What is Dash?
Dash is an open source cryptocurrency. It is an altcoin that was branched (“forked”) from the Bitcoin protocol. It is also a decentralized autonomous organization (DAO) run by a subset of its users, which are called “masternodes”.
The currency was launched in January 2014 as “Xcoin” by Evan Duffield. In March 2015, it rebranded with the name Dash ( ‘digital cash’).
As of April 2018, Dash’s market capitalization was around $4.3 billion and it was one of the top 12 cryptocurrencies.
Dash was designed to allow transactions quickly and to have a swift governance structure in order to overcome shortfalls in Bitcoin.
Governance is handled through a form of decentralized autonomous organization in which decisions are made on a blockchain via masternodes. Masternodes perform standard node functions like hosting a copy of the blockchain, relaying messages, and validating transactions on the network, and in addition act as shareholders, voting on proposals for improving Dash’s ecosystem.
A proof of service protocol ensures that masternodes have the most current blockchain protocol and are online.