Dash cryptocurrency (DASH) was founded in 2014 as “XCoin,” an open-source derivative of the Bitcoin system, by software developer Evan Duffield. Its goal was to make anonymous transactions on the blockchain as quick as possible.
A few months after its inception, XCoin renames to “DarkCoin” to emphasize its privacy-focused approach in comparison to Bitcoin.
This was not great publicity at a period. This is for the reason that, the general public for facilitating illegal transactions and fueling the dark web criticizes the digital currencies. A year later, the cryptocurrency was renamed Dash once more.
Dash was one of the first decentralized autonomous organizations (DAOs), a type of organization in which stakeholders, rather than a single authority, run the show.
The Dash ecosystem runs on masternodes, which are computers that run Dash’s activities. These nodes are largely identical to ordinary blockchain nodes, with the exception that they must have at least 1,000 Dash coins. Critics say that this makes Dash not genuinely decentralized since it gives an unfair advantage to early adopters.
On the first day of Dash’s introduction in 2014, a software fault led to roughly 2 million coins being mined. The owners are alleged to have disproportionate influence over the Dash governance. This issue was brought to light when Dash developers proposed re-launching the cryptocurrency. However, the community rejected the idea.
Despite the controversy, Dash is still one of the most valuable cryptocurrencies by market capitalization at the end of 2018.
DASH: The Rise and Fall
AT the beginning of the year, DASH started at $1,054, a staggering 9,300% increase over January 2017.The price of DASH rose steadily throughout 2017, but the trend reversed in 2018, as it did with most cryptocurrencies.
A hit for DASH year-high market value of $1,362 in the second week of January. However, afterwards fell to $395 in the first week of February, sustaining a downward wedge. This was before seeing a breakout with an upward pattern that lasted two weeks.
In April and May, DASH saw the market rise, but it was quickly rectified. On April 12, the cryptocurrency rose from $306 to $537. On April 24, the cryptocurrency rose from $306 to $537. It was unable to continue its gains, and by the end of May, it had fallen to $299.
DASH fell below $100 in November and was now trading at an average of $73.5 as of mid-December, representing a 93 percent decline in market value since the beginning of the year.
BTC vs. DASH
In comparison to BTC, DASH likewise did poorly, with its relative value dropping throughout the year. Since January, DASH has lost 74% of its value in comparison to BTC as of mid-December.
In terms of market price, DASH underperforms other major cryptocurrencies in 2018. The struggle expects to continue in 2019.
Things becomes more difficult for cryptocurrencies that advertises anonymity as their major advantage as regulatory limits continue to be enforced around the world.
Dash’s biggest advantage appears to be its Core Group. The Core Group provides financial and operational support for the cryptocurrency’s deployment on the ground. This is also what gave them an advantage in Venezuela. It can expect relatively stable growth if it can replicate its operational success in Venezuela in other countries.
The cryptocurrency can also benefit from correcting the mining problem it experienced in 2014. As a result, there was an unequal distribution of money—and thus influence—in the Dash ecosystem.
However, given that the community rejects a plan, this seems improbable.
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