Dash (cryptocurrency)
Dash Logo | |
| Denominations | |
|---|---|
| Plural | Dash |
| Code | DASH |
| Previous names | Xcoin, Darkcoin |
| Subunits | |
| 1⁄100000000 | duff |
| ? | Dash |
| ? | mDash |
| Development | |
| Original author(s) | Evan Duffield |
| White paper | Whitepaper |
| Initial release | 18 January 2014 |
| Latest release | 21.0.0 / 29 July 2024 |
| Code repository | github |
| Written in | C++ |
| Ledger | |
| Timestamping scheme | Proof-of-work |
| Hash function | X11 |
| Issuance schedule | Decentralized, block reward |
| Block reward | 1.9063962 DASH (as of 2 August 2024) |
| Block time | 2.5 minutes |
| Block explorer | insight |
| Demographics | |
| Official user(s) | Worldwide |
| Administration | |
| Date of introduction | 18 January 2014 |
| Website | |
| Website | dash |
Dash is an open source cryptocurrency. It is an altcoin that was forked from the Bitcoin protocol. It is also a decentralized autonomous organization (DAO) run by a subset of its users. It was previously known as Xcoin and Darkcoin.
History
The currency was launched in January 2014 as "Xcoin" by Evan Duffield, as a fork of the Bitcoin protocol.[1][2] It is an altcoin and in its early days it was subject to pump and dump speculation.[3] It was rebranded as Darkcoin,[4] which received press for being used in dark net markets.[5] In March 2015, it rebranded again with the name Dash as a portmanteau of 'digital cash'.[3] As of August 2016, Dash is no longer used in any major dark net markets.[4]
In early 2017 Duffield, who lived in the Phoenix area, and some other people working on Dash took space in a business incubator at Arizona State University.[6] The Dash DAO later funded a blockchain research lab at ASU.[7]
As of April 2018, Dash's market capitalization was around $4.3 billion and it was one of the top 12 cryptocurrencies.[8]
As of February 2019, Dash was the most popular cryptocurrency in Venezuela according to Der Spiegel.[9] In Venezuela, it was often used alongside Bitcoin and Petro, with Petro basing much of its technology from Dash. On 1 October 2018, Petro switched to an X11 algorithm-based design, which was copied from Dash.[10]
Design
Dash was designed to allow transactions to occur quickly and to implement a governance structure that addresses perceived shortcomings in Bitcoin.[3]
Governance is managed through a form of decentralized autonomous organization in which decisions are made via a blockchain. The system includes standard nodes and miners.[1]
The system's decentralization has been criticized due to a mishap during its initial coin distribution, which allowed too many coins to be distributed at release. This concentrated wealth within a small group of early adopters, giving them disproportionate power in decisions regarding the currency’s future.[8]
As of 2018, coins were mined using a proof of work algorithm with a hash function called "X11," which involves eleven rounds of hashing. The average time to mine a block was around two and a half minutes.[1]
References
- ^ a b c Lee, David; Low, Linda (21 Jun 2018). Inclusive Fintech: Blockchain, Cryptocurrency And ICO. Singapore: World Scientific. p. 219. ISBN 9789813238657.
- ^ "Bitcoin may be king, but Ripple dark horse in crypto race". Reuters. January 3, 2018. Archived from the original on November 9, 2020. Retrieved August 31, 2018.
- ^ a b c Eha, Brian (26 June 2017). "Can Bitcoin's First Felon Help Make Cryptocurrency a Trillion-Dollar Market?". Fortune. Archived from the original on 26 June 2017. Retrieved 17 July 2018.
- ^ a b "Meet Monero, the Currency Dark Net Dealers Hope Is More Anonymous Than Bitcoin". Motherboard. 2016-08-23. Archived from the original on 2018-11-18. Retrieved 2018-11-18.
- ^ "Online Drug Dealers Are Now Accepting Darkcoin, Bitcoin's Stealthier Cousin". WIRED. Archived from the original on 2018-11-18. Retrieved 2018-11-18.
- ^ "Dash Open House". Arizona State University. March 30, 2017. Archived from the original on August 20, 2017.
- ^ Moore, Heather (24 Aug 2018). "Cryptocurrency Dash aims to give mainstream money a run". 3TV/CBS5. Archived from the original on 24 August 2018. Retrieved 27 August 2018.
- ^ a b Orcutt, Mike (April 25, 2018). "The top 12 cryptocurrencies and what they are—and aren't—good for". MIT Technology Review. Archived from the original on June 12, 2019. Retrieved September 2, 2018.
- ^ Glüsing, Jens (February 2, 2019). "Nichts zu essen, aber kostenlos Benzin". Der Spiegel (in German). Archived from the original on July 29, 2020. Retrieved February 6, 2019.
- ^ "Petro". Archived from the original on 21 August 2018.