Dash – DigitalCash – The Background and Use Cases of this Crypto

Dash is the 6th largest cryptocurrency as of writing this today. It’s a popular altcoin which was formed on Bitcoin protocol. The currency runs through masternodes. Dash was developed to assure super fast and anonymous transactions. The post below offers a brief on the history and use cases of Dash digital currency.

Background of Dash

dash-digitalcashDash was developed 4 years back, on January 18, 2014 by Phoenix-based techie Evan Duffield. Interestingly, Mr. Duffield was fascinated by the technology of Bitcoin when he first got to know about it in the year 2010. However, he realized that BTC wasn’t fast enough and cannot assure private transaction as well. He came up with several ideas to make things anonymous with Bitcoin yet he didn’t approach to implement them. He knew he would face objections from Bitcoin developers since his changes would mean complete revamp of the core code of the coin.

Thus, he set out to develop his own cryptocurrency using the core code of Bitcoin- and hence Dash was born.

Dash was initially released by the name of “Xcoin” in January 2014. But Duffield changed the name to “Darkcoin” the following month only. Again, on March 25, 2015, the coin was rebranded with a new name called “Dash” or Digital Cash.

Dash is estimated to mine 18 million cryptocoins. Presently, 7.4 million coins have been mined. It is a popular coin in exchanges, with many following the price of Dash to USD closely every day, waiting for fluctuations in prices to make a profit from.

Dash use cases

Dash carries a number of amazing use cases. These include:

Private & anonymous send

As mentioned earlier, Duffield found Bitcoin wasn’t private enough and wished to change that. And he has achieved the same with his own cryptocurrency. Dash enables users to send funds in utmost privacy. The coin will mix your transaction in between various other transactions to make it difficult to locate a particular transaction. In other words, Dash transactions are almost untraceable. The coin counts on a special coin mixer service for maximum privacy for users.

Instant transaction

This is another major advantage of Dash. Once again, we have already seen that Duffield was not happy with Bitcoin as it is slow. And he has changed that successfully with his own coin. Dash is 4x faster compared to Bitcoin and consequently assures way faster transactions than BTC. With Dash you can send transactions in an instant – say in 1.5 seconds- while it takes 10 long minutes for Bitcoin. Dash enables users to enjoy single-click transactions which greatly contribute to making Dash transactions quicker than other cryptocurrencies.