Happy Birthday Dash
On his fifth birthday we go solemnly through the highlights of the 15th largest cryptocurrency in the world.
Dash did not hang around. Over the last five years, it has lived up to its name and achieved everything from mastering development to humanitarian efforts to respectable market capitalization. It is now accepted by more than 4,000 dealers worldwide. You can buy Dash at 700 ATMs and buy it at 90 exchanges. But how has it become omnipresent?
It began on January 18, 2014, when Evan Duffield - an early Bitcoin user - took over the code from Litecoin and used the network to create Dash, with some improvements made. He changed the algorithm of SHA-256 - using Bitcoin and Litecoin - into the X11 algorithm, making it ASIC resistant. This prevents more powerful computers from destroying all coins. Originally called Xcoin, but changed to Darkcoin - it is more difficult for observers to blockchain due to a naming conflict with a service that allows users to buy Bitcoin on credit - to remind potential users of their secret credentials use records to track payments. As a result, it gained in popularity with despots for leaders such as Venezuela.
Due to the hyperinflation - and the government's gratifying government management - the value of the Venezuelan Petro has fallen off the beaten track. Cryptocurrencies, coupled with the government's blockade of foreign currency, such as the dollars used by citizens, have become a viable alternative. Although the value of Dash in the year 2018 fell by 92 percent, it surpassed the incriminated Petro with an inflation rate of 150,000 percent. Today, Dash is one of the most widely used currencies in the region - there are more than 2,500 traders who can accept this currency. While the network has become a safe haven for Venezuelans, Dash has shown how quickly a cryptocurrency can develop.
Five months after the launch, Masternodes were launched, further removing Dash from the Bitcoin roots. To start a masternode, investors must deposit 1,000 dash for security to receive block rewards from processing blocks. This motivates users to stay honest and has helped Dash become one of the few networks that does not succumb to a 51% attack unlike Ethereum Classic. While it was free of thieves, it was also free of commercial pressure.
Dash was self-financed at the end of 2015. With the introduction of superblocks, which are recurring rewards for the core development team, it no longer relies on the interests of third parties to keep it in the black. Traditionally, cryptocurrencies are either created by for-profit companies or have part-time developers who need to maintain other jobs to pay their rent. Without funding, developers can spend less time protecting the network and responding to attacks. However, Dash is not an exclusive member club: anyone can submit proposals to the network and apply for up to 10 percent of the reward.
While Duffield held the majority of the Cryptocurrency's existence in April at the helm and asked in April 2017 how central the network really is, he stepped back into a consultative role. This power shift went one step further as the Dash Core Group, a network steering committee, handed over control over its assets and intellectual property to the Dash DAO - an automated governance mechanism. This meant that Dash had full control of the DAO - though lawyers questioned that. Way to the Dash!
So, if the candles are blown out and every cake overcooks, what's next for Dash? More of it looks like it. It not only makes it easier for customers to connect to merchants (for subscriptions and direct debits), but also introduces a new light client. The wallet connects directly to the Dash Network, so the user does not need a third party to make payments on their behalf. A sure step for a network that has limited space.