In this video we will be going over the basic features of DASH.
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Dash was originally launched as XCoin in January of 2014, rebranded as DarkCoin soon after and then in March 2015 given its current name of Dash in reference to the word “digital cash”. Dash is a cryptocurrency platform focused on innovating in the areas of privacy, transaction speed, and decentralized governance. Partipants in the DASH ecosystem include wallet holders, who can send and recieve cryptocurrency using their private & public keys.
Miners, who create blocks and validate transactions through a proof-of-work algorithm And Master Nodes which are unique to DASH and provide an additional layer of functionality which we will look at next. Master Nodes are participants who put up a minimum of 1000 DASH coins as collateral in order to provide additional functionality and governance to the network in exchange for a percentage of block rewards.
The Master nodes faciliate Private Send, Instant Send and determine how funds in the treasury are spent 45% of Block rewards go to the Master Nodes 45% goes to miners and the remaining 10% goes into the Treasury Block Rewards are split as follows. 45% goes to the miners, 45% goes to the master nodes and remaining 10% percent goes to the treasury. The treasury funds can be used to fund projects which further the DASH platform. These are voted on by the master nodes.
PrivateSend is an optional service offered by MasterNodes for a small fee. It mixes a senders transactions with identical inputs from multiple users into a single transaction with several outputs. This makes directly tracing a transaction nearly impossible. Transaction amounts sent must be multiples of predetermined amounts to allow for efficent mixing. Instant Send is another optional service offered by MasterNodes for a small fee. This allows for near instant transactions by locking transaction inputs while they await being recorded on the blockchain. Locking the inputs prevents double spending of transactions. Thank you for joining me today. If you enjoyed this video, please like and subscribe. Have a wonderful day.