There is no doubt that cryptocurrency has proved to be a remarkable technology in recent years. It has been a significant development in the current financial system. Bitcoin, which is known to be founded by Satoshi Nakamoto, a skillful developer, is a brainchild behind its growth and popularity. It has benefited its users to make digital transactions without any dependence on a middleman or any other central authorities like banks or government. It is free from any individual control or a company. If you have been following Altcoin News Today, then you must be aware of the fact that the growth of Bitcoin led to follow up of other crypto coins also, which are called altcoins. Although, there are many altcoins, which you must be familiar with like Ripple, Ether, Litecoin, Monero, and others. But today we will know about Dash coin, one of the leading altcoins.
All About Dash Coin
If you’ve kept yourself abreast of Dash news, you’d know that Dash coin or dark coin, as it was initially called, was launched on 18th January 2014 by Evan Duffield. The motive behind designing this coin was to ensure the user’s anonymity and privacy too. This altcoin is a blended word of digital cash, which is why it got its symbol as ‘Dash’. Like Bitcoin, Dash is also a blockchain P2P cryptocurrency that benefited its users in offering the fastest and more private transactions in comparison to the former coin. This altcoin was made to become a better version by duplicating Bitcoin’s existing code to make it more efficient for users. The purpose behind its launch was to address the shortcomings of Bitcoin, as users faced some technical flaws and weaknesses in it.
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By reading about Dash coin, it must seem surprising for you to know as to how altcoin has gone on to become a better alternative to a much popular cryptocurrency like Bitcoin. But as it says, every technology comes with advantages and disadvantages. And when a newer version or technology comes with better features to its predecessor technology, then it certainly makes an impact on the older one. The same happened with Bitcoin. It had issues like a slow rate of transfer of funds, which would take hours to get confirmed. Such technical flaws were overcome by Dash, which came out to be much faster in speed for confirming transactions.
Because of this reason, Dash became a preferable cryptocurrency by having excellent features in providing much better privacy and speedy transactions to its users. Apart from the benefits which are mentioned above, Dash is also equipped with another remarkable feature. And it is that it can operate on its self-funding model. Contrary to Bitcoin, it can fund itself on the need for improvement in Dash technology.
3 Features which Makes Dash a Better Cryptocurrency to Bitcoin
If you are reading about Dash coin with keen interest, then let us tell you that Dash includes 3 most essential features which make it edge over Bitcoin or even Litecoin. These are PrivateSend, Masternodes, and InstantSend.
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One of the flaws of Bitcoin technology is that it is fully public. It means that if a person makes a Bitcoin transaction, then anyone around the world, who is having the internet connection can easily access the public address of the sender and receiver of every Bitcoin transaction. So in that way, Dash coin comes with a better concept of PrivateSend, which helps maintain the privacy of the transactions. So in that way, no one can trace the Dash transactions and the identity of the user is also hidden from the world.
One of the major reasons behind the success of the Dash coin is Masternodes. It improves the security of the Dash network and ensures speedy transactions. In short, you can say that Masternodes are the backbone for the Dash technology, which makes it run efficiently.
When it comes to noticing the transaction speed of Bitcoin, then it is found that it takes 10 minutes for confirmation. Whereas, in terms of MasterCard or Visa, it just takes a few seconds for the transaction, which draws a huge difference with Bitcoin. Because of this, it poses a big question mark on the scalability of this cryptocurrency. In such a case, the problem is solved by Dash through InstantSend. This service helps in getting all Dash transactions confirmed by Masternodes network, instantly.
After knowing all about Dash coin, now you must have a clear idea about the Dash cryptocurrency and how it proves to be a better alternative to Bitcoin. It must have been surprising for you to acknowledge an excellent advantage of altcoin over a popular crypto coin, Bitcoin, which became much popular and is responsible for the follow up of other altcoins. But due to some technical flaws like the slow rate of the transaction and privacy issues, Bitcoin lagged behind the Dash coin. Also, both the coins run on the same blockchain ledger. Dash gained much popularity because of its efficiency and its 3 essential features including Masternodes, PrivateSend, and InstantSend.