As part of a continued effort to expand their offerings, CEX.io has announced the addition of Dash to their cyptocurrency trading platform.
For those who don’t know what Dash is, it is referred to as a “next generation digital currency” and bases much of its structure on the Bitcoin cryptocurrency. The name “Dash” actually originates from the term digital cash.
The market capitalization for Dash ranges, but as of October 2017 it was approximately $2.34 billion with a single coin trading for 307.67 USD. This market capitalization puts it in 6th place when ranked against the other cryptocurrencies, but as you know, this is subject to rapid change.
Why is Dash so special?
The currency was founded in January of 2014 as XCoin, but was renamed as Darkcoin a month later. In March of 2015, it came to be named Dash in a rebranding effort, and there has never been a need to change the name since. Although the coin had a bit of a rocky start due to some technical issues in the mining, the network has stabilized and received continued interest from the entire cryptocurrency community.
Dash solves a lot of the problems that currently hinder Bitcoin, and supporters identify it as the most scalable version of the digital currency. The major advantages Dash boasts over Bitcoin are instant and private transactions, as well as decentralized governance.
Self-governance
One of the most impressive features of Dash is the self-governing and self-funding model that allows the network to compensate individuals for any work they do that adds value to the network. This is a problem that the Bitcoin network is currently struggling with, so the fact that the system has already been implemented on the Dash network speaks volumes about the potential it has.
This self-governance works by having all the Masternodes (lower-level version of a miner) vote on various proposals. If a proposal receives enough support in the forums, it may be voted on by the Masternodes. If passed, the network will automatically pay out the required funds at the next super block, which occurs monthly. This system has created a positive feedback loop that has encouraged more people to contribute to dash, thereby increasing the value of Dash, and so on. The revenue output has now gone up from $14,000 a month to over $300,000 a month.
The underlying principle of nearly everything to do with cryptocurrencies is the idea of decentralization. Fragile systems emerge from anything that is centralized and ideally each system ends up being decentralized and self-sustaining enough to maintain itself without oversight from a potentially biased team. The Dash network already exists on a decentralized governance and budgeting program, which is another way that it is way closer to the goal than Bitcoin currently is.
None of this is to rip on Bitcoin; it is more to illustrate the huge amount of opportunity that exists in many of the altcoins that fall by the wayside because of the mass amounts of attention that is put towards Bitcoin and other large participants in the industry.
Private and instant transactions
The other big feature in Dash is PrivateSend, which combines transactions from many people at once in order to obscure the flow of funds. Bitcoin is known to be easily traceable, to its detriment, so this has been a well-received feature.
The InstantSend feature allows for (as you would expect) instant transactions. Due to recent issues with block size versus block speed on the Bitcoin network, this is seen as a particularly useful feature. Both PrivateSend and InstantSend offer variants on payments in order to perform much more like “cash” than any other digital currency.
CEX.IO welcomes Dash
For a trading platform to expand, it needs to boost volume. One of the simplest ways for them to do this is increase the number of products they offer so customers can be cross-pollinated and try out some other products. Most traders and investors in cryptocurrency begin their journey by investing in a well-known coin, like Bitcoin or Ethereum. However, the list of the most popular coins for investment may soon be expanded with Dash.
The ability to trade a currency like Dash is now offered by CEX.io. The exchange is yet another avenue available for investors to put money into Dash. In the beginning, CEX.io is planning on offering the currency in terms of several major fiat currencies (USD, GBP, EUR) and of course, Bitcoin. This would be expecting to expand as more interest in the currency pops up and it becomes possible to scale it out some more.
The announcement of the addition of Dash to the exchange was scheduled to coincide with the Dash Conference. This conference was held in London in late September and featured talks from some of the top people (including the CEO of Dash) in the community. There are several more altcoins that are planned for release on the CEX.io platform, so keep an eye out as they do their best to bring a diverse and secure offering to their exchange.
