Dash is an important cryptocurrency with a long history. When Evan Duffield and his collaborators began the DarkCoin project as X11, he had assessed several issues with what he’s always referred to as “the Bitcoin project.”
Privacy Is A Feature, Not A Single Purpose
One issue he believed was addressable was the near-transparency of the blockchain. Using various “shuffling” features, DarkCoin could make it difficult to know a lot about a given transaction unless you were involved.
One of the problems that any project based on Bitcoin suffers is the potential for 51% attacks. In its latest release, Dash has essentially solved the problem by relying more heavily on its Masternode network in addition to proof-of-working miners. The effect is that the entire network can now instantly confirm transactions.
Current Dash Core CEO Ryan Taylor recently told CCN that Dash’s privacy features are but one part of the experience. He prefers to view the project as a “financial user experience.” He said:
“The Dash network today is not one-dimentional. Dash delivers a user experience second to none in the cryptocurrency space today. Transactions are instant, practically costless, and incredibly secure. We have the most effective governance and funding model in the industry, the longest-running in the industry in fact. The cost to attack the Dash network exceeds even that of Bitcoin because of recently introduced security enhancements.
Dash has been grinding away developing real-world use cases as well, quietly increasing our transactions and becoming a leader in actual real-world use cases. And our next release is going to blow people away, with a complete focus on user experience and the ability to easily build applications on Dash.”
With the introduction of Masternodes, which are vested parties who play an essential role in the Dash network, two types of transactions became possible on Dash: instant and opaque.
Neither of these features yet exists on Bitcoin, and to integrate instant transactions would require an overhaul of the entire network. Opaque transactions have long been possible on Bitcoin through similar methods as used in Dash. Nonetheless, neither elder statesman has the potential for privacy that projects like Monero, Zcash, and DAPS integrated from the beginning.