So immediately and not DASH: why do we start to mine the most paranoid altcoin
Initially, we planned to mine DASH only as a backup option for the capacities that Ethereum prepared for mining in case the air would switch to PoS. However, it cost us to mention this, as tickets immediately fell down asking to include the possibility of mining Dash separately. And although the expression “by numerous requests” has long overgrown with a beard, you cannot say otherwise: this week, HashFlare opened a pre-order for the X11 annual mining contracts for the extraction of cryptocurrency DASH, which will begin in September.
The photo shows the new farm in Tallinn, where the third cryptocurrency in our arsenal will be mined
On this occasion, we decided to tell more about it: how the most altokin turned on anonymity went into the top five of the most capitalized cryptocurrencies, simultaneously renaming itself from Darkcoin to DASH, and why should it be minted.
Appeared in 2014, Altcoin Dash entered in 2016 in the top five leaders in market capitalization, reaching today $ 83,792,809. The cost of one coin is $ 12.42 .
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In January 2014, Evan Duffield created XCoin as a fork of Bitcoin. In February 2014, the cryptocurrency was renamed DarkCoin, and only in March 2015, the words Digital Cash were formed in Dash. There are several meanings in the name Dash: one of the meanings of the word dash is “jerk”. At the same time, the name common for the majority of forks “coin” has disappeared from the name, already distinguishing Dash from the faceless set of Altcoin-Bitcoin slopes . The founder of Dash did not hesitate to publicly declare that his goal is to become a direct competitor to Bitcoin .
The main algorithm of Xcoin was a combination of 11 cryptographic algorithms (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo), hence the name: X11. Only by hacking into all 11 algorithms could hackers gain control of the network. In comparison with other cryptocurrency networks, Xcoin looked much more reliable. The speed of transactions also favorably distinguished Xcoin from competitors (2.5 minutes versus 10 minutes in bitcoin for confirmation).
However, at first, not everything went smoothly, since Evan Duffield wrote the first version of the code alone. In the first hour of launch, about 500,000 Dash were mined. The next 1,000,000 Dash were mined in 7 hours, and finally 400,000 more in the next 36 hours. Thus, the first 1.9 million Dash were mined in 48 hours, which accounted for about 32% of the total. This situation gave rise to misinterpretations about the unequal initial distribution.
" One of the biggest holes on the Darkcoin path was formed by the instmain ." According to the developer , the reason for this was an error in the code, “which incorrectly converted complexity, the wrong value of which was then used to calculate the reward, which led to instamine”.
Just ten days after launch, on January 28, 2014, the coin acquired a new name : Darkcoin.
All the misinterpretations associated with the initial distribution were in the past, a team of enthusiastic developers was formed around Duffield, and thanks to the unique function of the DarkSend cryptocurrency, it began to gain popularity.
The main focus of the development was on anonymity. According to the Dash team, Bitcoin does not provide users with anonymity to the extent that it is needed. Confidentiality of transactions at BTC requires the use of additional measures (the use of different addresses for each transaction, IP masking and other methods). When using Bitcoin, transactions are published on the blockchain, which makes all transactions publicly available. In contrast, when using Dash, the built-in anonymization technology can be used, with which it becomes impossible to track user payments. Ideal for all sorts of dark affairs, right? Hence the name.
To date, the Darksend feature is disabled by default, because a separate small fee is charged for its use. By activating the service, you can set from 2 to 8 rounds of mixing coins and the number of coins to be mixed. To start using DarkSend, on the first screen of the wallet you need to click the button “Start auto-mixing”. Before mixing, a “denomination” occurs - the amount is split into equal denominations, and only then each part passes the mixing rounds independently.
Additional anonymity was claimed and by 2016 Darkcoin secured a place in the top five of the most popular cryptocurrencies in the world.
The main differences from Bitcoin
In March 2015, Darkcoin experienced another rebranding, this time to get rid of obsessive associations with the Darknet. The plan worked, and today many Dash fans consider it a worthy contender to Bitcoin.
The InstantX technology, which appeared in Dash's arsenal in the fall of 2014 (during Darkcoin's time), made it possible to make payments instant (for a small additional commission). However, even if you add up all the commissions in Dash, the amount will still be 10 times less than in Bitcoin. InstantX is a mechanism of instant payments, using which the transaction is not confirmed by the network, but by only ten random master notes. These confirmations can be received in seconds. InstantX is a form of "trusted payment" using randomly selected anonymous resellers.
However, it is not the main difference between Dash and other cryptocurrency networks. The Dash team took the Bitcoin source code as a basis and built its own 2 nd rank network architecture - Masterno.
The traditional one-tier network of Bitcoin is based on a consensus between peers, as a result of which the verified transactions are written into the blockchain. The two-tier Dash network works differently: the masternods form the top level of consensus in real time - these are the main nodes of the Dash network, which are the basis of its stability and perform service functions. After approval by the masters, the transactions go through the same process of writing to the blockchain through mining. This scheme speeds up the protocol, but slightly increases security risks.
Anyone can download the Dash software and keep the network running by running a “full node.” The system encourages masternod operators - they now account for 50% of the premium for creating new units, and from version 0.12 they decided to keep this value constant. To start the master program, the user must confirm the presence of 1000 Dash as a deposit. These Dash remain at the user's disposal. Thanks to this system, it is too difficult to get control over most masters, as it will require significant costs. The owner of the masternody may at any time withdraw or spend his bail, but then the node will lose the status of the masternody and stop receiving rewards.
In fact, the key advantage of the master system is that it provides rapid consensus on the development of the network and the project management structure. For example, while in the Bitcoin community for two years arguing about the problem of block size, the Dash community at the beginning of 2016 solved the same problem in 24 hours. Masternod owners have voted to increase the size of the Dash block from 1 MB to 2 MB. For the adoption of this decision voted 99% of network participants .
Evan Duffield was one of the participants of the Satoshi Roundtable conference, during which topical issues of the Bitcoin industry were discussed. After the event, Evan expressed the conviction that, unlike Bitcoin, Dash does not face the problem of scaling the network:
Dash has an official website, dashpay.io , where you can download a wallet , learn more about the developers of Darksend, the masternote system and the InstantX technology.
Mining DASH will start from mid-September, and until that time contracts can be purchased at a special price of $ 6 for 1 MH / s .
Time to mine:
The photo shows the new farm in Tallinn, where the third cryptocurrency in our arsenal will be mined
On this occasion, we decided to tell more about it: how the most altokin turned on anonymity went into the top five of the most capitalized cryptocurrencies, simultaneously renaming itself from Darkcoin to DASH, and why should it be minted.
Appeared in 2014, Altcoin Dash entered in 2016 in the top five leaders in market capitalization, reaching today $ 83,792,809. The cost of one coin is $ 12.42 .
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Story
In January 2014, Evan Duffield created XCoin as a fork of Bitcoin. In February 2014, the cryptocurrency was renamed DarkCoin, and only in March 2015, the words Digital Cash were formed in Dash. There are several meanings in the name Dash: one of the meanings of the word dash is “jerk”. At the same time, the name common for the majority of forks “coin” has disappeared from the name, already distinguishing Dash from the faceless set of Altcoin-Bitcoin slopes . The founder of Dash did not hesitate to publicly declare that his goal is to become a direct competitor to Bitcoin .
I discovered Bitcoin in mid-2010 and since then it has taken over my mind. After a couple of years, in 2012, I began to seriously think about how to increase the anonymity of Bitcoin. I found about 10 ways to do this, but after the release, my code did not want to be included in the basic protocol. The developers wanted it to remain unchanged [...] This was the birth of the Darkcoin concept. I implemented the X11 algorithm over the weekend and found that it works surprisingly well and solves the problem of equitable distribution of rewards, that it can be a good basis for launching cryptocurrency.
- Evan Duffield, "The Birth of Darkcoin "
"Dark past" Dash
The main algorithm of Xcoin was a combination of 11 cryptographic algorithms (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo), hence the name: X11. Only by hacking into all 11 algorithms could hackers gain control of the network. In comparison with other cryptocurrency networks, Xcoin looked much more reliable. The speed of transactions also favorably distinguished Xcoin from competitors (2.5 minutes versus 10 minutes in bitcoin for confirmation).
However, at first, not everything went smoothly, since Evan Duffield wrote the first version of the code alone. In the first hour of launch, about 500,000 Dash were mined. The next 1,000,000 Dash were mined in 7 hours, and finally 400,000 more in the next 36 hours. Thus, the first 1.9 million Dash were mined in 48 hours, which accounted for about 32% of the total. This situation gave rise to misinterpretations about the unequal initial distribution.
" One of the biggest holes on the Darkcoin path was formed by the instmain ." According to the developer , the reason for this was an error in the code, “which incorrectly converted complexity, the wrong value of which was then used to calculate the reward, which led to instamine”.
Just ten days after launch, on January 28, 2014, the coin acquired a new name : Darkcoin.
All the misinterpretations associated with the initial distribution were in the past, a team of enthusiastic developers was formed around Duffield, and thanks to the unique function of the DarkSend cryptocurrency, it began to gain popularity.
The main focus of the development was on anonymity. According to the Dash team, Bitcoin does not provide users with anonymity to the extent that it is needed. Confidentiality of transactions at BTC requires the use of additional measures (the use of different addresses for each transaction, IP masking and other methods). When using Bitcoin, transactions are published on the blockchain, which makes all transactions publicly available. In contrast, when using Dash, the built-in anonymization technology can be used, with which it becomes impossible to track user payments. Ideal for all sorts of dark affairs, right? Hence the name.
To date, the Darksend feature is disabled by default, because a separate small fee is charged for its use. By activating the service, you can set from 2 to 8 rounds of mixing coins and the number of coins to be mixed. To start using DarkSend, on the first screen of the wallet you need to click the button “Start auto-mixing”. Before mixing, a “denomination” occurs - the amount is split into equal denominations, and only then each part passes the mixing rounds independently.
Additional anonymity was claimed and by 2016 Darkcoin secured a place in the top five of the most popular cryptocurrencies in the world.
The main differences from Bitcoin
In March 2015, Darkcoin experienced another rebranding, this time to get rid of obsessive associations with the Darknet. The plan worked, and today many Dash fans consider it a worthy contender to Bitcoin.
The InstantX technology, which appeared in Dash's arsenal in the fall of 2014 (during Darkcoin's time), made it possible to make payments instant (for a small additional commission). However, even if you add up all the commissions in Dash, the amount will still be 10 times less than in Bitcoin. InstantX is a mechanism of instant payments, using which the transaction is not confirmed by the network, but by only ten random master notes. These confirmations can be received in seconds. InstantX is a form of "trusted payment" using randomly selected anonymous resellers.
However, it is not the main difference between Dash and other cryptocurrency networks. The Dash team took the Bitcoin source code as a basis and built its own 2 nd rank network architecture - Masterno.
The traditional one-tier network of Bitcoin is based on a consensus between peers, as a result of which the verified transactions are written into the blockchain. The two-tier Dash network works differently: the masternods form the top level of consensus in real time - these are the main nodes of the Dash network, which are the basis of its stability and perform service functions. After approval by the masters, the transactions go through the same process of writing to the blockchain through mining. This scheme speeds up the protocol, but slightly increases security risks.
Anyone can download the Dash software and keep the network running by running a “full node.” The system encourages masternod operators - they now account for 50% of the premium for creating new units, and from version 0.12 they decided to keep this value constant. To start the master program, the user must confirm the presence of 1000 Dash as a deposit. These Dash remain at the user's disposal. Thanks to this system, it is too difficult to get control over most masters, as it will require significant costs. The owner of the masternody may at any time withdraw or spend his bail, but then the node will lose the status of the masternody and stop receiving rewards.
In fact, the key advantage of the master system is that it provides rapid consensus on the development of the network and the project management structure. For example, while in the Bitcoin community for two years arguing about the problem of block size, the Dash community at the beginning of 2016 solved the same problem in 24 hours. Masternod owners have voted to increase the size of the Dash block from 1 MB to 2 MB. For the adoption of this decision voted 99% of network participants .
Evan Duffield was one of the participants of the Satoshi Roundtable conference, during which topical issues of the Bitcoin industry were discussed. After the event, Evan expressed the conviction that, unlike Bitcoin, Dash does not face the problem of scaling the network:
Obviously, today Bitcoin simply does not cope with the issues of mass service of the general public, which leaves users with only two options: either to abandon cryptocurrency and use Fiat currencies, or to start using alternative decentralized solutions, such as Dash,
- Evan thinks.
Dash has an official website, dashpay.io , where you can download a wallet , learn more about the developers of Darksend, the masternote system and the InstantX technology.
Mining DASH will start from mid-September, and until that time contracts can be purchased at a special price of $ 6 for 1 MH / s .
Time to mine:
Source: https://habr.com/ru/post/396821/
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