DarkCoin or now known as Dash is currently one of the top cryptocurrencies in the market right now. This is an impressive achievement considering the hundreds of altcoins that have popped up since Bitcoin appeared.
Dash has gone through several changes since it was first launched. Originally named XCoin and quickly renamed DarkCoin, it underwent another rebranding last year into Dash. The name change was mostly done to move the cryptocurrency away from being associated with the darker side of the Internet to being more of a digital currency. That is why the latest name was chosen as a simplification of “digital cash.”
Basic background
Launched in 2014 by Evan Duffield, the main focus of Dash was privacy. Duffield first encountered Bitcoin in 2010 and was fascinated by the ability of Bitcoin to ensure anonymity. After being ignored by the Bitcoin devs on how to ensure further anonymity, Duffield set out to produce his own cryptocoin.
When the altcoin was launched, around 500,000 coins were mined in the first hour. This mining progress accelerated and resulted in 1.9 million coins being mined in the first two days of mining. This was a disaster for the coin as many thought that Dash was a scam. Fortunately, Duffield managed to correct the mistake that resulted in the “instamine” results. Since then, two years of development have resulted in further refining of the Dash concept.
Features DarkCoin or Dash
There are several features that make Dash unique among cryptocurrencies. First, there is the emphasis on privacy. Dash users can be assured of complete anonymity in their transactions. The altcoin implements anonymization phase for all of the Dash tokens out there, which is done by “mixing” the data. Depending on the anonymity level they desire, users can pick two to eight levels of mixing.
Second, the cryptocoin uses the X11 hashing algorithm. Developed by Evan Duffield, it uses a sequence of eleven hashing algorithms for the proof-of-work. This is intended to stop centralization in the network. This further ensures the Dash network’s independence and keeps it immune from any attacks.
Finally, DarkCoin or Dash uses Masternodes. They are a secondary network besides the blockchain network that enables additional features such as instant transactions (InstantX), private transactions (Darksend), and decentralized governance and budgeting. Network members who run Masternodes get rewards and is part of the cryptocoin’s mining infrastructure. It also provides another layer of decentralization since it would be impossible to gain control of enough Masternodes to threaten the network.
