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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.

• History

• Design

• References

• External links

The currency was launched in January 2014 as "Xcoin" by Evan Duffield, as a fork of the Bitcoin protocol.cite-ref-fintech-1-0[1]cite-ref-2[2] It is an altcoin and in its early days it was subject to pump and dump speculation.cite-ref-fortune-3-0[3] It was rebranded as Darkcoin,cite-ref-0-4-0[4] which received press for being used in dark net markets.cite-ref-5[5] In March 2015, it rebranded again with the name Dash as a portmanteau of 'digital cash'.cite-ref-fortune-3-1[3] As of August 2016, Dash is no longer used in any major dark net markets.cite-ref-0-4-1[4]

In early 2017 Duffield, who lived in the Phoenix area, USA, and some other people working on Dash took space in a business incubator at Arizona State University, USA.cite-ref-6[6] The Dash DAO later funded a blockchain research lab at ASU.cite-ref-3tv-7-0[7]

As of April 2018, Dash's market capitalization was around $4.3 billion and it was one of the top 12 cryptocurrencies.cite-ref-mit-8-0[8]

As of February 2019, Dash was the most popular cryptocurrency in Venezuela according to Der Spiegel.cite-ref-9[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.cite-ref-10[10]

Dash was designed to allow transactions to occur quickly and to implement a governance structure that addresses perceived shortcomings in Bitcoin.cite-ref-fortune-3-2[3]

Governance is managed through a form of decentralized autonomous organization in which decisions are made via a blockchain. The system includes standard nodes and miners.cite-ref-fintech-1-1[1]

The system's decentralization has been criticized due to a mishap during its initial coin distribution, which allowed too many coins to be distributed at release. This concentrated wealth within a small group of early adopters, giving them disproportionate power in decisions regarding the currency’s future.cite-ref-mit-8-1[8]

As of 2018, coins were mined using a proof of work algorithm with a hash function called "X11," which involves eleven rounds of hashing. The average time to mine a block was around two and a half minutes.cite-ref-fintech-1-2[1]

cite-note-fintech-11. ↑ citerefleelow2018Lee, David; Low, Linda (21 Jun 2018). Inclusive Fintech: Blockchain, Cryptocurrency And ICO. Singapore: World Scientific. p. 219. ISBN 9789813238657.

cite-note-22. ↑ "Bitcoin may be king, but Ripple dark horse in crypto race". Reuters. January 3, 2018. Archived from the original on November 9, 2020. Retrieved August 31, 2018.

cite-note-fortune-33. ↑ citerefeha2017Eha, Brian (26 June 2017). "Can Bitcoin's First Felon Help Make Cryptocurrency a Trillion-Dollar Market?". Fortune. Archived from the original on 26 June 2017. Retrieved 17 July 2018.

cite-note-0-44. ↑ "Meet Monero, the Currency Dark Net Dealers Hope Is More Anonymous Than Bitcoin". Motherboard. 2016-08-23. Archived from the original on 2018-11-18. Retrieved 2018-11-18.

cite-note-55. ↑ "Online Drug Dealers Are Now Accepting Darkcoin, Bitcoin's Stealthier Cousin". WIRED. Archived from the original on 2018-11-18. Retrieved 2018-11-18.

cite-note-66. ↑ "Dash Open House". Arizona State University, USA. March 30, 2017. Archived from the original on August 20, 2017.

cite-note-3tv-77. ↑ citerefmoore2018Moore, Heather (24 Aug 2018). "Cryptocurrency Dash aims to give mainstream money a run". 3TV/CBS5. Archived from the original on 24 August 2018. Retrieved 27 August 2018.

cite-note-mit-88. ↑ citereforcutt2018Orcutt, Mike (April 25, 2018). "The top 12 cryptocurrencies and what they are—and aren't—good for". MIT Technology Review. Archived from the original on June 12, 2019. Retrieved September 2, 2018.

cite-note-99. ↑ citerefgl-sing2019Glüsing, Jens (February 2, 2019). "Nichts zu essen, aber kostenlos Benzin". Der Spiegel (in German). Archived from the original on July 29, 2020. Retrieved February 6, 2019.

cite-note-1010. ↑ "Petro". Archived from the original on 21 August 2018.

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