CCFocus - Dash [EN]

notln (29)in #cryptocurrency • 7 years ago

CCFocus -- Dash(Dash)(Đ)
In this article, I'll try to broadly explain what's Dash and how this crypto works.

I apologize for my numerous english faults, I did and I will do my best to reduce it.
// The original article in french: here //

Dash(Đ) (for "digital cash", formerly "XCoin" then "Darkcoin") is a cryptocurrency created in 2012 then presented to the general public in 2014, of which main interest and aim is to integrate the notion of anonymity to the Bitcoin protocol.

Indeed its creator, Evan Duffield, decided to pick up the source code of Bitcoin and to improve it incorprating few features which will be, according to him, very usefull. Many fonctionnalities has been introduced in the code allowing to making Dash a currency of which transactions are protected, fast (InstantSend) and especially, main ambition, nameless (PrivateSend)

Another important aspect, Dash want itself to be communal and, in that way, stand on a DAO (Decentralized Autonomous Organisation) and a DGBB (decentralized government by blockchain), what busy abreviations to appoint two significant notions of the coin:

First, the decisions-making about the futur of the currency stands on a voting system, right which only the "masternodes" own. Thus, they can decide if yes or no the developpment team's propositions must be adopted. Actually, this masternodes are servers hosted by volontary members of the dash community (not freely, cf the end of the article), which ensure the stability of the network, mainly by providing their services, essentials for the being of the network; the clarification come later.

Secondly, the remunerations of the different actors who are playing a part to the developpment of the network: when a bloc of transactions is creatd, the earning is splited between 3 actors: 45% are intented for the miners which validate the transactions, 45% to the masternodes which ensure to the network users the continuity of it as well as the swiftness and the anonymity of transactions, and 10% intented for the "treasury", of which funds are beeing used for the purpose of finance the forthcoming projects and enhancements of the coin, thus ploughed back in the project himself, thus developping the independance of the currency, if not its autarky.

Instant send:

Instant send
InstantSend(formerly InstantX) is a technology and a service providing extremely fast transactions, theoretically in the range of seconds, which is possible by reducing the confirmations duration. In order to do that, when a transaction is issued, the hash of the last block created is going to be used to select 10 temporary masternodes which will be called to vote to know if the funds are properly present on the transmitter's wallet. If it is, this funds will be blocked, so unusable and the personn supposed to collect this funds will receive it. The blocked funds will be unblocked and debited within the hour which follow this transaction, until the network confirms it.

Private send:

PrivateSend is a technology allowing users of the Dash network to be anonymous when they perform their transactions.

Explanation: when a transfer is made, the funds are divided, according to the amount, into denomination of 0.01Đ, 0.1Đ, 1Đ etc.
For each of this denominations, a request including the value of it (the input) is sended to a specialised server, a masternode, of which ID is contained in a local list grouping the ID of all of the others and selected among the other according to the fact that if it has already been used by the emitter of transaction for any other of this emitter's transactions, permitting to minimize the possibilities that anybody can recognize the emitter through his transaction, possibilities being initally weak. Therefore, this server send a new request for the whole network, looking for two other masternodes assuming the same situation, looking for the same denomination. When three masternodes filling in the same denomination are discovered, there is a match. Then, it is to a randomly chose server among the three servers to begin the operation of "mixing", consisting to mix the denomination of the three different emitters, to stocking them temporarily (the output).

Following this the reiteration of this operation until the entire set of denomination are regrouped, representing the final sum of denomination so the amount of the transaction, which will be send to the adress of destination. Due to this handling, the masternodes as well as the other users of the Dash network don't have any way to find who send the transaction for the reason that the funds sent come from distinct sources.

This mixing process and the resultant anonymisation is achieved because Dash is fungible, that means any user's Dash have the same monetary value than another user's Dash, and don't have any historic of who has already been its holder.

Dash Evolution

A new platform, Dash Evolution, is intented for June 2018, even though alpha and beta versions exists.

Its main attention will be to make the Dash currency more user-friendly permitting it to be more famous and more used by a number of people superior to today. As major innovation that Evolution will bring, the implementation of nickname: each transaction to this nickanme will be addressed to an alphanumeric adress coupled to it, adress which will be automatically replaced by an other once the transaction is confirmed. Thus, each adress isn't used more than one time. However, the historic of the transaction will show in its details the nickname which sent the funds, if it exists else the emitting adress, and the nickname which receive the funds.
As an other functionnality, the reset of the password of the wallet and the automation of backups of this wallet to an e-mail adress which has been chose by the user.

Wallets :

Desktop:

Dash-core (cross-platform, require the download of the Dash blockchain as a whole), followed by an instruction manual: doc
Exodus (cross-platform)

Android:

IOS:

Hardware:

Paper wallet

Minage :

Bloc discovered every 2.5 minutes in average,
Size of blocks: 12.794 KB,
Grant per bloc: from 3 to 25Đ depending to the difficulty (specifically 2222222/(((Difficulty+2600)/9)^2)),
Hash algorithm: X11,
If the total hashing power come lower than 79GH/s, the earnings for each mined bloc raise,
About 18millions coins will be created.

Purchase/Sale :

The purchase as well as the sell of Dash will be made via exchange platform like Kraken or Poloniex, to mention the most famous:

Kraken
Bittrex
Poloniex
Changelly
Bitpanda
ShapeShift (account not required)

Concerning spending, it's possible to use a credit card coupled to a Dash wallet, which will allow users to spend their Dash as they spend their dollar or euros. offloading them the conversion processes. The list below contain not only many society which offer this service but also differents merchant who accepts the currency: Marchands

Blockchain explorer :

Masternode hosting:

Hosting a masternode allow not only to be integral part of the Dash network, but also to bring support to the project acting otherwise than a normal user. Indeed, the host will become an entity providing its services to ensure the correct working and the continuity of the project. In November 2017, 4645 masternodes have been identified, of which 4230 in activity.
To host this server, quite a few necessary prerequisites:

1000Đ are necessary to prove the "loyalty",
static IP adress,
Linux (recommanded because "most suitable" for servers)
- 2GB of RAM
- 16GB of disk space
- 1TB/mounth bandwidth
- 1 2GHz CPU

A lot of services exist to help masternodes hosts to set up but also to configure and manage their masternode(s).
I would refer you to the official page, which will be more precise than me on this subject.

Difference with Bitcoin:

Dash wants itself more user-friendly, and this thanks to the update and the integration of the Evolution platform,
Dash provide a global anonymity where the transactions are made,
Dash offers faster transactions, while preserving minimal fees, if not null
Dash is centered around its community. The grant when a block is mined isn't solely itended to miners like it is whith Bitcoin, but is spread between miners, masternodes and developpers of the project

Sources:

#crypto #dash