Trade DASH on Beaxy

A portmanteau of “Digital Cash”, DASH is one of the oldest peer-to-peer cryptocurrencies and is primarily designed with a focus on transaction speed and user security. Dash uses the same coding as Bitcoin while fixing the recurring issues on the latter.

DASH profile

Features of DASH

Security

With over 4,500 servers online and 200 TerraHash of X11 ASIC computing power to process transactions, DASH boasts some of the best in sophisticated encryption systems in the industry

Speed

With the DASH InstantSend feature (formerly known as InstantX), users can instantly send and receive the cryptocurrency in only four seconds.

Low transaction costs

DASH transactions are very cost-effective, requiring only a few cents to send. This can be significantly cheaper when comparing to other payment services such as PayPal and Moneygram

Quick Evolution

The incentive system in the DASH networks is one of the reasons why it has grown rapidly to one of the largest and most secured peer-to-peer networks.

Self-Governing and self-funding protocol

DASH is known for its accessibility for those who are able to develop the platform. Everything in the network is self-funded and self-governed while still ensuring accountability.

Popularity

DASH is one of the most-talked-about cryptocurrencies next to BitCoin because of its accessibility and ease-of-use. In addition, its development and online descriptions provide widespread interest and an optimistic outlook.

Frequently Asked Questions

Dash Technology

Masternodes Dash is run by special servers known as masternodes. These networks allow for the use of other features the cryptocurrency offers such as InstantSend and PrivateSend. Masternodes allows DASH to implement a two-tier network system. Users who maintain these masternodes are rewarded with a percentage of the block reward as an incentive and another 10% going into its treasury system. Maintenance usually involves tasks including the verification of transactions and providing servers to run the network. In order to be a participant or owner of a masternode network, a proof of owning 1,000 DASH tokens must be presented. This would ensure that the participant would not act against the development of the network as they would prove to have an investment in it as well. Chainlocks Chainlocks are what secure DASH, protecting its blockchain with a reported 51% success rate against most forms of hack attacks. Basically, DASH works by randomly selecting at least 400 masternodes and compiles it on the most recent block under a valid status. This can prevent hackers from reorganizing the chain. PrivateSend PrivateSend offers the best in terms of financial privacy by encrypting and hiding the origins of the user’s funds. Basically, it takes a number of identical inputs from various users and compiles it into one transaction with differing outputs. This would make the direct tracking of a specific transaction extremely difficult.
In addition, the use of a masternode system liberates the user from using only one website. The various masternodes intermingling through chaining provides anonymity for any transaction. To prevent further tracking from third-party entities, these transactions are mixed with similar ones in terms of specific denominations and passive modes.
PrivateSend also uses a special network coding known as DTSX for transactions for an extra layer of privacy. InstantSend InstantSend is a free platform feature that ensures its user’s lightning-quick transactions, lessening the waiting time compared to that of BitCoin. InstantSend is the primary feature of the DASH platform. InsantSend implements the use of transaction locking in order to prevent the same transaction from being carried out twice. In turn, transaction locking requires a masternode that has, in turn, been validated by multiple masternode operators. Once the masternode has been confirmed by the said operators, the transaction is carried out and will be irreversible. During the process of confirmation, the funds are locked from the sender and receiver until the process is complete. If no confirmation is achieved during this process, the transaction will still be carried out albeit in a standard method.

How to mine Dash?

Unlike Bitcoin, which can be mined through the use of the SHA-256 algorithm, DASH can be mined through the X11 ASIC algorithm. One of the main reasons why many would prefer to mine cryptocurrency instead of buying them on a trading platform is that mining is the most profitable in the long term. In this section, we will show a quick tutorial on how to mine DASH with the use of the Antminer D3 computer. Antminer D3 is an ASIC (Application Specific Integrated Chip) mining hardware developed by Bitmain that is designed to specifically run a certain algorithm. Step 1 - Setting up the Antminer D3 hardware
● After unboxing the Antminer D3 computing hardware, make sure to attach all 10 PCI-e connectors to their proper placements.
● Once the hardware is attached to the computer, make sure there is an Ethernet cable attached from the router to the Antminer D3.
● The last step is simply to make sure it is attached to a power source. Once the Antminer D3 receives power, the hardware should automatically start running. Step 2 - Setting up the Antminer D3 software
● In order to set up the software and start mining with the Antminer D3 software, an Advanced IP Scanner tool must be downloaded from online sources.
● The next step is to install and run the Advanced IP Scanner software.
● Once the software starts running, click on the “Scan” button for it to begin searching and detecting devices connected to the network.
● Once the scan is complete, look for “Antminer” (or something similar) on the list and take note of its IP Address. (This can be in the format of 192.68.0.8, for example). If “Antminer” is not listed, click “stop” to end the scanning process. Then, make sure that Windows Firewall is turned off and restart the Advanced IP Scanner tool and click on the “Scan” button again.
● Copy and paste the Antminer’s IP address into your browser’s URL bar. Type in “root” for both the username and password. Step 3 – Mining DASH with the Antminer D3 (Multipool) Before this process is done, make sure that you have an e-wallet to store your DASH coins in.
● Sign up and log into Multipool.
● Once you are logged in, go to Account > Your Balances
● Enter the e-wallet’s address.
● Next, go to Account > Workers > Add Worker. This will add your Antminer under the “Worker Name” list. You can also name your Antminer here to make it easier to track.
● Once it is set, go to “Home” and find the server URL of DASH. Note that you can add other cryptocurrencies that use the X11 algorithm.
● Now head back to your Antminer’s interface and look for the “Miner Configuration” page. Paste the stratum URL+[your worker name] in the URL field. You can also set up a password here.
● Click on the “Save and Apply” button in the bottom right-hand corner. You have now completed the steps necessary and the Antminer D3 will start mining DASH.

Risks of Dash trading

There will always be an inherent risk when trading with any cryptocurrency. However, it is always up to you to decide whether the investment is worth it through proper risk management and adequate research. While the advantages of trading DASH coins outweigh the risks, the ones listed below are pointers that traders and miners should be aware of. Illegal and Fraudulent usage As mentioned before, DASH features quick and anonymous transactions. However, the secrecy and removal of third-party governing have led the cryptocurrency to be the subject of many fraudulent activities such as money laundering schemes and illegal purchases. However, this issue is not specific to DASH alone as many other cryptocurrencies have seen its fair share of such users. Security While the DASH platform features the implementation of advanced security systems, no security measures are perfect and can still be affected by hackers. Due to its decentralized nature and the anonymity it provides, this can lead to problems being very complicated to handle. However, as of now, there have been no major hacks that have been reported. Irreversible Due to the Chainlock system as well as the anonymity provided, transactions can be hard to track and refund after the transaction has been carried out. While it isn’t the issue with DASH itself and more on the user, it must be noted that transactions should be thoroughly reviewed before carrying it out.

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Dash on Beaxy

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