Dash

Dash is a decentralized digital currency focused on providing fast, secure and private transactions. It was launched in January 2014 by Evan Duffield as XCoin, later rebranded to Darkcoin and then Dash (Digital Cash) in March 2015. Dash operates on a two-tier network consisting of miners and masternodes, enabling features like InstantSend for near-instant transactions and PrivateSend for enhanced privacy through coin mixing.

Transactions on the Dash network can be processed in three ways - standard, InstantSend for rapid confirmations within seconds by masternodes, or PrivateSend which mixes coins before transfer for anonymity. Miners are rewarded for mining new blocks, while masternodes receive a portion for facilitating InstantSend, PrivateSend and governance functions. 10% of rewards go toward a decentralized budget for funding network development and improvements.

Dash uses the X11 hashing algorithm, applying a sequence of 11 hash functions to protect against centralization by ASIC miners. Its unique masternode system, requiring 1000 DASH to operate, provides services like InstantSend, PrivateSend and enables a self-governing model through voting on proposals by masternode operators. As of July 2021, Dash can be used at over 155,000 merchants through its DashDirect app integration. The maximum supply of Dash is capped at 18.9 million coins.