Like litecoin, dash was originally developed to improve upon the weakness of the bitcoin network. Created as XCoin, the project then changed its name to darkcoin before finding its current identity of dash, representing ‘digital cash.’
The developers of dash created the world’s first self-funding and self-governed blockchain protocol, a peer-to-peer cryptocurrency that uses a two-tier developer network, rather than a single-tier one where all tasks are completed by miners. This has been achieved through an incentive-based system.
Currently, 10 per cent of each block portion is allocated back to dash developers, who receive payments for their contributions, unlike bitcoin (where contributions are voluntary). As a result, a number of high-tech features have been added to dash by their developers.
One key feature of dash is masternodes – an incentive-based system that encourages users with payments to secure the network and add additional features to it. Masternode operators get 45 per cent of the reward for every dash block that is mined.
Additional features include something called ‘InstantSend’ that can send and confirm transactions globally in seconds and ‘PrivateSend,’ which allows dash users to remain completely anonymous.
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