Dear Reader,
Today I continue the Ninelives series with a discussion about the cryptocurrency Dash. This is the 12th installment in the series and if you want to read about other crypto related topics, please see the links below. The series is called Ninelives because cats are said to have 9 lives due to their amazing ability to survive. Dash has not only managed to survive, it has thrived and remains one of the most successful blockchains to date, so let's find out why.
Digital Cash: Dash is Digital cash, it can be spent anywhere it's accepted to make instant, secure and confidential payments. Dash is similar to bitcoin in that it is a digital currency, however it is much faster to transact with and can be more confidential.
Masternodes: If you own 1000 Dash you can run a Masternode. Masternode holders are rewarded in Dash for validating the blockchain, storing its data and serving it to users. Masternodes also get a monthly vote on budget proposals.
InstantSend: Sending Dash is instantly confirmed. This technology, first pioneered by Dash, allows it to be used in Point-of-Sale transactions at physical locations. Sending Bitcoin can take hours if the network is clogged making it impractical for everyday use.
PrivateSend: Ensures your transactions and balances are private. You have the ability to erase the transaction history of coins you received so you can hold and send them elsewhere anonymously. This makes all Dash equally as valuable (fungible) as there are no tainted coins.
Self-sustainable Development: The development team is paid directly from the blockchain in Dash. The development team splits 1176 Dash a month. This payment can be voted to stop (it has been ongoing since Sept 2015) by the Masternode holders, thus maintaining the decentralization of the project. This concept was pioneer by Dash but is no longer unique to the project.
Restricted Supply: The maximum supply is about 19 million Dash. The monthly budget (growth) of Dash is voted upon by the Masternodes so the rate of increase in supply can only be estimated. The total supply of Dash is restricted and will approach its maximum limit in about 200 years. The amount of new Dash created drastically dwindles every year; inflation of Dash decreases over time.
Dash-Evoluition: This next step in the Dash roadmap aims to make Dash so user friendly "Even your Grandmother can use it." A huge problem with existing blockchain technology is the steep learning curve and difficulty of use. Dash-Evolution will allow one-click payments, automatic payments and renaming wallets with avatars making it simple to know who is sending how much.
Open-sourced: You can view the code here Although Dash-Evolution is being developed privately, it will be open sourced like the rest of Dash as soon as it is released. Anyone can contribute to the programming of Dash and you can even apply to get paid in Dash for your efforts.
Evan Duffield: Created Dash (formerly X-coin) and launched it in January of 2014. Evan is a software developer whose former employers include Wells-Fargo and Verizon Wireless. He stepped down as the CEO of Dash in 2017 and is now working for Dash Labs which "aims to create the first open-source versions of many different types of hardware. Our goal is to help the digital currency space to remain open and transparent, while reducing the economic advantages of closed-source proprietary technology."
Thank you for taking the time to read about Dash, hope you learned something, I certainly did. Please leave a comment below if you think anything about Dash was missed, if you disagree with me, or if you liked what you read. Open discussion is encouraged along with constructive criticism and compliments.
In no way is this meant to be financial advice. I do not recommend purchasing, using, selling or holding Dash. I have never owned Dash and am not affiliated with the project in any way. Please do your own research when making investment decisions.
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Bye for Meow 😺 mRrrrrrrrrr....
