Understanding the benefits and drawbacks linked with Dash
When and why was DASH created?
The brainchild of Evan Duffield, the creator and lead developer of DASH, which is a portmanteau of “Digital Cash,” a very good working example, of an effective Decentralized Autonomous Organization (DAO).
The name was not a spontaneous or well thought of identification for this cryptocurrency from the beginning but went through a three stage metamorphosis before ending up with DASH.
Initially launched on January 18 2014 under the name XCoin (XCO), it had a somewhat lukewarm reception with the other cryptocurrency available in the market also trying to get a foothold in this very new concept.
The concept was still in its nascent stage and the market was in a confused state not fully able to comprehend the intricacies of this new phenomenon in the financial market.
Ten days after the initial launch the developers were themselves apprehensive as to the timing, progress and acceptance of their new cryptocurrency and decided to rename it.
This they initiated on January 28 2014 by renaming it “Darkcoin” and bringing it to the public domain with a few other conceptual additions to attract the market and get them up and away on this new venture.
The expected momentum was not forthcoming and the developers decided that they had to bring out a new strategy and changed the name again for the third time by rebranding it as DASH on March 25 2015.
What are the benefits of DASH?
There are many benefits in mining DASH one would be that there are no constraints in buying or selling coins because you use many avenues to do so.
When you sell or buy through an exchange where most of the cryptocurrencies are being traded you may have to incur a substantial service fee and on the other hand you would be controlled by the prevalent market price.
DASH could be privately traded between two individuals at any price the two agree on with an escrow service as a go between to ensure that the deal is bona fide and neither is cheated.
There are many ATMs now which would exchange your DASH for payment against cash or credit cards which was not the case a few years back but the trend in changing slowly.
There are many places where you could exchange your DASH for goods and services that you purchase or you could transfer payment using the fast, InstantSend method.
DASH has very flexible terms and your financial information is kept very private with PrivateSend which you may not find it in another cryptocurrency because it is well secured under its Decentralized Autonomous Organization (DAO) management system.
What are the downsides of DASH?
It could be disheartening that DASH has still to find a firm foot in cryptocurrency market capitalization stagnating at below more than 10 others who are leading the roost.
Whilst DASH is just managing about US $ 6.5 billion the leader Bitcoin and the second Ethereum are just about to cross whopping 200 billion and 105 billion respectively.
DASH has had problems in its infancy by changing names like it did its nappies and that has given it a negative response from the market which would be understandable, as in this business it is other’s monies one would be dealing with at any given time.
Has a large budget and spends colossal amounts on Marketing and Advertising rather that spend on innovation especially in this very volatile environment with competition at its peak and the idea of cryptocurrencies burgeoning.
The systems are not as secure as they profess and could come under scrutiny and censorship which is not as what they would expect which are the, 100 % water tight solutions, advertised by them at all times.