The Dash coin is one of the many direct “descendants” of Bitcoin. Technically, it is a hard fork from Litecoin, one of the hard forks of Bitcoin.
What is a fork
In the world of cryptocurrencies, a fork is a change in the rules of the blockchain, which are implemented by changing the protocol. These changes are needed to improve the system: increase security or throughput, make transactions cheaper, etc.
Launching updates sometimes becomes a bone of contention in the development team. Groups of fans of the old and new versions of the protocol are formed, and eventually a new coin appears. Its value will be formed according to the laws of the market, for example, the current DASH to BTC exchange rate is close to 1:0.003.
Dash launched in early 2014. It is both a blockchain and a cryptocurrency, a project focused on creating a decentralized global payment network. Among the goals, the creators of Dash list the improvement of Bitcoin with a focus on improving network performance and protecting privacy.
To reliably secure transactions, Dash uses a two-tier network structure, unlike Bitcoin. The first level of the network is formed by mining nodes that operate in accordance with the PoW algorithm. The blockchain uses its own modification of PoW with a complicated X11 hashing algorithm. This algorithm is a sequence of 11 hash algorithms and is by far one of the most complex and secure hashing algorithms.
The second level of organization is masternodes. These are responsible nodes that operate on a service confirmation algorithm. They control the network and have the power to reject incorrectly approved blocks. Masternodes provide InstantSend, PrivateSend and ChainLocks functionality.
Any participant can form a masternode. To do this, you need to download the blockchain history to your computer and keep at least 1000 Dash in your account. This requirement protects the network from the implementation of a 51% attack, since attempts to disrupt the network will be unprofitable for the attacker himself.
Dash pioneered decentralized blockchain governance (DGBB), which eventually evolved into a DAO. The essence of this form of control is quite simple. Any network user can propose a project to improve and develop the network. After paying a fee of 5 DASH, the project is put to a vote. Only masternodes have the right to vote.
Masternodes provide instant payments (Instant Send) and payments with increased privacy protection (Private Send).
Where to buy DASH with Bitcoin
The DASH/BTC cryptocurrency pair is traded on many major exchanges. These are Binance, Polonix, Bitfinex, HitBTC, Coinbase and others. Even with a cursory glance at the markets in the CoinMarketCap list, it is noticeable that the exchange rates on different sites differ.
Each time registering on a different platform is inconvenient and not as profitable as it might seem at first glance. So where can you find the best exchange rate?
This is easiest to do on LetsExchange – crypto exchange online C2C type. You do not need to register an account, any Internet user can use the exchange widget. You select coins for exchange in the widget, indicate the amount of the transaction, enter the wallet number. Your actions will activate the built-in Smart Rate system. It finds and analyzes available deals and then chooses the best rate for you. As soon as you confirm the exchange request, the transaction is completed and the coins are credited to your wallet.