GUEST: DASH “Digital Cash” Explained w/ Head of Global Business Development

What is DASH?

GUEST: DASH “Digital Cash” Explained w/ Head of Global Business Development

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What is DASH? How does DASH work?

DASH is known as “Digital Cash” and serves as a cryptocurrency payment solution. The DASH foundation works to make DASH as efficient and as easy to use as possible with a simple user interface.

DASH is a hard fork of the Bitcoin blockchain, originally known as x-coin, then darkcoin, and then DASH. Governance in DASH is known as a DAO or Decentralized Autonomous Organization. The DASH foundation (aka the DAO) is funded with 10% of the block reward mined by miners. Miners only receive 45% of the block reward, whereas in Bitcoin, miners receive 100% of the block reward. 45% of the miner reward goes to a masternode. Masternodes operate voting and governance as part of the DAO. 1000 DASH is required to operate a masternode. The purpose of the masternode is to serve as decentralized voting on proposals, and to avoid 51% attacks. It will be interesting to see how the DAO operates in the long term, as most cryptocurrencies do not have governance in the form of a DAO.

What is Instant Send? What is Private Send?

There is a transaction fee of .001 DASH to process an instant send transaction. It is unclear how fast the instant send transaction is, however it requires less than 6 confirmations to be considered immutable. Today, the cost is equivalent to 2.4 cents as one DASH is currently $240. A possible issue here is that if the price of DASH rises to say, $1000, then the cost of an instant send transaction will be $0.10. This will be inefficient for micro transactions. DASH connects usernames or @handles (similar to that of Cash App) to public keys. This makes it easier for the average joe to use cryptocurrency.

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