Dash (formerly known as Darkcoin and XCoin) is an open source peer-to-peer cryptocurrency that offers instant transactions (InstantSend), private transactions (PrivateSend) and token fungibility. It was rebranded from "Darkcoin" to "Dash" on March 25, 2015, a portmanteau of "Digital Cash".
Dash operates a decentralized governance and budgeting system, making it the first decentralized autonomous organization.
Dash uses a chained hashing algorithm called X11 for the proof-of-work. Instead of using the SHA-256 (from well-known Secure Hash Algorithm family) or scrypt it uses 11 rounds of different hashing functions.
As of 2016, Dash is among the top-5 most popular cryptocurrencies.
Masternode count by country (as of September 2014)
PrivateSend is a coin-mixing service originally based on CoinJoin. Later iterations used a more advanced method of pre-mixing denominations built into the user's wallet. The implementation of PrivateSend also allows masternodes to submit the transactions using special network code called DSTX, this provides additional privacy to users due to the deadchange issue present in other CoinJoin based implementations such as DarkWallet and CoinShuffle.
DarkSend rebranded to PrivateSend June 2016
In its current implementation it adds privacy to transactions by combining identical inputs from multiple users into a single transaction with several outputs. Due to the identical inputs, transactions usually cannot be directly traced, obfuscating the flow of funds. PrivateSend makes Dash "Fungible" by mixing the coins in the same denomination with other wallets, ensuring that all coins are of the same value.
PrivateSend's mixing is performed by Masternodes, servers operating on a decentralized network which have the responsibility of signing the transactions. For each round of PrivateSend, the user selects two to eight (or even more) rounds of mixing which vary the degree of anonymity achieved. Random Masternodes are then elected to perform the coin mixing. Masternodes are trust-less cryptographic technology, in the sense that they cannot steal user coins, and the combination of multiple Masternodes ensures that no single node has full knowledge of both inputs and outputs in the transaction process.
To avoid the possibility of sybil attack, a process where a peer-to-peer network is overtaken by "bad actors", collateral requirements have been added to the process of joining the Masternode network second tier. These are presently 1000 DASH and allow secure network communication in via signed messages. As an incentive for operating a Masternode, chosen nodes currently earn 45% of the mining rewards.
InstantSend is a service that allows for near-instant transactions. Through this system, inputs can be locked to only specific transactions and verified by consensus of the Masternode network. Conflicting transactions and blocks are rejected. If a consensus cannot be reached, validation of the transaction occurs through standard block confirmation. InstantSend purportedly solves the double-spending problem without the longer confirmation times of other cryptocurriencies such as Bitcoin.
InstantX rebranded to InstantSend June 2016
X11 is a hashing algorithm created by Dash core developer Evan Duffield. X11's chained hashing algorithm approach utilizes a sequence of eleven cryptographic hashing algorithms for the proof-of-work. This is so that the processing distribution is fair and coins will be distributed in much the same way Bitcoin's were originally.
With chained hashing, high end CPUs give an average return similar to that of GPUs. Another side effect of the algorithm is that GPUs run at about 30% less electrical power than scrypt and 30% to 50% cooler, putting less stress on the computing setup and ensuring lower energy bills for miners.
Dark Gravity Wave (DGW) is a mining difficulty adjustment algorithm created by Dash core developer Evan Duffield to address flaws in Kimoto's Gravity Well. It uses multiple exponential moving averages and a simple moving average to smoothly adjust the difficulty, which is re-targeted every block. The block reward is not adjusted strictly by block number, but instead uses a formula controlled by Moore's law: 2222222/((Difficulty+2600)/9)2.
Dash is the first decentralized autonomous organization powered by a Sybil proof decentralized governance and funding system. DGBB or Decentralized Governance By Blockchain as its called is a decentralized process by which the network determines where money is spent. Each Masternode operator is given the ability to use 1 vote on each governance proposal, which is a completely open and decentralized process. Community interaction with proposal submitters is done usually through community driven websites, like DashWhale. These websites allow proposal submitters to provide multiple drafts, then lobby for community support before finally submitting their project to the network for a vote. After the submitter has enough support, the network will automatically pay out the required funds in the next super block, which happen monthly.
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