Evan Duffield launched Dash back in 2014 and has gone through a lot since then. XCoin was its original name. It was quickly renamed to Darkcoin and became accessible through a Darkcoin wallet. But it underwent another rebranding last year into Dash.
The new name is mostly a play on the phrase “digital cash.” It moved away from the “dark” association with the seamier side of using cryptocurrencies. The association is unfortunate since Dash is all about ensuring maximum privacy for the user’s transactions. This cryptocurrency can still be stored and transacted through the Dash or Darkcoin wallet.
This has made Dash one of the top names in the altcoin market right now. This is quite impressive considering the hundreds of brands that have popped up since Bitcoin appeared. Here are some of the basics or those who are interested in using Dash.
Clearing up the confusion
There is an issue that needs clearing. There is a Dash and Dashcoin. This has resulted in some confusion as people checking for one of the two usually end up mixing them together. Here’s how not to get confused.
First, there is the Dashcoin cryptocurrency. It is an automatically mutating mirror fork of Bytecoin unlike Dash. It uses a technology called CryptoNote and has the CryptoNight algorithm for its encryption. There are several points of confusion here. One is that Dashcoin is also focused on anonymity and uses the CryptoNote algorithm to use ring signatures and one-time addresses. This hides both the sender and the recipient. Another similarity is that Dashcoin was also launched in 2014. Most of all, this isn’t compatible with a Darkcoin wallet.
Second, there is Dash, which is the current form of Darkcoin and is the one supported by a Darkcoin wallet. It encrypts transactions using the X11 hashing algorithm. Developed by Evan Duffield, it uses a sequence of eleven hashing algorithms for the proof-of-work transactions to stop centralization in the network. It has resulted in the use of powerful CPUs for processing.
Check the logo and the abbreviation to distinguish between the two. Dashcoin is DSH, while Dash is DASH. The Dashcoin and Dash or Darkcoin wallet addresses are also different, with Dash having the Darkcoin wallet starting with an “x.”
Darkcoin wallet features
People can get the Dash Core wallet on the Dash website. The original Darkcoin wallet had several features that have carried over to the current version, and is still used in many aspects of the currency, such as Darkcoin mining. There are two features that should catch most users’ attentions.
First, there is the Private Send option. Originally called Dark Send, this ensures privacy for those who wish to pay by allowing DASH users to mix their coins. The second feature is the InstantSend option. This allows Dash to compete with almost instant transaction systems such as credit cards for point-of-sale situations. The system does not rely on a centralized authority. Dash transactions take seconds instead of minutes.
People who want to try it out only need to drop by the Dash website and download the client.