DASH, ENHANCING ANONYMITY MORE THAN BITCOIN COULD HAVE EVER DREAMT
CryptoNote technology has enhanced the creation of the Dashcoin, which is an anonymous cryptocurrency and a currency that automatically mutates. In the history, it is the first ever cryptocurrency that automatically mutates. Formerly, it was referred to as Darkcoin then mutated to Dashcoin.
It is an open source peer-to-peer currency that offers instant transactions, token interchangeability i.e. fungible and transactions that are private. One does not have to put his/her trust in a bank or government agencies since the transaction’s detail remain only between the two parties.
Dashcoin makes its operatons under a decentralized budgeting and governance system, hence the first ever decentralized autonomous system. Dashcoin uses X11, a chained hashing algorithm for its proof of work. It uses 11 rounds of various hashing functions instead of SHA_256 or script.
Dash enhances privacy. The payments and transactions are kept private to an extent of not being tracked by a person. The currency is also instant. It uses its Masternode network in powering InstantX, an innovative technology. Transactions made by the users can be made within 4 seconds and are completely irreversible. It is secure, having an advanced encryption. Money can be sent to any part of the sphere under the same speed.
As by June 2017, 1 dash equaled 0. 06510369 Bitcoin, equivalent to 178.06250 USD. The main advantage of the Dash over the Bitcoin is its greater anonymity. The Dash has “middleman operators” in the network. The middlemen are called masternodes. Literally, the middlemen are operators that made a purchase of 1000+ Dash.
The Dash blockchain is public just like the others, however, one can use the “darksend” that enables the Dash amount to be sent in small values that sum up to the same amount sent at the end. The small values are sent to the masternodes who then send the coins differently to the intended recipient. This way, the trace is completely lost. The cryptocurency world is very interesting
Privacy will be paramount in the future when governments try to tax capital gains connected with the cryptos. This may be something to look at as cryptos go mainstream in the not too distant future.