Cryptocurrency Profile: DASH
The Coin: Fun fact: Dash is a portmanteau of “Digital Cash”. Originally being called Xcoin and later DarkCoin before acquiring it’s current moniker, Dash is a peer-to-peer cryptocurrency that emphasizes user friendliness and transaction efficiency above all else. Created in June of 2014 by a team of young visionaries (many of whom choose to remain anonymous), Dash has managed to keep a low profile in the public eye while sending massive ripples through the cryptocurrency community (no pun intended).
The Tech: Dash utilizes a two-tier network in which miners extend the blockchain by, well, mining, while masternodes handle most of the transaction functions. This is actually an improvement in efficiency compared to Bitcoin where miners handle almost all of the work, and is part of the reason why Bitcoin transactions consume so much time and energy. Ethereum is also planning to adopt a system similar to masternodes when it introduces Proof of Stake (PoS) sometime in 2018. Although this is different from the masternode system, it is similar in that individuals who hold large amounts of the currency will be rewarded for their stake, as opposed to miners being compensated for their “hard labor”. It’s almost as if cryptocurrency is experiencing its own transition from “blue collar” to “white collar” work.
Features: There are two main ways to send Dash – DarkSend (now called PrivateSend for obvious PR reasons) and InstantSend. These both function almost exactly as they sound, with PrivateSend allowing users to send Dash without anything leading back to the transaction’s point
of origin, and InstantSend allowing you to – well – send Dash instantly. The systems Dash employs not only allows for speedy transactions, but cheap ones as well – The average networking fee for Dash is less than $0.02 (as opposed to Bitcoin’s atrocious $1.23, and even beating out Ethereum’s praised $0.20). Transactions are done through a Dash wallet. A Dash Core wallet can be downloaded from the official website, and other Desktop wallet services like Exodus and Jaxx also support Dash. It is also Ledger wallet compatible.
The Trend: Let’s put this into perspective: For the first two years of its existence, Dash made almost no substantial gains. In fact, it never even broke $10 until August of last year! It is mind boggling to believe that for over 2 years, what is now one of the most successful cryptocurrencies was hardly worth peanuts, likely collecting dust at the bottom of the CoinMarketCap charts similar to how many Altcoin ICOs are today. Then, in March of 2017, Dash had its first moonshot, passing the $100 mark and the rest is history. It’s value tripled from this to over $300 in August and doubled again from that to a whopping $600+ in November of 2017. This exponential growth brought in a lot of new money from excited investors new to the crypto space, and Dash has been only rising ever since. Which is quite interesting, especially given the fact that it has very little hype compared to other Altcoins of a similar scale. True, it may have the most active altcoin community on BitcoinTalk with almost 8 million page reads and over 130k posts, but BitcoinTalk is a forum which is largely populated by individuals who have been around since the early days of Bitcoin, veterans of cryptocurrency who judge a project based on its practicality, use case potential, and odds of mass adoption. This is almost the polar opposite of more recent projects like OmiseGo and
Chainlink, which have had ungodly amounts of hype pre and post ICO which pumped the prices to all time highs, but failed to actually deliver on anything in the real world, resulting in the projects quickly losing their hype. In fact, this case alone should be a lesson to readers to look past the hype of an ICO, read the whitepaper for themselves, and do their own research rather than panic buy at an all time high just because everyone around them is doing it. Believe me, that is not a rare occurrence, it doesn’t even just happen often, it can be argued that it is what helps drive this entire market.
The Verdict: Before proceeding, I would just like to affirm that everything I say is my opinion and should not be treated as financial advice under any circumstances. As I said in the previous section, your financial decisions should be based on your personal conclusion that you came to based on looking at the data yourself. That being said, I believe Dash to be both an excellent long term and short term asset. It’s private, secure, and instant transaction options allow for exchanges to be made in a way more practical than even Bitcoin, which means it can easily be used for transactions if you are doing business with someone who accepts it. It has increased massively in value over the past 3 months and does not show signs of stopping, meaning that if you want to short term hold it, you can make a decent profit by just buying the dips and selling the tips over the course of a couple of months. As for long term… well… I’ll just let you take a look at CoinMarketCap for yourself. Trade smart.
Mark Weerasinghe4 Posts
Mark Weerasinghe is a journalism student at the University of Copenhagen who has been studying and investing into cryptocurrency for nearly two years. He has been a fanatical supporter of Ethereum and Monero throughout their existence, and believes that blockchain technology is not just a get-rich-quick opportunity, but the foundation for the future of global trade as a whole.