The Prospects for DASH – Time to Skyrocket?

  • Mary Ann Callahan, Freelance Journalist at Cex.io

  • 27.08.2018 12:00 pm
  • cryptocurrency

Last year, the cryptocurrency market exploded in a way that we had never seen before. Prices were rising for almost every coin and the industry was front page news all across the world. More people got into cryptocurrency in the last year or so than at any other time.

While most people found out and learned about Bitcoin first, which makes sense, there are dozens and dozens of other coins worth knowing about. Many of them do different things, have different teams and offer something unique to the world. While the market has simmered down and many coins have dropped in value from the incredible heights they reached at the start of 2018, it isn’t all bad.

Some coins show a lot of promise for a variety of reasons. One coin that many people, in particular, think is about to hit it big in 2018 is DASH. While it has had an up and down 2017 and some think it is slowly dying, others don’t feel that way. Many feel that its worst days are behind it, and it has primed for a breakout year. This article will look at what DASH is, the future prospects for the DASH price and more.

What is DASH?

DASH is a cryptocurrency that was launched back in 2014 as Darkcoin but was changed and rebranded to DASH in early 2015. It is a completely open source cryptocurrency that boasts instant and private transactions, a decentralized structure and so much more. It is currently one of the top 15 largest and most popular cryptocurrencies (according to total market cap) and has a market cap of just shy of $2 billion, as of early August 2018.

When it first began, DASH was designed originally to be all about ensuring that users are anonymous and their privacy is honored. While it is still very secure and private, the team has pivoted and now wants to help those with daily transactions instead of focusing primarily on anonymity.

How Similar is DASH to Bitcoin?

Yes, it is true that DASH is a fork from a previous version of Bitcoin (Bitcoin core v12, to be exact), but there are many differences between the two. While both are used by some people for daily transactions and have a similar origin, that is about where the similarities end.

One of the biggest differences between the two is how they are mined. Bitcoin uses the classic Proof of Work method, while DASH uses X11, which is a modified version of Proof of Stake. Another difference is that they handle transactions in vastly different ways. With Bitcoin, all transactions must be validated by each and every single node in a network. As Bitcoin scales, this becomes very daunting, long and difficult. On the other hand, DASH essentially has “Masternodes” which make it a lot simpler to validate transactions. The Masternodes are more efficient for verification as not every transaction needs to be verified by every node.

What Are the Future Prospects Like For DASH?

So now you know a little about what DASH is, how it differs from Bitcoin and some other important things. But what does the future look like for DASH? Is it bound to skyrocket in 2018 and beyond?

Because DASH features their network of “Masternodes”, it makes them much better suited to handle the issue of scalability, which is something that almost every kind of cryptocurrency out there is currently facing. And these scalability problems are only going to get worse if nothing is done, and DASH is ahead of the curve as they have already addressed this problem that might not even affect them in a massive way until the future. This is one of the biggest reasons why many believe DASH will have a great 2018 and beyond.

Some of the partnerships that DASH has managed to secure also instill a lot of confidence in investors and experts. DASH has partnered with sports betting service FanDuel to create a fantasy basketball league that pays out in crypto, and they have also connected with a number of other companies and services who plan on accepting DASH as a method of payment.

For example, they have partnered with Bitnovo (a Spanish start-up), and this partnership will see DASH brought into around 10,000 different retailers throughout Spain. It is these types of partnerships all around the world that help DASH to expand, and if they can impress those they work with, they will surely be adopted by more companies and businesses.

The team behind DASH is also a reason why they could be successful going forward as they are very professional and seemingly have the sole aim of bettering their product. In order for a currency to be adopted by a lot of the mainstream, the organizers and the team behind it must be professional and DASH seems to have that covered.

So while the prospects look good for DASH, they are not alone in their goal to be the future of digital and secure cash. There are some competitors that exist, notably the likes of Bitcoin Cash and Litecoin. Also, with Lightning Network, even Bitcoin itself might become a direct competitor.

In conclusion, DASH is a valuable and useful cryptocurrency that has some solid prospects and could be in for a successful 2018. However, with investments (especially in the volatile crypto market), there are no guarantees. As a result, be sure to do your own independent research on DASH and any other cryptocurrency out there before investing.

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