Dash. A Year after Rebranding

26.03.2016

Dash, previously known as Darkcoin, is probably among the most effectively developing bitcoin’s alternatives. It is complete with a built-in anonymization with DarkSend, and nearly instantaneous transactions with InstantX.

How It Began

The cryptocurrency, initially dubbed Xcoin, was released on January 18, 2014.

For the period of January 28, 2014 to March 25, 2015, its name was Darkcoin, under which it became somewhat popular. Darkcoin was the first cryptocurrency aimed at anonymous payments. Later on, some other clone projects for anonymous payments appeared, howeverÂ most of them ceased to exist.

March 26, 2015, Darkcoin was officially renamed as Dash (a derivative from Digital Cash). One of the reasons for the rebranding was difficulty to promote Darkcoin beyond ad hoc communities and the darknet.

Apart from a New Name

Summer 2015, Dash implemented the decentralized voting system. In the course of the very first phase of voting, owners of full nodes (masternodes in Dash) decided to implement decentralized financing and management systems. It meant that 10% of total reward for new blocks would be assigned to development and promotion of Dash. Anyone can makeÂ a development proposal. The system became one of the foundations for the project’s further evolution.

In Dash network, any masternode must have a 1,000 Dash backing (at disposal of the owner) in order to meet the requirements for capability level. This system is intended to protect Dash network, as it prevents significant shares of masternodes from concentrating in dishonest hands. As a reward for maintaining the network, masternode operators earn new Dash alongside with miners.

This security is used to protect the network from possible attacks, like so-called 51% attack. It prevents dishonest actors from gaining control over a significant share of the network, including the voting system.

Dash employs a voting system where every masternode has a single vote. It maintains decentralized management of the project, as there are lots of operators rationally and rapidly making decisions being personally involved in Dash’s success. With the system of blockchain management, Dash community chooses and funds the ways of further development it deems most appropriate and effective. One may find out more from a speech by Dash’s lead developer Evan Duffield.

Additionally, Dash has recently drawn much attention due to its block size increase from 1 MB to 2 MB. The very process took less than 24 hours. Similar discussion in Bitcoin community, meanwhile, is still ongoing after more than a year of debate.

Dash is still two years old. However, the developers have built a system with instant transactions and protection from double spending. Decentralized system of funding and management makes Dash self-governed and self-sustaining.

Look into the Future

Dash Evolution was announced in Amsterdam at Bitcoin Wednesday conference in October 2015. It will be a mobile interface intended to facilitate interaction within Dash ecosystem. The interface will enable one to find users with their login or e-mail address (in case they choose to be available for search and disclose relevant data).

The basic idea behind the project is to make Dash network available for regular people without any experience in cryptocurrencies. For instance, Dash Core team intends to add functions like entering the network with a login, adding friends, payment to a name (you just enter your friend’s name instead of a long wallet address), and a “Pay” button. It can make using cryptocurrency usage simple and easy.

User metadata is stored in Dash network built on many masternodes. The idea here is to store nothing but Dash users’ metadata, instead of some external information. The storage will have to be encrypted and secure.

Dash Evolution prototype is available for anyone to check out. However, the first working version will be released in 12 to 18 months, the lead developer says.

If you still have any questions, you are free to ask them at Dash’s official forum. The activists of the community will be glad to help you.