Dash (cryptocurrency)

Dash is an open source cryptocurrency. It is an altcoin that was forked from the Bitcoin protocol. It is also a decentralized autonomous organization (DAO) run by a subset of its users. It was previously known as Xcoin and Darkcoin.

Dash

Dash Logo
Denominations
Plural	Dash
Code	DASH
Previous names	Xcoin, Darkcoin
Subunits
1⁄100000000	duff
?	Dash
?	mDash
Development
Original author(s)	Evan Duffield
White paper	Whitepaper
Initial release	18 January 2014 (11 years ago) (2014-01-18)
Latest release	21.0.0 / 29 July 2024 (11 months ago) (2024-07-29)
Code repository	github.com/dashpay
Written in	C++
Ledger
Timestamping scheme	Proof-of-work
Hash function	X11
Issuance schedule	Decentralized, block reward
Block reward	1.9063962 DASH (as of 2 August 2024[update])
Block time	2.5 minutes
Block explorer	insight.dash.org
Demographics
Official user(s)	Worldwide
Administration
Date of introduction	18 January 2014; 11 years ago (2014-01-18)
Website
Website	dash.org

Inside shop with cryptocurrency Dash in Tomaszów Mazowiecki, Poland

History

The currency was launched in January 2014 as "Xcoin" by Evan Duffield, as a fork of the Bitcoin protocol.^[1][2] It is an altcoin and in its early days it was subject to pump and dump speculation.^[3] It was rebranded as Darkcoin,^[4] which received press for being used in dark net markets.^[5] In March 2015, it rebranded again with the name Dash as a portmanteau of 'digital cash'.^[3] As of August 2016, Dash is no longer used in any major dark net markets.^[4]

In early 2017 Duffield, who lived in the Phoenix area, and some other people working on Dash took space in a business incubator at Arizona State University.^[6] The Dash DAO later funded a blockchain research lab at ASU.^[7]

As of April 2018^[update], Dash's market capitalization was around $4.3 billion and it was one of the top 12 cryptocurrencies.^[8]

As of February 2019^[update], Dash was the most popular cryptocurrency in Venezuela according to Der Spiegel.^[9] In Venezuela, it was often used alongside Bitcoin and Petro, with Petro basing much of its technology from Dash. On 1 October 2018, Petro switched to an X11 algorithm-based design, which was copied from Dash.^[10]

Design

Dash was designed to allow transactions to occur quickly and to implement a governance structure that addresses perceived shortcomings in Bitcoin.^[3]

Governance is managed through a form of decentralized autonomous organization in which decisions are made via a blockchain. The system includes standard nodes and miners.^[1]

The system's decentralization has been criticized due to a mishap during its initial coin distribution, which allowed too many coins to be distributed at release. This concentrated wealth within a small group of early adopters, giving them disproportionate power in decisions regarding the currency’s future.^[8]

As of 2018, coins were mined using a proof of work algorithm with a hash function called "X11," which involves eleven rounds of hashing. The average time to mine a block was around two and a half minutes.^[1]