Dash has several features that other digital currencies don’t have. These features for the most part are a result of Dash’s unique two-tier network. Dash has Proof of Work miners and full nodes. It also has a network of incentivized full nodes called masternodes. These two tiers work together to enable unique features and security on the Dash blockchain.
An overview of Dash specifications
The first block was mined on 18 January, 2014
Dash had no premine
X11 algorithm(An encryption code (hash) that uses 11 different methods)
Dash blocks are mined every 2.5 minutes on average with 2MB blocks and ~ 56 transactions per second. (This shows that Dash has a very high transaction confirmation speed)
The block reward decreases by 7.4% per year
The block difficulty level is set by the Dark Gravity Wave algorithm(An algorithm that arranges block difficulty based on statistical data to ensure consistent block output)
18.92 million total coin supply
Decentralized second-tier masternode network
PrivateSend(A way to protect privacy by covering or obscuring the origin or source of funds)
InstantSend offers instantly-confirmed transactions(Traditional cryptocurrency takes minutes or even hours to confirm a transaction. This is necessary to avoid various attacks while remaining decentralized. Credit cards and other high speed crypto currency models use a centralized server system. With Dash’s InstantSend technology, decentralization AND speed are achieved. Masternodes lock transactions by voting by quorum on each transaction. If the transaction is declared valid, there will be no duplicate transactions with the same input)
Chainlocks is a technology that is used together with InstantSend to prevent “blockchain reorganization”.(This technology effectively prevents 51% attacks)
Decentralized Governance by Blockchain (DGBB)(A decision-making system for proposals submitted by owners. When a proposal is submitted the masternodes will vote to approve, reject, or abstain. The process required is not too long, unlike Bitcoin which can take up to three years in some cases. When Dash Core Team proposed to change the Dash blocksize to 2MB, the network approval only took 24 hours. Apart from governance issues, there is also funding. The Dash block reward is allocated 10% for development, 45% for masternodes, another 45% for miners. The proposal owner will get funds from a superblock straight from the blockchain if the proposal is approved)
These twelve features above show that Dash is a coin that is quite well established both from a technology and a community standpoint. This is why many retailers are willing to accept Dash as payment. Dash is a medium of exchange that can be accepted alongside dollars, Bitcoin and other digital currencies.
But that’s not all…
Apart from the above features, Dash also has several applied technologies that function to improve and maintain the performance of the Dash network. The following are some of the other unique technologies found in Dash.
Spork is an activation coding mechanism on the decentralized Dash network. This innovation makes changes to the Dash network smoother than the hard fork method. The process is similar to a soft fork but project founder Evan Duffield named it a “spork”. Here’s how a spork works: A feature is launched on the Dash network and communication with users begins. Once the feature reaches 80% adoption, it can be activated by the developer team. If there are problems that arise with the implementation of the latest coding, the cancellation process also occurs in a similar way so that it does not cause a hard fork to occur.
LLMQ (Long Living Masternode Quorums) are formed by DKG (Distribution Key Generation). A Dash LLMQ is a set of masternodes that can establish a consensus on blockchain operations. Initially, LLMQ was useful in InstantSend applications, but later in its development LLMQ became part of Chainlocks. LLMQ functions to broadcast, propogate, and sign messages that are useful in preventing duplicate transactions and 51% attacks.
The aim of Dash Evolution (a codename, now known as Dash Platform) is to provide easy access to decentralized technology and innovation using the advantages and features of the Dash network. The beginning aspects of Dash Evolution were introduced in Dash Core 0.12. Development continues now on Evonet and should be released on testnet later this year. This upgrade to the Dash network adds several new and better features such as Dash Platform Name Service, Dash Drive, a decentralized API, and Dashpay Wallets.
Dash developers continue innovating to improve the performance of the Dash network. Dash is a reliable cryptocurrency that actually works well as a method of payment in many retail situations. Dash Platform will take the Dash experience to another level by providing a platform for developers inside and outside of Dash Nation to integrate Dash with their applications. In other words, Dash is very good now, and it’s about to get even better!
Indonesian. Interested in cryptocurrency. I am a full time crypto writer and trader, writing on Hive, Steem and now Dash Nation platforms. Digital currency, writing and SEO are my passion nowadays. Tips graciously accepted: Xrr7jvqp55Ks44MKn6iHiGG4Uuu5hK1gQL
Dash Nation is always on the lookout for talented writers for news and blogs. If you wouldn’t mind sharing your talents with the movement towards financial freedom through Dash, please contact the team at firstname.lastname@example.org.
Liked this story? Let's get the word out, Dash Nation!