The dynamic and ever-changing world of cryptocurrency has risen to resolve problems and make the exchange of data, funds, build infrastructure, and digital marketplaces faster. The efficiency of these tasks is increasing by decreasing the time taken to finish them and the amount of effort on our part. The aim of cryptocurrency is to create a sustainable global economy and harness the potential of blockchains to create a better world.
One such cryptocurrency is Dashcoin. Dashcoin is one of the cryptocurrencies that is actively being used for faster and cheaper payments all over the world. It provides a user-friendly experience and good privacy. If you are looking to buy Dash in India then you would be looking at investing approximately 14,000 rupees in the month of December 2021.
How does Dash work?
Launched on January 18, 2014, by Evan Duffield, Dash was originally known as XCoin. This was later changed to Darkcoin. On March 25, 2015, it was rebranded to Dash and the goal of being the fastest digital cash was established clearly. Unlike most digital currencies which are rarely used for transactions, Dash has a scalable digital payments system. It uses the codebase of Bitcoin but is much faster and has more features. Dash is based on Bitcoin but it works on a two-tier network structure. The first one is a proof-of-work system and the second is the Dash’s masternodes.
Dash works on the masternodes system. It is a specific server with an entire copy of the Dash blockchain. Users who have a minimum of 1,000 Dash can operate masternodes that power several of Dash’s features. One of these features is InstaSend which assists you with fully confirmed transactions within 2 seconds. One of the other features is CoinJoin, which is used to obscure the path of transactions that make it harder to trace. Users are rewarded with block rewards from Dash mining in exchange for running masternodes. Dash has aimed to keep the processes user-friendly and that reflects in their website which clearly states how Dash works. Unlike all the other cryptocurrencies, this is a big win for Dash.
More things to know about Dash
Dash is a centralized autonomous organization. This means that governance issues are handled entirely by the user community and not by a centralized authority. When issues arise, votes are cast by the masternodes and the weightage of each vote is dependent on the amount of Dash a masternode holds.
Apart from imposing a token cap (only 18.9 million tokens will be created), Dash has promoted itself as a competitor of fiat currencies, cryptocurrencies, and digital payment systems. Dash decentralized apps include the following spectrum of tools and solutions:
- Fiat onramp solutions
- Payment processing solutions
- Business services solutions
- Cryptocurrency custody tools and APIs
- Software development kits
How can you buy Dash?
If you are looking to buy Dash, then you can head to the best exchange to trade cryptocurrency, which is CoinSwitch. The bespoke services that are offered by them can guide even a newcomer to this world well and explain the best way to invest in cryptocurrency. You can head to the website or download the app and get started. You can first unlock the wallet to store your crypto once you buy it. Once you have added funds to your account, you can buy Dash and shift it to your wallet to keep it safe.
What has the past year been like for Dash?
Cryptocurrency is synonymous with volatility. All the digital currencies have seen an upheaval in the pattern in the last year. Dash was low as 6,500 rupees right at the beginning of the year. It peaked in May 2021, when the value of Dash reached 32,000 rupees. In the same month, it witnessed a sudden drop to 19,000 rupees and has been struggling with coming back up ever since. The Dash to INR ratio remains at 13,000 rupees at the beginning of December 2021.
What is the difference between Dash and Bitcoin?
Apart from the maximum number of tokens, the average transaction time with Bitcoin is 10 minutes, whereas it is 1.85 seconds with Dash. Dash has much lower transaction fees as compared to Bitcoin. Their mining algorithms vary, as Dash uses a newer algorithm that uses less processing power. That allows it to use less energy and keep mining hardware cooler.
The longevity of Dash’s success is doubtful as its utility rests entirely upon it being used as a payments system. However, as a payment system, it has tremendous potential.