Dash was introduced in 2014 as being the most scalable and user-friendly cryptocurrency. Previously called Darkcoin and Xcoin, it was made to safeguard the obscurity of its customers while also allowing nearly fast transactions. Dash made to enhance the perceived flaws of Bitcoin, particularly in terms of privacy and transaction times. The creators of dash see it as being the upcoming logical move towards completely virtual cash.
How does dash work?
Similar to bitcoin, dash keeps all transactions executed by customers on a public record. It permits the network to confirm that customers have sufficient money in their wallets for making a transaction. Unlike Bitcoin, dash operates a two-tier system where masternodes and miners operate together, making it faster to process. Tandem operations also solve the issue of Bitcoin’s scalability.
What Are Masternodes?
As we have already mentioned that dash solves the scalability problem of Bitcoin by applying a concept called masternodes. In place of a miner executing the work of ordering and confirming transactions, dash masternodes enlist some of the works of a miner. This attitude frees up some resources for the miners plus enables them to focus on protecting the network.
Security from Rogue Miners
rogue miners are unable to overcome the network by themselves – although they get more than 51% of the power of mining because the operators of masternode would always keep an eye on them. To ensure masternode, the operators’ incentives are adjacent to the network’s best interests; each masternode should lock, contribute, and buy dash with skrill as a devotion to the network. In case a masternode operator deceives the system, they might lose their promise. That makes sure that the operators play the game by the set rules.
Decentralization
the people working the nodes given a percentage of every new block. They are provided with voting privileges in the network, enabling dash to work as a decentralized network.
