On which platforms can Dash be bought and sold?
While Bitcoin was absolutely revolutionary and really changed the way we look at things, it was also the best stress test and the “open beta” we could have imagined for other crypto currencies.
Finding the defects of Bitcoin is not difficult. For example, we have a constant bottleneck in Bitcoin, not only within the limits of transactions/blocks, but also in the debates on its evolution. Moreover, in the Bitcoin community, there is no way to reach a real consensus to find solutions to the problems. The Bitcoin is moving slowly.
This is where DASH comes in, and probably makes it look a little old and dusty. Dash was able to resolve quickly and in most cases the majority of existing cryptocurrency problems (or particularly worrying “friction points”).
First, the Dash protocol has a truly decentralized network operating on a two-tier node system. In this system, we have a decentralized voting mechanism that lives on the blockchain and only parties with at least 1000 DASH or more can participate. One of the main objectives of this voting system is to supervise the decentralized monthly financing.
This monthly Dash funding can be used to finance literally anything that could benefit the Dash ecosystem! All you have to do is convince enough participating voters and the Dash protocol will automatically send the amount of documents to the desired address. Obviously, the more transparency you offer and the more beneficial the idea, the higher the chances of being financed (or refinanced).
How it works: for what purposes can Dash be purchased?
Like many crypto-currencies, Dash has a multitude of uses. Dash is a way to make online purchases without having to submit all your financial details. Unlike credit cards, Dash does not require you to trust a third party with intimate details that could be used to commit identity fraud or make unauthorized purchases. It also saves merchants money on fees. It is cheaper to receive Dash than to accept credit cards and many other legacy payment methods. Also, citizens of a country who have friends and family abroad can transfer funds abroad and vice versa quickly, cheaply and discreetly. For unbanked people, Dash can be used as a reserve of wealth. Fewer obstacles KYC. Also, Dash can be a hedge against inflation. Citizens who do not trust their national currency may decide that it is more prudent to store their wealth in Dash, which is a deflationary currency. In other words, its purchasing power can be expected to increase over time. Other uses of Dash include fundraising without the approval of financial institutions, as a guarantee against the freezing of bank accounts by governments, and as a way to play online using a provable fair framework.
Dash has some features that make it really unique. First, there is the “Private Send” which allows you to send your funds privately by mixing them with several other transactions, making it difficult to identify a specific transaction. It uses a mixing service based on CoinJoin. This is an optional privacy feature that the user may want to use (but there is a limited limit of 1000 Dash for which you can send using this feature).
We also have Masternodes. Unlike Bitcoin, where each node is equal, Dash has special privilege nodes called Masternodes. Anyone can form Masternodes by holding 1000 Dash as collateral. These special nodes perform the PrivateSend and InstantSend functions and earn 45% as a block reward.
Dash allows instant sending thanks to the InstantSend feature. It allows you to send your Dash transactions instantly (within 1.5 seconds). But Masternodes charges higher fees for processing such transactions. InstantSend also solves the problem of double spending. Note: InstantX was renamed InstantSend in 2016.
Our review: should we buy Dash?
Dash offers features that investors like. Thus there is some adoption for this crypto currency.
First there is confidentiality. With Dash, you can keep all your transactions anonymous so that no one can track you or your funds. With Dash’s futuristic anonymization, only you can access your financial information.
Then there is speed: the Masternode network has an innovative technology called “InstantX”. By using InstantX, users can complete transactions in less than four seconds.
Then there’s security. Once again, thanks to masternodes, there is a reliable protocol for total transaction security. You also have a great reach: you can send money to anyone in the world without paying more than you would have paid to send it to your street. Finally, there are the reduced costs. Unlike current services such as Moneygram, Western Union or PayPal, most transactions cost only a few cents. And the costs do not depend on the distance.
Since its inception, the Dash network has added new features such as InstantX, self-budgeting and self-governance. This shows that developers are aggressive and do not want to rest on past achievements and laurels.
Thanks to the masternode network, almost all functionalities can be decentralized and included at the protocol level.
The fact that these new advances can easily be incorporated into the protocol bodes well for the potential value of Dash and ensures that Dash’s future will remain on an upward curve