What is Dash?
Dash in this form by name has only existed since 2015, but the crypto currency itself has existed since January 2014. At that time it was still known under the name Xcoin. In February 2015 it came to another name change in Darkcoin, before in the end it became “Dash” a little later.
Why did all these changes take place? Originally, Xcoin had a reputation for supporting illegal transactions on the Internet. For a broad acceptance of a crypto currency this is of course less of an advantage. For this reason, the name was finally changed. The special feature of Dash is its anonymity. The so-called “Private Send” function is available to users for this purpose. It can only be used in the official Core Wallet. Dash is also extremely fast. With the Instant Send function, transactions can be executed within 1.21 seconds. It is therefore far ahead when it comes to transaction speed.
How does Dash work?
In simple terms, it can be said that Dash is a modified copy of the known Bitcoins. What special features are derived from this? How does Dash work? Privacy and anonymity are essential for the success of Dash. Unlike Bitcoin, Dash does not require a third party to complete the transactions.
This is made possible by the “Private Send” function. In the Dash network, transactions are carried out anonymously so that no conclusions can be drawn. How does the implementation take place? For this purpose, there are “master nodes” in the Dash network. They collect the transactions, merge them with each other and create them again. Traceability is therefore not possible.
Another function is “Instant Send”. It is mainly used by companies. Transactions are executed almost in real time. On average, this takes 1.21 seconds in the Dash network. Compared to the Bitcoins, this is a considerable value, as it can take up to 10 minutes to confirm in the Bitcoin network. Why is the Dash network particularly fast? The instant send transaction is sent directly to a master node, which immediately checks the transaction and implements all further transaction steps.
Is Dash anonymous?
While the transactions of many other crypto currencies can be traced, the situation is different here: PrivateSend as a transaction service anonymizes all processes. The individual information about sender, receiver, input and output is bundled and disappears in the blockchain, so to speak. This happens via nodes in the network and allows the crypto currency to be split decimally. A single transaction can be a maximum of 1,000 coins. If someone wants to trace the source of a deposit, the input and output can still be viewed, but cannot be assigned to a specific user.