Many cryptocurrencies are in the league of becoming the best cryptocurrency to invest in. Out of those many, a few are really worth becoming the number one cryptocurrency. It takes a lot to be at the top. Features, security, usability, user experience, compatibility and a lot more. Talking about this, Dash is the best example to talk about. Lately, Dash has managed to grab a lot of attention among the crypto-enthusiasts.
In this post, we will be talking about Dash, its wallets, exchanges and lot more about it. Read on…
What is DASH?
In spite of being in a tug of war between good and bad, Dash has managed to surpass the price $533.09 USD at the time of writing this post. Initially, Dash was initially known as Darkcoin, later it became “D”igital C”ash” – DASH. Money on this platform is exchanged on a highly secure open source peer to peer network. Dash works just like the physical cash works. Furthermore, your money isn’t held in central banking bodies – just like a typical blockchain application. Instead, you hold, govern and control your money.
Your transactions are not traceable to any third party or hackers. This means anyone who’s interested in targeting you for marketing is not possible and of course, hackers cannot find you. Your information stays private all the time and you stay safe from attacks.
Furthermore, your transactions happen almost instantaneously. There is no wait or lag and with this feature, you can instantly buy anything on the go. Starving? Pay with Dash and you’re done. Dash is fungible and hence you can use it just like you use the physical cash.
Just like other altcoins, Dash is versatile and secure but the main thing that almost all altcoins lag is speed. Dash solved this problem like a pro, as it transfers funds instantly. When it comes fees, the fees that is charged is extremely low or almost inexistent.
You can do any purchase with instant fund transfer, you no more have to pay any charges to hold your money. So it’s just you and the vendor for direct payments. You can use Dash anytime from anywhere in the world, you can download the Dash wallet and get started right away.
How does Dash work?
Dash is right by your side to send payments instantly with a confirmation within a few seconds. Payments you make after you buy Dash are super secure, thanks to PrivateSend. PrivatSend makes sure that your purchase habit and balance stays private, i.e no one can get hold of these details.
When it comes to security, Dash is one of the best in the race. Transactions that happen within the network go through 200 TerraHash of X11 ASIC computing power and around 4,500 servers active all around the globe.
Dash is Next-Gen Peer to Peer network. For mining Dash, people get a reward for securing the blockchain. While, the masternodes get the reward for validating, storing and serving the blockchain to users. Furthermore, the masternodes represent a new layer of the network servers that work in highly secure clusters aka “Quorums” to provide a variety of services. Instant transactions, privacy and anonymity, and governance are some the services that the network provides.
Dash is the first cryptocurrency that is self-governing and self-funding. The platform is open for proposals of anything that you can do, from marketing to development. Anything that can help the network grow and improve can be funded, you just have to send the proposals.
Dash is the fastest growing network in terms of the masternodes. Masternode is a person who contributes to the network with a super powerful server. That is the Mastrenode is a computer that is managed by a person itself. The network already has 4100 Masternodes and more are adding up. Consequently, more nodes mean more security.
Adding to the scarcity, the masternode user needs to deposit 1000 Dash into the network. The benefit of this deposit then generates income by getting a portion of each mining block that the deposited currency generates. As a result, with this number as an input, more than half of the coins are with masternodes (4100 times 1000) out of the total number of coins available- around 7.1 million.
X11 Chained Hashing Algorithm
This is an algorithm exclusively for this network. It contains 11 different hashing algorithm for the proof-of-work to make one solid algorithm for the network. X11 algorithms utilize a sequence of these 11 hashing algorithms to function. X11 algorithm is to increase the decentralization level of the currency by making the ASICs difficult to develop.
Dash for Miners and Masternodes
Dash is a two-tier network. The first layer works, as usual for the miners where they mine the altcoins. The second layer is where the Masternodes comes into the frame. The masternode users play the most important role in the layer as part of security.
They are responsible for features like instant transactions (InstantX), private transaction (DarkSend) and budgeting. Miners and Masternodes owners get a reward for what they do to run the network. As part of this process, the miners find the blocks, verify and approve the transaction.
Masternodes do the special job of speeding up the process. Miners and masternode get 45% as block reward each and 10% goes to fund the network. For a masternode, the return on investment is around 150 DASH for running the service for the network. The 10% that comes back to the network is what they call self-funding mechanism. With this mechanism in place, the network will be able to support the transactions at a cheaper rate or maybe make it totally free.
How to buy Dash? Best websites to buy it
Cex.io is a trust worth platform to buy Dash. The platform is completely reliable and data-driven to make it easy for you to buy/sell/trade any altcoin. It does support Dash. You just have to sign up and all the data that you need to understand before trading will be served. This is to help you make better decisions as this directly involves your money.
Changelly is trusted by many and it makes trading super simple and easy. You just have to deposit funds from wallets to the platform, and changelly will find the best/lowest exchange rate in the market and convert to your desired currency(fiat or altcoins)
Changelly supports a wide range of altcoins to buy/sell/exchange from. It is known for giving the lowest exchange rate to its users.
BitPanda is yet another user-friendly platform to buy Dash. Create an account on BitPanda, click Buy link and the data-driven screens will walk you through the purchase. You can also sell Dash on Bitpanda.
The process remains the same as buying Dash, only the payment provider will become payout provider. It supports 6 cryptocurrencies as of now, expecting more in upcoming quarters.
Binance is little difficult to understand at first as it has a lot of data and a beginner will find it difficult to digest. But as you get along it will be easy to understand and trade. The UI, however, is little dull and boring but the network is super safe to trade.
It supports a huge list of altcoins. You can buy/sell/trade any of the altcoins from that list. This is the best part of Binance, that it supports almost all major altcoins in the market. This huge list is what makes it really confusing for a beginner to understand the platform.
Sign up for Binance from here
A similar platform to Binance is Gate.io. Heavily populated with data from a huge list of altcoins. It promises to give 0% withdrawal fee and 0.2% as a fee. The UI is much better and soothing than binance. It is user-friendly, safe and profitable.
You can customize your own market by adding altcoins of your interest in the dashboard. This is to give you the power of having a close watch to the altcoins you are most interested in. You can add as many altcoins in the My Market tab of your dashboard.
Best Dash Wallets: (Mobile, Desktop, and Hardware)
Being such powerful altcoin, it is more prone to attacks. So it is important to take safety precautions in order to safely store the altcoins.
That being said, here’s a list of best wallets for Dash, that are reliable to store the altcoins.
1. Jaxx Wallet (Mobile and Desktop)
Jaxx is a popular cryptocurrency wallet that is compatible with multiple cryptocurrencies. The wallet allows its users to restore the funds with a 12-word seed key. The wallet lets you control your private key and export/import the keys whenever required.
However, it doesn’t allow the InstantSend and PrivateSend Dash transactions. The wallet is available for iOS, Android, Desktop, and Chrome extension. The company is planning to release the hardware wallet soon.
2. Exodus Wallet (Desktop wallet)
Exodus wallet is world’s first multi-cryptocurrency desktop wallet that is completely free to use. The beautiful UI of pie chart containing the altcoins data is a eye candy. Furthermore, the ease of use is still good without compromising the security. You can recover the wallet with a single click, but you need to have the 12-word recovery phrase.
Another interesting thing in Exodus is that you don’t have to go through the Verification process, unlike other wallets. Its ease of use is the reason it is famous among the cryptocurrency holders. It supports 11 cryptocurrencies and it doesn’t allow the InstantSend and PrivateSend Dash transactions.
It is available for Windows, Mac, and Linux. Get your version from here.
3. Ledger Nano S (Hardware wallet)
Ledger Nano S is a brand of trust. Everyone who has ever invested in any altcoin will first consider storing it in Ledger Nano S. Being one the most inexpensive hardware wallet for Dash, it is highly secured and reliable to store multiple altcoins. The tokens are stored offline on the device and whenever you need to spend it, the Ledger signs the transaction using the private keys present on the device.
You will need to connect Ledger to the computer in order to use it. Talking about security, the hardware wallets is so secure that you can use it on any computer, even a virus affected or hacked one.
The Ledger doesn’t allow the InstantSend and PrivateSend Dash transactions (but the support is coming soon).
4. Trezor Wallet (Hardware wallet)
Trezor is the very first hardware wallet to support storing Bitcoins. Being that old, Trezor has a huge reputation in terms of security and compatibility. It has small OLED screen that displays randomly generated 9-digit code and a 24-word seed key to keep your funds safe in the offline environment.
Trezor supports the following altcoins
- BTC – Bitcoin
- ETH – Ethereum
- ETC – Ethereum Classic
- NMC – Namecoin
- LTC – Litecoin
- DOGE – Dogecoin
- ZEC – Zcash
- DASH – Dash
Trezor doesn’t allow the InstantSend and PrivateSend Dash transactions (but the support is coming soon).
5. KeepKey (Hardware Wallet)
When compared to Ledger Nano S and Trezor, KeepKey doesn’t provide many features. It is twice the size of the other two wallets. It has same security features as the other two, i.e. the seed key and pin to safeguard your funds. As of now, it supports 6 cryptocurrencies including Dash.
KeepKey doesn’t allow the InstantSend and PrivateSend Dash transactions (but the support is coming soon).
The cryptocurrency market is growing to the fullest, it depends on us how well we utilize and support this growth. Seeing the features and utilities, I have no second thought about this cryptocurrency’s future. I’m sure this post has helped in understanding about Dash cryptocurrency.
Over to you. What are your experience with Dash? Ever invested in it before this? What was the best thing you like about it? Let us know in the comment section below.
Do you know someone who is looking for this information? Share this post with them and share in your network too.