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.
 Dash Logo | |
| Denominations | |
|---|---|
| Plural | Dash |
| Code | DASH |
| Previous names | Xcoin, Darkcoin |
| Subunits | |
| 1⁄100000000 | duff |
| ? | Dash |
| ? | mDash |
| Development | |
| Original author(s) | Evan Duffield |
| White paper | Whitepaper |
| Initial release | 18 January 2014 |
| Latest release | 20.1.1 / 5 April 2024 |
| Code repository | github |
| Written in | C++ |
| Ledger | |
| Timestamping scheme | Proof-of-work |
| Hash function | X11 |
| Issuance schedule | Decentralized, block reward |
| Block reward | 2.48 DASH (as of 8 June 2022[update]) |
| Block time | 2.5 minutes |
| Block explorer | insight |
| Demographics | |
| Official user(s) | Worldwide |
| Administration | |
| Date of introduction | 18 January 2014 |
| Website | |
| Website | dash |
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
External links
