Dash (cryptocurrency)

Cryptocurrency
1⁄100000000duff ?Dash ?mDashDevelopmentOriginal author(s)Evan DuffieldWhite paperWhitepaperInitial release18 January 2014 (10 years ago) (2014-01-18)Latest release20.1.1 / 5 April 2024 (49 days ago) (2024-04-05)Code repositorygithub.com/dashpayWritten inC++LedgerTimestamping schemeProof-of-workHash functionX11Issuance scheduleDecentralized, block rewardBlock reward2.48 DASH (as of 8 June 2022[update])Block time2.5 minutesBlock explorerinsight.dash.orgDemographicsOfficial user(s)WorldwideAdministrationDate of introduction18 January 2014; 10 years ago (2014-01-18)WebsiteWebsitedash.org
Inside shop with cryptocurrency Dash in Tomaszów Mazowiecki, Poland

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 worth noting.[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[update], Dash's market capitalization was around $4.3 billion and it was one of the top 12 cryptocurrencies.[8]

As of February 2019[update], 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 quickly and to have a swift governance structure in order to overcome shortfalls in Bitcoin.[3]

Governance is handled 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, which allowed too many coins to be distributed at release. This concentrated the wealth in a small group, giving them disproportionate power in decisions over the currency’s future.[8]

As of 2018, coins were mined using a proof of work algorithm with a hash function called "X11", with eleven rounds of hashing, and the average time to mine a coin was around two and a half minutes.[1]

References

  1. ^ a b c Lee, David; Low, Linda (21 Jun 2018). Inclusive Fintech: Blockchain, Cryptocurrency And ICO. Singapore: World Scientific. p. 219. ISBN 9789813238657.
  2. ^ "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.
  3. ^ 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.
  4. ^ 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.
  5. ^ "Online Drug Dealers Are Now Accepting Darkcoin, Bitcoin's Stealthier Cousin". WIRED. Archived from the original on 2018-11-18. Retrieved 2018-11-18.
  6. ^ "Dash Open House". Arizona State University. March 30, 2017. Archived from the original on August 20, 2017.
  7. ^ 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.
  8. ^ 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.
  9. ^ 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.
  10. ^ "Petro". Archived from the original on 21 August 2018.

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