History, at the origin of masternodes
Originally, the Dash idea was born in 2012, but it is only in January 2014 that it will be founded and named Dash. Behind the abbreviation Dash, which stands for Digital Cash, is a project whose aim is to enable anyone to make payments in a decentralized and anonymous way using the blockchain.
« Your money, your freedom » : this is the motto that Dash displays on its website. In fact, one quickly understands the ambition of the project. In addition, Dash also emphasizes the ease of use of its payment method and its versatility. And the least we can say is that the number of applications is limitless. Paying friends, shopping or bills, using Dash as a professional or to find a hotel - these are just some of the possibilities that Dash offers.
Dash is known as the first digital currency aimed at ease of use, anonymity and speed of transactions. But how does it work?
caracteritics of dash
How DASH works
A consensus based on a dual architecture
Dash is based on a structure composed of both miners and masternodes. The former provide the basic functions of the blockchain while the latter provide additional functionality, which distinguishes Dash from other cryptocurrencies.
(see our article " WHAT IS A MASTERNODE ? ")
Miner's Proof of Work
The first mechanism of this dual architecture is the proof of work operated by the miners . Their main role is to validate the transactions of the Dash blockchain and to record them in the blocks of it. Miners also ensure the security of the network, including preventing double spending.
(see our article " WHAT IS CRYPTOCURRENCY MINING ? ")
The Proof of Stake of masternodes
The second mechanism on which the Dash blockchain is based is the proof of the stakes provided by the masternodes , which are essential to the operation. Dash is widely associated with masternodes in the blockchain community, since they are at the origin of this concept.
The masternodes of the Dash network host copies of the blockchain and have the primary roles of supporting Dash network services and providing governance of the blockchain.
At Meria, we offer you the opportunity to acquire a complete masternode or a shared masternode.
Instant transactions with InstantSend
Many blockchains suffer from relatively long confirmation times, which makes their daily use more complicated. This is due in particular to the need for validation by several blocks to avoid double spending and to guarantee the validity of the transactions.
Thanks to the masternodes that make up the second layer of the hybrid consensus, Dash does not suffer from these delays and offers instant transactions with the InstantSend module. The InstantSend module will query several masternodes on the network to verify the transactions and then signal to the network that the transactions are valid.
By reducing transaction times, Dash could enable massive adoption of cryptography as a payment method and rival the speed of credit card transactions, while not relying on a central authority.
Anonymous transactions with PrivateSend
PrivateSend is the module that allows the confidentiality of transactions through a scrambling mechanism of the origin of funds. Without the funds leaving your portfolio, your Dash are mixed with those of other users via masternodes in a mixing cycle. You can choose between 1 and 16 cycles. In fact, each cycle exponentially increases the confidentiality of the funds. Moreover, this process occurs in the background and upstream of the transactions, so when you make a payment, the source of your funds will already be confidential. All you have to do is make your payment.