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Certain Dash network functions, such as creating new blocks, are handled by the miners. The second tier of the Dash network consists of “Masternodes” which perform PrivateSend, InstantSend, and governance functions.
Dash mining is done in two ways: Proof-of-Work and Proof-of-Service. Proof-of-Work is similar to that of Bitcoin’s, through the use of GPUs and ASICs. Proof-of-Service is operated by series of Masternodes, who are rewarded for their actions.
Masternodes are required to put up 1000 DASH as collateral to prevent Sybil attacks. That collateral can be spent at any time, but doing so removes the associated Masternode from the network.
Unlike Bitcoin, Dash is self-funding. 45 percent of newly created Dash goes to the miners, and 45 percent to masternodes. The rest – 10 percent – goes to a treasury for funding the development team, marketing, customer support centers, and so forth.
Other benefits of Dash include fast transactions using InstantX. When sending money, users can select the “Use Instant” option in their wallet, and transactions will be fully sent and irreversible within four seconds. In addition, most Dash transactions only cost a few cents to send, which is considerably cheaper than services like Western Union, PayPal, or Moneygram. Dash also allows for PrivateSend transactions, which hide user transactions by mixing them with others.
If you have concluded that this is the coin for you, congratulations! Buy DASH here.