Dash, originally called Xcoin and Darkcoin (rebranded in 2015), is a cryptocurrency that was created in 2014 by Evan Duffield. Dash supports secure, instant, and private payments that made be made online or in stores around the world. All transactions on the Dash network are confirmed using 200 TerraHash of X11 ASIC computing power on over 4,500 decentralized servers around the world. Dash's peer-to-peer network is made of miners which receive rewards for securing the Dash blockchain, and masternodes which are rewarded for validating, storing, and serving the blockchain dash users.
Dash masternodes enable the following services: InstantSend, PrivateSend, Governance and Treasury, and Dash Evolution (an online payment system similar to PayPal). To own a dash masternodes you must be in possession of 1000 Dash which can be proved by signing a message and broadcasting it the the Dash network. Each masternode earns ~8% return on 1000 Dash as of July 2017, but from this date onwards Dash masternode earnings will decrease by ~7% each passing year.
PrivateSend is Dash's method of obscuring the origin of Dash funds. It was officially released in RC4 of the DarkCoin client as DarkSend, and was rebranded to become PrivateSend in May 2016. PrivateSend obscures a Dash users identity by mixing a users inputs with the inputs of two other Dash users, while each user maintains ownership of their Dash coins inside their cryptocurrency wallet. Every PrivateSend happens in 5 steps:
- The breakdown of transaction inputs into standard denominations of 0.001, 0.01.0.1, 1, and 10 Dash.
- Users wallet sends a request to masternodes to inform them the user is intersted in mixing a specific denomination of Dash for their transaction. During this process no information is exchanged that could expose the identity of the user.
- Once two other people on the Dash network send similar requests to the masternodes. The masternodes create a 'change address' by mixing up the inputs and instructs all three of the users' wallets to pay the transformed inputs back to themselves in a different cryptographically generated address.This process is referred to as a 'round'.
- Users are able to instruct the Dash masternodes to perform between 1-16 rounds of mixing with each specified denominations. A users identity and transaction origin become exponentially more difficult to determine with each round of mixing.
- The round mixing process occurs on Dash masternodes automatically for users looking to make transactions. When a user decides to make a transaction their transaction amounts are already anonymized. All Private send transactions are rounded up so each transaction spends all its inputs and excess dash is used to pay Dash transaction fees.
InstantSend transactions are made possible through Dash masternodes. The masternodes create a secondary layer-notwork that allows users to call upon masternodes to form a voting quorum of 10 masternodes to verify the validity of their transaction. If the masternodes deem the user request as valid, the masternodes lock the transactions inputs on the Dash netowork and ensure the transaction will be mined in future blocks while preventing spending of those inputs until mining is complete. This allows Dash to significantly improve the speed at which the Dash network can confirm transactions, however, InstantSend transactions with more than four inputs are subject to paying higher Dash fees.
- Wallet encryption
- Coin control and fee control
- QR code generation and address book
- Masternode commands and voting
- Automated backup
- Debug console
The Dash Electrum wallet is a fork of Bitcoin's Electrum wallet that does not support PrivateSend or InstantSend (as of February, 2019). It's a light wallet using external servers to index the Dash blockchain to secure a users keys on their personal computers. The wallet uses a method called Secure Payment Verification (SPV) to verify user transactions. SPV only requires block headers and does not need to have all blockchain information.
The Dash Android wallet is a Dash wallet for the Android operating system. The wallet supports contact management, InstantSend, and all advanced Dash features (display QR codes, backups, address book, HD address generation, sweep paper wallets, exchange rates, recovery phrase backups, etc...).
The Dash IOS wallet is a Dash wallet for the IOS operating system. The wallet supports contact management, InstantSend, and all advanced Dash features (display QR codes, backups, address book, HD address generation, sweep paper wallets, exchange rates, recovery phrase backups, etc...).
The Dash Copay wallet is a Dash wallet available for mobile and desktop devices. The Dash Copay wallet is a light wallet that does not contain a full copy of the Dash blockchain. The wallet supports contact management, InstantSend, and all advanced Dash features (display QR codes, backups, address book, HD address generation, sweep paper wallets, exchange rates, recovery phrase backups, etc...).
The Dash Paper wallet is a Dash wallet which allows users to securely store their Dash long term by allowing users to generate, encrypt, and secure their keys to a single Dash address on a clean computer.
Hardware cryptocurrency wallets officially recognized by Dash include Trezor, KeepKey, and Ledger. Dash also recognizes their may be other hardware wallet projects that are made to securely store Dash.
The following third party wallets are officially recognized by Dash to support the Dash cryptocurrency, they are: Abra, Atomic Wallet, BitBill, Cobo, Coinomi, Cryptonator, Edge, Ethos, Evercoin, Exodus, Guarda, Jaxx, KurePay, Mobi, Paytomat, and Trust.
Web wallets allow Dash users to store their Dash online while keeping control of their Dash using private keys. MyDashWallet allows users to use their wallet services in several ways as a keystore wallet (file-based), Ledger hardware wallet, Trezor hardware wallet, private key. MyDashWallet is working on adding the following two functions for users, BIP39/44 HD recovery phrase and BIP32 HD recovery phrase.
Text wallets, also known as SMS wallets, allow users to use smartphones or computers to use Dash. Text wallets officially support by Dash are CoinText and DashText.
The launch of the blockchain is announced by creator Evan Duffield on bitcointalk forums.
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- Cluster: Blockchain and cryptocurrencyA cluster of topics related to blockchain and cryptocurrency.
- Decentralized organizationDecentralized organizations are organizations with no central base of operations or headquarters.
- Privacy cryptocurrencyA specialized form of cryptocurrencies focused on maintaining the privacy and anonymity of individuals transaction with them.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- LitecoinLitecoin (LTC or Ł) is a open source peer-to-peer cryptocurrency forked from Bitcoin by creator Charlie Lee. A key difference from Bitcoin is the decreased block generation time.
- BitcoinBitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
- MasternodeA masternode is a special type of node in a peer-to-peer network which guarantees a minimum level of performance and functionality to perform certain tasks in exchange for a financial incentive.
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