DASH – The First Decentralized Autonomous Organization?
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Dash Digital Cash is an open source peer-to-peer cryptocurrency with a strong focus on the payments industry. Based on the Bitcoin project, Dash aims to be the most user friendly and scalable payments system in the world [1]. In addition to Bitcoin's feature set, Dash offers instant transactions InstantSend[2] private transactions PrivateSend [3] and operates a self-governing and self-funding mechanism that fosters the creation of independent entities that serve the network [4].
This decentralized governance and funding system makes it one of the first decentralized autonomous organizations DAO [5] and the first DAO recognised by international law [6]. Software development is currently focused on improving access for non-technical users: Dash was originally dash the first dao as XCoin on January 18, The founder, Evan Duffield, proposed a series of improvements to Bitcoin's protocol [9]including:.
XCoin was renamed to Darkcoin on January 28th, reflecting a focus on user anonymity, then on March 25,rebranded as Dash a portmanteau of "Digital Cash" to reflect a shift in focus towards mainstream payments. Unlike Bitcoin's single-tier network of miners, Dash utilizes a two-tier network of masternodes dash the first dao miners. As in Bitcoin, Dash miners secure the network by dash the first dao proof of dash the first dao. The second tier of the Dash network consists of masternodes, which perform PrivateSend, InstantSend, and governance functions.
In future releases aimed at improving ease-of-use, the masternode network will store encrypted data relating to user and merchant accounts DashDriveand will enable third party clients to interact with the Dash network via a decentralised API DAPI. Masternodes require DASH as collateral to prevent sybil attacks. This collateral can be spent at any time, but doing so removes the associated masternode from the network. Anyone with a plan for improving or growing the Dash network can submit a proposal to the masternodes, requesting funding for their project.
Projects are then approved or rejected by a periodic vote, and payouts occur directly from the blockchain to the address contained in the proposal. PrivateSend is a coin-mixing service based on CoinJoinwith numerous modifications. These include using masternodes instead of a single website, chaining by mixing with multiple masternodes, restricting the mixing to only accept certain denominations e.
Later iterations used a more advanced method of pre-mixing denominations built into the user's cryptocurrency wallet. The implementation of PrivateSend also allows masternodes to submit the transactions using special network code called DSTX, [14] this provides additional privacy to users due to the deadchange issue present in other CoinJoin based implementations such as DarkWallet and CoinShuffle.
In its current implementation it adds privacy to transactions by combining identical inputs from multiple users into a single transaction with several outputs.
Due to the identical inputs, transactions usually cannot be directly traced, obfuscating the flow of funds. PrivateSend makes Dash "fungible" [16] by mixing the coins in the same denomination with other wallets, ensuring that all coins are of the same value.
InstantSend is a service dash the first dao allows for near-instant transactions. Through this dash the first dao, inputs can be locked to specific transactions and verified by consensus of the masternode network. Dash the first dao transactions and blocks are rejected. If a consensus cannot be reached, validation of the transaction occurs through standard block confirmation.
InstantSend solves the double-spending problem without the longer confirmation times of other cryptocurriencies such as Bitcoin. Dash is the first decentralized autonomous organization powered by a Sybil proof decentralized governance and funding system. Ten percent of the block rewards go to this "treasury" in order to pay for projects that benefit Dash.
Funding from the treasury system has been used to hire additional developers and other employees, to dash the first dao attendance at conferences, dash the first dao to fund integrations with major exchanges and API providers.
Each masternode operator receives one vote. Proposals are eligible for funding according to the following formula: If there are more proposals that meet that criterion than there are budget funds for the month, then the proposals with the highest number of net votes will be paid.
Community interaction with proposal submitters is done through the dash. After the submitter has enough support, the network will automatically pay out the required funds in the next super block, which happens monthly. The funding system has seen revenue growth. From Wikipedia, the free encyclopedia. Retrieved 20 April Retrieved 17 June Dash the first dao 28 April Retrieved 6 January Retrieved 24 September Retrieved 4 March What makes Digital Cash Fungible".
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