons taught by Dash Core executives.<\/p><\/blockquote>\n

This positive news sent Dash price price to new all time highs and demonstrated that there is a strong demand for blockchain research within academic settings.<\/p>\n

\"Dash<\/p>\n

Dash began the year at $11.62 and is currently sitting at $1389 \u2013 a gain of more than 11,900%.<\/p>\n

History of Dash<\/h2>\n

\"Evan<\/p>\n

Evan Duffield founded DASH in 2014.<\/p>\n

Dash started out as XCoin back in 2014. One month later, it was rebranded to DarkCoin. One year and a month after that (March 2015), DarkCoin was rebranded to Dash.<\/p>\n

During the XCoin\u00a0days, the release came off to a rocky start: The initial fork led to a bug that allowed 10% of the entire supply of Dash to be mined by whoever was mining at the time.<\/p>\n

Evan Duffield, the founder of Dash, tried to rectify\u00a0this by starting over or airdropping to broaden the distribution; the community rejected his ideas and decided to go forward with development.<\/p>\n

This led Dash to be sold at a very low price on exchanges, which eventually distributed the Dash network more evenly.<\/p>\n

How does it work? Watch this video (1:40):<\/p>\n

Masternodes<\/h2>\n

\"Dash<\/p>\n

Masternodes are computers that run a dash wallet and make decisions, such as locking transactions with InstantSend, coordinate mixing of coins, and voting on budget funding.<\/p>\n

While Bitcoin needs miners to take care of creating new blocks and validating transactions, Dash needs miners just to create new blocks; Masternodes own an entire copy of the blockchain and perform services for the network such as voting, PrivateSend, and InstantSend.<\/p>\n

Because responsibilities\u00a0are split between Masternodes and miners, Masternodes receive\u00a045% of each block reward. Miners receive 45% and Dash\u2019s DAO budget system receives 10%.<\/p>\n

To become a Masternode, you must own 1000 Dash. This prevents\u00a0Sybil<\/a>\u00a0attacks, a p2p attack that can happen when the hacker is assuming a large number of pseudonymous identities against a reputation system.<\/p>\n

There are currently about 4600 Masternodes in the network, whose average monthly income is about $8000. The more money put into Dash, the more a Masternode\u00a0will be paid, giving Masternodes funds to update hardware that can keep up with all of their functions.<\/p>\n

PrivateSend and InstantSend<\/h2>\n

With PrivateSend, Dash users can send anonymous transactions. When a user wants to PrivateSend, they will send an amount to a Masternode, whose job it will be to mask the transaction. This Masternode will never know who the sender or receiver is, and the transaction goes through without anything else needed from the sender. To read more about the technical details, check out Dash\u2019s\u00a0PrivateSend<\/a>\u00a0page.<\/p>\n

No one is using Bitcoin (high fees and long transaction times) to buy an espresso anymore. As the title suggests, InstantSend allows near-instant transactions to occur. These are sent to Masternodes, which verify the data. InstantSend is especially convenient in retail settings, such as coffee shops.<\/p>\n

Where Dash Is Headed<\/h2>\n

\"Dash\"<\/a>With the current price spike, the Dash organization has an estimated $8 million\u00a0monthly\u00a0budget. Duffield has even spoken about possibly of\u00a0scaling the block size to 1GB<\/a>, which would allow Dash to scale and compete with companies like Visa and Mastercard.<\/p>\n

As\u00a0Dash<\/a>\u00a0becomes more popular, more money will funnel into the Masternodes, who will be able to afford to run networks with a block size of 1GB. Back in June, before anyone knew how big of a problem Bitcoin\u2019s scaling solution would be, Evan wrote:<\/p>\n

\u201cEven Satoshi Nakamoto, founder of Bitcoin, seems to have simply assumed that advances in hardware and networking would solve the scalability problem for him. Dash is the first digital currency to come up with an answer to scalability that\u2019s not based on technology that doesn\u2019t yet, and might never, exist. Dash will be able to rival the likes of PayPal and VISA simply by using its existing infrastructure.\u201d<\/p><\/blockquote>\n

Coming off a stellar year of growth and business development, Dash seems posed for an even stronger 2018. The message of\u00a0Dash<\/a>\u00a0is very simple: Fast Digital Cash.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dash (DASH)<\/a>\u00a0is having a phenomenal year \u2014 just one year ago, Dash was worth about $10 per coin. This past week, Dash broke the $1000 barrier and at press time is trading for $1531.<\/p>\r\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[216],"tags":[],"acf":[],"yoast_head":"\nA Deeper Dive Into Dash and Its Explosive Year - Dash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dash.org\/news\/deepdive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Deeper Dive Into Dash and Its Explosive Year - Dash\" \/>\n<meta property=\"og:description\" content=\"Dash (DASH)\u00a0is having a phenomenal year \u2014 just one year ago, Dash was worth about $10 per coin. 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