Denominations | |
---|---|
Plural | Dash |
Code | DASH |
Previous names | Xcoin, Darkcoin |
Subunits | |
1⁄100000000 | duff |
? | Dash |
? | mDash |
Development | |
Original author(s) | Evan Duffield |
White paper | Whitepaper |
Initial release | 18 January 2014 |
Latest release | 20.1.1 / 5 April 2024 |
Code repository |
github |
Written in | C++ |
Ledger | |
Timestamping scheme | Proof-of-work |
Hash function | X11 |
Issuance schedule | Decentralized, block reward |
Block reward | 2.48 DASH (as of 8 June 2022 [update]) |
Block time | 2.5 minutes |
Block explorer |
insight |
Demographics | |
Official user(s) | Worldwide |
Administration | |
Date of introduction | 18 January 2014 |
Website | |
Website |
dash |
Dash is an open source cryptocurrency. It is an altcoin that was forked from the Bitcoin protocol. It is also a decentralized autonomous organization (DAO) run by a subset of its users. It was previously known as Xcoin and Darkcoin.
The currency was launched in January 2014 as "Xcoin" by Evan Duffield, as a fork of the Bitcoin protocol. [1] [2] It is an altcoin and in its early days it was subject to pump and dump speculation. [3] It was rebranded as Darkcoin, [4] which received press for being used in dark net markets. [5] In March 2015, it rebranded again with the name Dash as a portmanteau of 'digital cash'. [3] As of August 2016, Dash is no longer used in any major dark net markets worth noting. [4]
In early 2017 Duffield, who lived in the Phoenix area, and some other people working on Dash took space in a business incubator at Arizona State University. [6] The Dash DAO later funded a blockchain research lab at ASU. [7]
As of April 2018 [update], Dash's market capitalization was around $4.3 billion and it was one of the top 12 cryptocurrencies. [8]
As of February 2019 [update], Dash was the most popular cryptocurrency in Venezuela according to Der Spiegel. [9] In Venezuela, it was often used alongside Bitcoin and Petro, with Petro basing much of its technology from Dash. On 1 October 2018, Petro switched to an X11 algorithm-based design, which was copied from Dash. [10]
Dash was designed to allow transactions quickly and to have a swift governance structure in order to overcome shortfalls in Bitcoin. [3]
Governance is handled through a form of decentralized autonomous organization in which decisions are made via a blockchain. Te system includes standard nodes and miners. [1]
The system's decentralization has been criticized due to a mishap, which allowed too many coins to be distributed at release. This concentrated the wealth in a small group, giving them disproportionate power in decisions over the currency’s future. [8]
As of 2018, coins were mined using a proof of work algorithm with a hash function called "X11", with eleven rounds of hashing, and the average time to mine a coin was around two and a half minutes. [1]