Dash is the first digital currency based on the Satoshi Nakamoto vision since it has built-in privacy functions. The coin on the network was initially known as Xcoin and then Darkcoin. It is a decentralized, anonymous, secondary P2P (peer-to-peer) with tamper-proof instant transactions that provide services to the Dash network. 

It aims to provide everyone with financial freedom and a completely decentralized payments solution. Payments on this network are easy, fast and it charges a meager fee (almost zero). It allows users to buy goods from thousands of suppliers and trade them worldwide at various exchange platforms and brokers.

What is Dash?

Dash is a decentralized open-source blockchain network that offers a cryptocurrency with the same name. It is based on BTC (Bitcoin), so it is compatible with many features of the BTC ecosystem. However, this network offers considerable improvements in the pace of transactions, governance, and privacy.

It aims to be the most scalable payment system of crypto globally. Therefore it features double spend protection, instant transaction confirmation, optional privacy (like the material cash), a roadmap for on-chain scaling ( up to 400MB blocks), self-funding, and a self-governing model.

Dash Goals

Dash wants to improve upon BTC by presenting more robust privacy and faster transactions; additionally, it charges less fee. 

It seeks to become a medium for everyday transactions. This network wants to become a digital currency that people use instead of cash.

To become a medium for everyday transactions, it owns a wide net. They claim that this network will be the first scalable and user-friendly crypto platform fit for the mass public, increasing the ease of use, scalability, processing power, and platform feature set.

By order of magnitude with each new stage of development, they seek to increase the user capacity of the network. They wish to increase the number of developers to accelerate each release’s implementation (each phase of the updates to the networks).

Dash background

Evan Duffield founded this altcoin in 2014; however, it is notable that this currency’s name was initially Xcoin when it came out. Then it was rebranded as Darkcoin, which made a lot of noise because some users were using it in the darknet markets.

In 2015 its name became Dash, and it has stayed the same. This altcoin has not been used in the darknet since 2016.

Evan Duffield is a computer programmer from Arizona. He started taking serious jobs while in high school, which was the start of his journey in the tech industry.

After Dash became a hit, they launched Dash Force and Dash Labs. In 2017 Evan quit his job as The CEO of the Dash Core Project, and Ryan Taylor, who was priorly the director of finances, stepped up and filled the position. Evan Duffield is an advisor to the corporation, and he is more focused on Dash Labs.

This company expanded into Venezuela (The first crypto foray into a country with a distressed economy), and it has become vastly popular (arguably the most popular crypto) in Venezuela.

As the demand for cryptocurrency rises, so do Dash users. This increase is because users need a transactional currency. This technology will develop the backbone infrastructure’s abilities that support the network and ensure that it can take care of the market’s transactions and data storage requirements. 

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Best Way to Buy Dash in Australia

 You can buy Dash on most major crypto exchange platforms as a popular altcoin. You can buy and sell it on both spot and derivative markets; users can trade it against fiat and other digital currencies, including Bitcoin, Etherum, Tether, and USD coin.

Before choosing a platform, you have to ensure that it meets your requirements, so research it. The research includes going through the exchange’s regulations and the customer services they provide.

Are you interested in buying this altcoin from a valid cryptocurrency exchange platform? Do you live in Australia and wish to find a platform there? Bitunivex is a reliable global cryptocurrency that lets you work with fiat and crypto. It is also a suitable choice for Australians since it is in Sydney.

Bitunivex can offer you its good customer services, including giving you your account and wallet on the platform.

Is Dash Real and Safe?

 Crypto is not free of risks, just like any other market-related investment. However, we could limit the risks by choosing those cryptos that are more reliable and have a better and safer network. 

To stay secure, this network uses a two-tier network. Tier number one includes nodes that handle mining operations under a PoW (Proof of Work) consensus protocol. Those nodes compete to solve complicated cryptographic problems. About 51% of nodes have to confirm a transaction for it to be added to the blockchain.

The PoW (proof of work) algorithm that this network uses is named “X11”. Duffield founded this hashing algorithm that uses 11 hashing algorithms. According to their team, X11 is one of the most sophisticated and safest hashes in modern digital currencies. 

Tier number two consists of master nodes working under a PoS (proof of service) consensus algorithm. In this algorithm, master nodes are rated based on their background in presenting good services to the network. These master nodes manage the network and have the power to discard new blocks added by nodes in case they were approved incorrectly.

These nodes also allow the ChainLocks feature of the platform, which improves security because every 12 hours, a group of master nodes check and confirm all new blocks added to the blockchain. Its developers claim that this defends the network against 51% of attacks. 

Can I Cash Out Dash Anytime?

Not all platforms can manage your transactions safely, fast, and at a reasonable fee. If you are considering cashing out your Dash, you can use the Bitunivex platform. 

You can check out our regulations to see the services we offer you. For Example, at Bitunivex, we provide you with wallet services and allow you to deposit and withdraw in a matter of minutes. Bitunivex tries to respond to the customers in less than 3 minutes.

 You can make your account here and start your trading journey right now.