Dash stands for “Digital Cash”. It is a DAO (Decentralized Autonomous Organization) virtual-currency, originally released on January 18, 2014, as XCoin (XCO). Later in the same month, the name was changed to "Darkcoin". Year later, on March 25, the rebranded name was given as “Dash”.
Bitcoin’s inability to process faster transactions due to its block size limit made cryptocurrency specialist Evan Duffield create an alternative. Eventually, he started developing and the Dash appeared with few more but necessary features than Bitcoin. While Bitcoin uses SHA-256 algorithm to mine, Dash uses X11 mining algorithm. The X11 algorithm is far more secure and capable of self-healing than SHA-256. The Algorithm uses 11 different hashes to make it one of the safest and more sophisticated cryptographic hashes in use by modern cryptocurrencies. Even if few of the 11 hashes face problems, the system will replace the corrupted hashes with valid ones and eventually make the transaction. Dash has introduced Masternodes, which differs from the Bitcoin’s single-tier network. The Masternodes empowers two sides of the Dash, one platform lets miners handle the creation of blocks and another one performs Dash’s governance and InstaSend and PrivateSend transactions. The whole process splits profit between miners and Masternodes by 45%, rest 10% goes to the "budget" or "treasury" system. Two of the main features of Masternodes are InstaSend and PrivateSend. Bitcoin takes an average of 10 minutes to confirm a transaction, while Dash has significantly reduced its transaction via InstaSend confirmation time to 1.3 seconds. Although, it was said that cryptocurrency’s transaction is untraceable and anonymous but the fundamental statement is not completely true. The Blockchain of digital-coin records all sorts of transaction information and it is traceable due to its transparency rule. The PrivateSend system, revealed by Dash does follow the fundamental rules of cryptocurrency but uses a process that makes it impossible to trace-back to a specific person.
Dash is considered to be the first proper Decentralized Autonomous Organization, because of two main points: the way they get their funds, and the way they make decisions. The total funding for Dash’s governance operation comes from the profit of the 10% mentioned earlier. The Dash takes a decision by a community of a selected and relatively small group of people. They automatically join the Masternodes once they gain 1000 Dash to their names. The community is responsible for voting Yes/No vote to the decisions that come from the dash.org forums or DashCentral. The whole process completes the idea of DAO.
Although, Dash has fixed numbers the weaknesses of Bitcoin there are few cons exist for Dash. The 10% --1.9 million-- of total Dash’s supply was mined in the first two days of coin’s launch. There is an estimated total 19,000,000 Dash coin available in the system to be mined. A masternode represents 1,000 Dash. As of March 2017, there are currently 4,000 Masternodes, which result 4,000,000 coins to be stored to them. These coins will not be available to use.