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Since Bitcoin was launched back in 2008, many other cryptocurrencies have emerged, each trying to address different issues faced by existing systems and their associated coins. Over the past few years, Dash has becomes an increasingly popular coin. Launched in 2014, it was designed to ensure total privacy and anonymity for its community of users. Previously known as Darkcoin, Dash is the first privacy-centric cryptocurrency derived from the Bitcoin network and is now aiming to become the main cryptocurrency used for daily transactions, thanks to its uniquely robust encryption features.
The major difference between Dash and Bitcoin is the algorithm the coins use for mining. While Dash miners use an updated version of the Proof-of-Stake algorithm X11, Bitcoin uses a Proof-of-Work algorithm. The currencies also employ different systems for managing transactions. All transactions made on the Bitcoin network need to be validated by all nodes before they are confirmed and executed. This process is very time-consuming, delaying transaction confirmations and increasing transactions fees, which makes the currency unsuitable for many users who wish to make daily transactions.
In order to simplify the process of verifying and validating all transactions across its network, Dash has created a system based on masternodes, which are full nodes with an economic incentive (1,000 DASH) as a starting point. This new system solves the scalability issue for transactions faced by the Bitcoin network, as it reduces the number of nodes required to approve transactions.
Another important difference between the 2 models is their governance systems. Dash is self-funded, as it has split block rewards between the essential stakeholders of the system: masternodes (45% of the shares), miners (45% of the shares), and treasury (10% of the shares). Further developments of the platform will therefore not require forks, because the network makes such decisions through the masternodes, which vote on future development directions of the coin.
This open source peer-to-peer cryptocurrency is focused on the payments industry, offering privacy and anonymity for daily transactions with minimal transaction fees and is widely seen as one to watch as the altcoin trading industry continues to evolve and mature.