Dash is Digital Cash
Use Dash to make instant, private payments online or in-store using our secure open-source platform hosted by thousands of users around the world.
- Release date: 11PM EST, 18th January 2014 / No premine
- X11 hashing algorithm: 11 rounds of scientific hashing functions (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo)
- Block reward is controlled by: 2222222/(((Difficulty+2600)/9)^2). Minimum base subsidy 5 Dash. Maximum 25 Dash.
- CPU/GPU/ASIC mining
- Block generation: 2.5 minutes
- Difficulty Retargets using Dark Gravity Wave – Improved Kimoto Gravity Well – Exponential Moving Average weighted adjustment.
- 7.14% decrease in the number of coins generated per year
- Total coins: between 17.74M and 18.92M
- Decentralized Masternode Network
- Superior Transaction Anonymity using PrivateSend
- Two-tier network using masternodes to form the second tier
- Instant transactions (InstantSend) made possible by the masternode network
Decentralized Governance By Blockchain allows masternode owners to vote on budget proposals and decisions that affect Dash. Budget proposals fund Dash development and come directly from block rewards, i.e. Dash development is self-funded by its own blockchain.
X11 is a widely used hashing algorithm created by Dash core developer Evan Duffield. X11’s chained hashing algorithm utilizes a sequence of eleven scientific hashing algorithms for the proof-of-work. This is so that the processing distribution is fair and coins will be distributed in much the same way Bitcoin’s were originally. X11 was intended to make ASICs much more difficult to create, thus giving the currency plenty of time to develop before mining centralization became a threat. This approach was largely successful; as of early 2016, ASICs for X11 now exist and comprise a significant portion of the network hashrate, but have not resulted in the level of centralization present in Bitcoin.
X11 is the name of the chained proof-of-work (PoW) algorithm that was introduced in Dash (launched January 2014 as “Xcoin”). It was partially inspired by the chained-hashing approach of Quark, adding further “depth” and complexity by increasing the number of hashes, yet it differs from Quark in that the rounds of hashes are determined a priori instead of having some hashes being randomly picked.
The X11 algorithm uses multiple rounds of 11 different hashes (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo), thus making it one of the safest and more sophisticated cryptographic hashes in use by modern cryptocurrencies.
The name X11 is not related to the open source GUI server that provides a graphical interface to Unix/Linux users.
Next-Gen P2P Network
At Dash’s core is a unique fully-incentivized peer-to-peer network. Miners are rewarded for securing the blockchain and masternodes are rewarded for validating, storing and serving the blockchain to users.
Masternodes represent a new layer of network servers that work in highly secure clusters called quorums to provide a variety of decentralized services, like instant transactions, privacy and governance, while eliminating the threat of low-cost network attacks.
Masternode Voting And Setting Budgets
The system works as a decentralized voting mechanism set up in the rules governing the blockchain, where budgets for specific projects are proposed, then the masternodes as a whole vote on them. Each project, if it passes, is added to the total budget and paid directly from the blockchain to the person doing the work. This allows Dash to hire core developers and pay them directly after approval of the work in a decentralized fashion.
A masternode votes on a proposal (technically a governance object on the blockchain) using the example command “masternode vote yes”, “masternode vote no” or “masternode vote abstain”. The votes then propagate across the network, and are tallied according to instructions followed by the network itself. Budgets under discussion and voting progress can be viewed using the example command “masternode budget show”.
A well defined decentralized system of governance allows a cryptocurrency network to endure and survive its original creators. In this way, later generations of masternode operators have a clear way to support the system as defined by the protocol itself, applying wisdom of the crowd techniques and the bond of trust established by the masternode collateral to create a decentralized management system. This creates incredible value within the currency, allowing us to be more agile and compete with other payment systems, such as Bitcoin and credit cards, on a global scale.
As the system has developed, a strong team of productive contractors paid from blockchain rewards has arisen and become established. This includes the core development team, escrow providers, news and reporting staff, experimental development labs, partnerships with universities, hiring of marketing and PR firms and integrations with third party exchanges and payment platforms. The market recognizes the value of the stability of the network as a whole, and that the possibility of reliable and sufficient funding results in faster and more coherent implementation of the Dash roadmap and core Dash services.
First Self Governing, Self Funding Protocol
In Dash, everyone has a voice and the ability to propose projects directly to the network. Anything you can do – from marketing to development – that helps Dash grow and improve can be funded. This means Dash funds its own growth and adoption, consensus is guaranteed, and everyone is accountable to the network.
Just submit a treasury proposal and present your idea to the network for funding and make your case, or if you operate a Masternode, be sure to vote!
The Fastest Growing Network
Thanks to incentivization, Dash’s network has grown to 4,100 masternodes since launch in 2014, meaning Dash’s peer-to-peer network is one of the largest in the world.
More nodes means more secure services, and more capacity for end-users to access Digital Cash from anywhere in the world, 24/7.