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Dash Logo
Dash Logo

Dash (formerly known as Darkcoin and XCoin) is an open source peer-to-peer cryptocurrency and decentralized autonomous organization (DAO).[1][2] It features instant transactions, private transactions and a self-funded, self-governed organizational structure.[3] Dash is a fork of the Bitcoin software[4] and is referred to as an altcoin.[5]

Etymology

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The name 'Dash' is a portmanteau of 'Digital Cash'.[6]

History

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Dash was launched in January 2014 by Evan Duffield.[7] The original name was XCoin[8] before rebranding as Darkcoin and then Dash in March 2015.[9] It began as a fork of the Litecoin project, before rebasing to become a fork of Bitcoin in January 2015.[8]

Milestones

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There are at least two protocol upgrades planned for the future: Version 0.12.4 will lay the foundations for version 0.13.0 (Evolution)[10] which aims to improve ease of use and deliver functionality 'very similar to Venmo'.[11]

Version Notes Release Date
Old version, no longer maintained: 0.8.x Fork from Litecoin tree 0.8[8] 18th January 2014[8]
Old version, no longer maintained: 0.9.x Masternode implementation[8] 13th March 2014[8]
Old version, no longer maintained: 0.10.x PrivateSend implementation[8] 25th September 2014[8]
Old version, no longer maintained: 0.11.0 Rebase on Bitcoin[8] 15th January 2015[8]
Old version, no longer maintained: 0.11.1 InstantSend implementation[12] 10th February 2015[8][12]
Old version, no longer maintained: 0.11.2 Rebrand from Darkcoin to Dash[13] 4th March 2015[8]
Old version, no longer maintained: 0.12.0 Treasury implementation[14] 15th June 2015[8]
Old version, no longer maintained: 0.12.1 Object-oriented governance system[15] 6th February 2017[8][15]
Old version, no longer maintained: 0.12.2 2x block size increase, 10x fee reduction[16] 8th November 2017[8]
Current stable version: 0.12.3 Named devnets, performance improvements[17] 3rd July 2018[8]
Future release: 0.12.4 TBA[10]
Future release: 0.13.x Codename 'Evolution'[10] TBA

Decentralized Autonomous Organization (DAO)

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Dash's self-funded, self-governed organizational structure, referred to as the treasury system[4] or decentralized governance by blockchain,[2] makes Dash a decentralized autonomous organization. A global network of masternodes vote on proposals for improving Dash's ecosystem.[4][7] Approved proposals are funded from the treasury, which receives 10% of all newly created Dash, with 45% allocated to miners and 45% to masternodes.[7]

Dash funded projects

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The Dash DAO funds a number of projects. As of 2018, it had granted a total of $33 million worth of Dash, with $2.3 million allocated to projects in developing countries.[18]

ASU Blockchain Research Laboratory

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Arizona State University's Blockchain Research Laboratory requested $350k in funding from Dash's treasury to create blockchain-focused scholarships, an online blockchain course and perform research pertaining to Dash.[4][19][20] The proposal passed and Arizona State University received funding in December 2017.[4]

Cannabis industry

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Alt Thirty Six is a Dash-funded project that provides a payments platform for the legal cannabis industry in the United States.[21][22][23] The company received $496,000 in funding from Dash's treasury.[24]

Venezuela

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An organization called Dash Venezuela has held 8 conferences as of 2018 in Venezuela aimed at community outreach and promotion of the cryptocurrency.[25] It promotes Dash as a method of payment and operates a Spanish-speaking technical support centre for problems related to Dash.[25] Dash has invested about $1 million in Venezuela, where hyperinflation has led to rapid adoption of the cryptocurrency by merchants.[26]

Zimbabwe

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KuvaCash is a Dash-funded startup that aims to offer a payment solution in Zimbabwe.[27] The project received $550k in funding from Dash's treasury[27] and passed with 871 votes in favour to 357 votes against.[28]

Masternodes

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Masternodes are servers on the Dash network that enable InstantSend and PrivateSend transactions, as well as governing the network by voting on proposals.[29][30] This is in addition to the functions performed by a standard 'full node' (hosting a copy of the blockchain, relaying messages and validating transactions on the network).[29][31]

They are required to have a static IP address and meet minimum requirements for CPU, RAM, disk space and network bandwidth.[29][32] To incentivize their operation, they receive 45% of all newly created Dash (with 45% going to miners and 10% to the treasury).[7][32] A proof-of-service consensus protocol ensures that masternodes are online, responsive and have their blockchain up-to-date.[33] Running a masternode also requires ownership of 1000 Dash to prevent Sybil attacks (where an attacker creates a large number of malicious nodes to disrupt the network's operation).[32][34]

Masternodes were first introduced in March 2014 as part of Dash version 0.9.[8]

InstantSend

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InstantSend is a service provided by masternodes, allowing transactions to confirm in under two seconds at the point of sale.[35]

Masternodes validate and lock the inputs of each InstantSend transaction, working in random groups of ten chosen by a deterministic algorithm that uses the current block hash as entropy.[33][36] The response received from the majority of nodes in a group is treated as correct.[33]

References

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  1. ^ Galt, Juan S. (12 September 2015). "DASH – The First Decentralized Autonomous Organization?". Cointelegraph.
  2. ^ a b Stevenson, John (29 May 2018). "City academic makes link between cryptocurrency trading and machine learning". City, University of London.
  3. ^ Grant, Terry (18 Jan 2018). "Dash, Arizona State University Elevate Blockchain Research, Offer Graduate Course and Scholarships". FullCircle, Arizona State University.
  4. ^ a b c d e Garg, Yash (10 Jan 2018). "Dash Gives ASU a Grant to Fund Blockchain Initiatives". ASU Blockchain Research, Arizona State University.
  5. ^ McLannahan, Ben; Cornish, Chloe (20 Dec 2017). "Ex-Goldman Bankers Launch Crypto Fund For Rich US Investors". Financial Times.
  6. ^ "The U.S. town where Bitcoin thrives". Quest Means Business. April 2018. CNN International.
  7. ^ a b c d Kauflin, Jeff (22 Dec 2017). "Dash Is Up 8,000% In 2017. Is This 'Darkcoin' A Better Version Of Bitcoin?". Forbes.
  8. ^ a b c d e f g h i j k l m n o p q "Dash Release Notes - Older Releases". GitHub. Retrieved 2018-08-03.
  9. ^ Eha, Brian (26 June 2017). "Can Bitcoin's First Felon Help Make Cryptocurrency a Trillion-Dollar Market?". Fortune.
  10. ^ a b c "Dash Documentation". Dash. Retrieved 2018-08-03.
  11. ^ http://www.azfamily.com/story/38953026/cryptocurrency-dash-aims-to-give-mainstream-money-a-run
  12. ^ a b "InstantSend Release Notes". Dash. Retrieved 2018-08-03.
  13. ^ "Dash 0.11.2 Release". Dash. Retrieved 2018-08-03.
  14. ^ "Dash 0.12.0 Release Notes". GitHub. Retrieved 2018-08-03.
  15. ^ a b "Dash 0.12.1 Release". Dash. Retrieved 2018-08-03.
  16. ^ "Dash 0.12.2.0 Release Notes". GitHub. Retrieved 2018-08-03.
  17. ^ "Dash 0.12.3.1 Release Notes". GitHub. Retrieved 2018-08-03.
  18. ^ Cuen, Leigh (23 Aug 2018). "Even If It Fails: Why Dash Could Have a Lasting Impact on Crypto Adoption". Coindesk.
  19. ^ Ringle, Hayley (19 Jan 2018). "ASU and Scottsdale cryptocurrency biz announce $350,000 agreement to accelerate blockchain technology". Phoenix Business Journal.
  20. ^ Roberts, Jeff (17 Aug 2017). "Blockchain U: Arizona State and Digital Currency Dash Launch Research Lab". Fortune.
  21. ^ Mizrahi, Avi (15 Oct 2017). "Payments Platform Alt Thirty Six Integrates Dash for Cannabis Sector". Finance Magnates.
  22. ^ Adams, John (18 May 2018). "Crypto starts to chip away at cash's dominance in legal pot shops". Payments Source.
  23. ^ Heun, David (13 Jun 2018). "Alt Thirty Six joins B2B cannabis marketplace to digitize pot payments". Payments Source.
  24. ^ Dinkins, David (22 Oct 2017). "Digital Currency Looks to Solve Cannabis Industry's Cash Problem". Dash.
  25. ^ a b Santambrogio, Clelia (15 May 2018). "Dash Venezuela continuará incentivando la adopción de la moneda a nivel personal, empresarial y de emprendimiento". Computerworld Venezuela (in Spanish).
  26. ^ Williams-Grut, Oscar (2018-08-23). "A cryptocurrency is making huge inroads in Venezuela as inflation runs wild — and it's not bitcoin or the petro". Business Insider. Retrieved 2018-08-23.
  27. ^ a b Akhtar, Tanzeel (26 Nov 2017). "As Zimbabwe Celebrates Mugabe Resignation, Bitcoin and Cryptos Reign Supreme". The Street.
  28. ^ McFarlane, Gary (24 Nov 2017). "High-flying cryptos: Digital currencies and the bubble question". Interactive Investor.
  29. ^ a b c Prusty, Narayan (27 Apr 2017). Building Blockchain Projects. Birmingham, UK: Packt. p. 20. ISBN 9781787125339.
  30. ^ Lee, David; Low, Linda (21 Jun 2018). Inclusive Fintech: Blockchain, Cryptocurrency And ICO. Singapore: World Scientific. p. 219. ISBN 9789813238657.
  31. ^ Antonopoulos, Andreas (12 Jun 2017). Mastering Bitcoin: Programming the Open Blockchain. California: O'Reilly Media. p. 196. ISBN 9781491954348.
  32. ^ a b c Aru, Iyke (22 Aug 2017). "The Rise of Masternodes Might Soon be Followed by the Creation of Servicenodes". Cointelegraph.
  33. ^ a b c Prusty, Narayan (27 Apr 2017). Building Blockchain Projects. Birmingham, UK: Packt. p. 21. ISBN 9781787125339.
  34. ^ Bergman, Adam (2 Mar 2018). "Taxation Of Cryptocurrency Proof Of Stake Transaction Fees". Forbes.
  35. ^ "Dash Launches Network Upgrade – Transactions Now 215X Cheaper Than Bitcoin With 8X More Capacity". Payments Journal. 8 Nov 2017.
  36. ^ "Transaction Locking and Masternode Consensus" (PDF). GitHub. Retrieved 2018-08-27.
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