DASH - Digital Cash
(My Favorite Crypto-Coin!)
Bitcoin was the creation of the anonymous programmer (or programmers) "Satoshi." He released Bitcoin as an experiment: the very first digital crypto-currency. This experiment was a resounding success, but the very success of this experiment lead others to see if they could take the technology even further. Many attempts were made. Some made slight improvements, but most were simply "clones" of Bitcoin. None were innovative enough to supplant the primacy of Bitcoin in the crypto-currency world.
Finally, however, a truly visionary and talented developer (along with the development team he enlisted to help the project along) created a truly innovative crypto-coin, now called "DASH," with exactly the innovative features needed for real-world mass adoption and use. Essentially, DASH is "digital cash" allowing it to be used in a fashion very much like that of traditional cash...but being digital, it's even more versatile!
Here are just a few of the innovative features of DASH:
- "Instant" Transactions - Bitcoin transactions take, on average, about 10 minutes for the first confirmation and one hour for six confirmations. (Six is typically considered the minimum amount required for a transaction to be considered "finalized.") DASH, on the other hand, has "instant transactions," which actually take just a few seconds, so they are not truly "instant," but are pretty much just as fast as using a credit/debit card and waiting for approval.
To understand what this means for real-world adoption and use, imagine going into a coffee house and buying a cup of coffee with Bitcoin. You would have to wait anywhere from ten minutes up to an hour for the transaction to be confirmed - not a very efficient way of doing things, especially if you like your coffee nice and hot! With DASH, however, your transaction is confirmed within seconds, even faster than it would take the cashier to give you change if you had paid with traditional cash! (The one caveat is that with DASH you might want to put one of those cardboard sleeves over your cup, because that coffee with still be very hot!)
Anonymity - Bitcoin is not truly anonymous (they call it "pseudo-anonymous") because it is possible to track Bitcoins as they propagate from address to address. It has been proven that with sufficient computer power it's often possible to identify the owner of various Bitcoin addresses, and to track their history of Bitcoin use. DASH, on the other hand, has a built-in feature which allows for anonymous transactions, making it impossible to track transactions. DASH thus has TRUE anonymity.
Fungibility - With anonymity also comes fungibility. "Fungibility" is an economic term which refers to each unit of a thing being of equal value to every other unit. (For example, each ounce of gold is worth the same as every other ounce of gold.) With Bitcoin, since it is possible to trace the history of each coin, and because some coins have been stolen or used for illegal purposes, those Bitcoins with a tainted history may have a lower value than untainted Bitcoins. Imagine, for example, that the government were to decide that such tainted Bitcoins were to be confiscated as stolen goods, or goods used in the commission of a crime. It would obviously be less desirable to own such tainted Bitcoins, in danger of possible confiscation, than to own "clean" untainted Bitcoins.
This problem simply does not exist with DASH. DASH is truly anonymous, and thus completely fungible.
Active and Talented Developers - Bitcoin was created by an anonymous developer whose development ended the moment the code was released to the public. End of story.
DASH was initially created by Evan Duffield, a known (and very talented) developer, who has subsequently gathered a team of other talented developers to maintain the DASH code and add features as deemed necessary. When DASH was first released, for example, it did not have Instant Transactions or anonymity. Anonymity was planned for, however, and implemented not long after. Instant Transactions came later, as a result of further development. On those rare occasions when some flaw or inefficiency was found in the code, Duffield and the DASH development team quickly resolved the issue. Such talented and involved development is otherwise unheard of in the world of crypto-currency.
Rarity - The quantity of DASH which will ultimately be produced is approximately equal to that of Bitcoin. This is important in considered the "value" or "price" of DASH. Given that the rarity of DASH is essentially the same as that of Bitcoin, but that the utility of DASH is far greater in terms of its superior features, it stands to reason that the price of a single DASH should be greater than that of a single Bitcoin. Because DASH is newer, however, and has not yet gotten such widespread adoption as Bitcoin, the price of DASH is currently far lower than that of Bitcoin. This presents a unique buying/profit opportunity for DASH, as the price will undoubtedly exceed that of Bitcoin as the general public becomes aware of DASH's unparalleled advantages. (By the way, this was written on March 24, 2015, one day before the official rebranding of Darkcoin to DASH. Let's see how long it takes for this prediction to come true!)
Branding and Marketing - This may seem like an insignificant or trivial thing, but along with active and talented development, DASH also benefits from active and talented branding and marketing. In fact the very name, "DASH," was not the original name of the coin. It was first called "Xcoin," and later rebranded as "Darkcoin." Eventually it was decided that mainstream adoption was being hindered by the negative or illicit associations with the term "dark" as applied to a crypto-coin, particularly in light of some of the nefarious illicit activities with which Bitcoin has become associated. Thus it was decided by the development team to rebrand the coin as "DASH," reflecting its suitability as the ideal form of "Digital cASH." It seems that this rebranding had exactly the desired effect!
So, there you have it...and, that's why I love DASH!