Dash has been one of the world’s most popular cryptocurrencies for investors ever since its inception in early 2017. That is largely because of its impressive transaction speed, which compares very favourably against Bitcoin, and other cryptos.
Evan Duffield designed Dash – initially called XCoin and then Darkcoin, briefly, before its current name stuck in March 2014 – for its pace and anonymity. Specifically, it was Dash’s processing time that made it an immediate hit in the crypto community, according to Ryan Taylor, who took over from Mr. Duffield as the project’s Chief Executive Officer in April 2017.
“Dash is an open-source project that delivers safe decentralised financial solutions,” he says, noting that within two days of its launch 1.9 million coins – around 10 percent of the total supply (22 million) – were mined.
“It is a form of digital cash that can be spent online and at merchants and service providers worldwide. Unlike Bitcoin, Dash can be sent and received instantly, with zero risk of double payment or theft, and it boasts tremendous stability in its value.”
Dash’s platform has been likened to PayPal, and its tokens are well established as one of the top-10 cryptos. Indeed, as of 2017, Dash was a member of the $1 billion market-cap club. By August 2017 over 300 organisations around the world were accepting Dash – a portmanteau of ‘digital’ and ‘cash’ – as payment, including Apple (in the App Store).
That number is set to rise. In autumn 2017 it was announced that Dash had partnered with BlockCypher, a leading Blockchain Web Services (BWS) provider. The pair aims to launch a grant programme for startups and other more established companies seeking blockchain-based solutions in enterprises and new markets.
Dash is unique as a cryptocurrency – a reason many tech enthusiasts invest in the coin, as it diversifies their portfolios and might be viewed as a hedging tool against Bitcoin, the founding crypto.
In addition to Bitcoin’s feature set, it offers instant transactions (InstantSend), and private transactions (PrivateSend). Further, it operates a self-governing and self-funding model that enables the Dash network to pay individuals and businesses to perform work that adds value to the network. This governance and budgeting system makes it a decentralised autonomous organisation (DAO).
Mr. Taylor, who moved from Wall Street to join the Dash project as Director of Finance in 2016 before transitioning to CEO, believes Dash will eclipse Bitcoin before long. “Dash has rapidly become the number-one digital currency for payments because of our cheap and instant transactions, anywhere in the world,” he continues.
“Dash is in many ways a better Bitcoin. It is quickly incorporating payments industry best-practices that the digital currency industry has lacked. Dash transactions lock within a couple of seconds due to our revolutionary second-tier masternode network, making Dash acceptance feasible at the point of sale and online, just like credit cards.”
On December 20, 2017, Dash reached a high of $1,370.16 per coin, according to global trading and investment platform eToro. And although the value dropped in early 2018, Mr. Taylor is optimistic that Dash will reach a price of $1,000 by the end of the year.
eToro, which boasts over nine million users, specialises in cryptocurrencies, and offers many top cryptos – including Dash – to buy outright or trade.
Its motto is: “Cryptos Needn’t Be Cryptic.” And the eToro team has produced this handy video history of Dash to help inform investors:
Pros and cons of trading on eToro
Pros
- Straightforward, user-friendly, trustworthy and experienced platform
- Instant execution of trades, thereby locking in a price
- Ability to use CopyTrader and other innovative tools
- Huge cryptocurrency community that shares knowledge and helps each other
- Fast execution
- Regulated company
Cons
- Only nine cryptocurrencies offered by the platform, currently
- Users are unable to withdraw the cryptocurrencies directly
- Users’ cryptocurrencies are held by eToro
Want to learn more about trading Dash and other cryptos? Visit www.eToro.com now, and join the online global community.
All trading involves risk. Only risk capital you’re prepared to lose. Past performance is not an indication of future results.