Ever since the end of December 2016, when Bitcoin crossed the $1000 mark, cryptocurrency investment has gone crazy. At the end of 2016, the cumulative cryptocurrency market stood at $17 billion. Now at the time of writing, it’s at a whopping $110 billion. This a tremendous growth of +500% in just six months.Is it a bubble waiting to burst? Or is this “Internet of Money” thing real
I believe it’s real.
Just like how the internet made content and information decentralised, the same is happening with money.
Bitcoin’s blockchain technology is making money decentralised.However, as Bitcoin is just the first application of digital currency, it is obviously going to have some fundamental flaws. One such flaw which Bitcoin doesn’t solve is that of private and anonymous transactions. This drawback of Bitcoin has given birth to a new breed of cryptocurrencies called Anonymous Cryptocurrencies. And Dash is one of the contenders in this new breed.
Dash – Digital Cash is one of the most promising alternative coins to Bitcoin.
What is Dash?
Dash is unlike other cryptocurrency projects like Ethereum or Stratis which are more of a development platform. Dash advocates itself as peer-to-peer decentralised electronic cash. It intends to be as liquid as real cash which we use in our respective countries like USD/GBP/EUR/INR or CNY. Dash is built upon Bitcoin’s core code with the addition of new features (such as privacy and quick transactions). Like BTC, Dash is open-source and has its own blockchain, wallet infrastructure, and community. But unlike BTC, its transaction fee is negligible. Moreover, it looks like from the attitude of the development community that Dash will only remain as digital money for the internet, which is a good thing.
When And Why Was Dash Created?
Dash was created three years ago on 18 January 2014 by its developer Evan Duffield. Dash was originally released as XCoin (XCO). In February 2014, the name was changed to “Darkcoin”. And on 25 March 2015, Darkcoin was rebranded as “Dash”. Evan Duffield came across Bitcoin in 2010 and was impressed by its technology. But he soon realized that Bitcoin was not private and fast enough. He had many ideas on how to make Bitcoin anonymous, but he knew that Bitcoin’s core developers wouldn’t allow him to do so, as the core’s code would need to be changed for this.
So to change this primary drawback of Bitcoin, Evan decided to use Bitcoin’s core code and build his own cryptocurrency- this is what we know of today as Dash.
Dash Coin Supply
Dash is designed to have a total supply of 18 million coins. At present, the circulating supply of Dash is 7.4 million, and it will reach 18 million in the year 2300 (when none of us will be alive). Dash has a variable block reward which decreases at a 7.1 % rate each year. The average block mining time is 2.5 minutes on the Dash blockchain, which makes it four times faster than Bitcoin.
Dash Market Cap
At the point of writing this article, the total available circulating supply of Dash (DASH) is approximately 7.4 million, and the price of each unit of DASH is worth $204. Hence, the market capitalisation of Dash is $1.5 billion. As of June 2017, Dash is the seventh (6th) most valuable cryptocurrency by market capitalisation.