WHAT IS DASH?
Dash is a privacy-centric digital currency with instant transactions. It was built and based upon the Bitcoin software, but claims to have improved it. The peer-to-peer network is secure, fast, private, global, and has much lower fees than banks or credit cards.
HOW HAS DASH IMPROVED UPON BITCOIN?
Dash claims to have improved upon Bitcoin by adding the ability to remain anonymous while making transactions, in a way that is similar to cash transactions, whereas your transactions are publicly viewable with Bitcoin. Dash also adds the benefit of faster transaction confirmations in comparison to Bitcoin.
WHAT ARE MASTERNODES?
Masternodes provide much of the necessary infrastructure to the Dash network. Users are rewarded for running and maintaining special servers called ‘Masternodes’. Dash utilizes as two-tier network – the first tier works in the same way as Bitcoin, where miners find blocks and post transactions to the blockchain. The second tier, comprised of special servers called Masternodes, enables additional features such as instant and private transactions, and decentralized governance and budgeting.
WHAT ARE ALTCOINS?
The term ‘altcoins’ is short for alternative coins. Given that Bitcoin was the first cryptocurrency to surface in the market, the other digital currencies that emerged are referred to as altcoins.
WHAT IS BLOCKCHAIN?
A blockchain is a digital ledger recording cryptocurrency transactions, maintaining records referred to as ‘blocks’ in a linear, chronological order.
WHY USE A BLOCKCHAIN?
Using a blockchain ensures security and manages digital relationships as part of a system of record.
WHAT IS DISTRIBUTED LEDGER?
A distributed ledger is a database, digitally recording transaction information using cryptography, making it secure and unforgeable.
WHAT IS THE DIFFERENCE BETWEEN A BLOCKCHAIN AND A DATABASE?
There are several differences between a blockchain and a database, including the level of control. Blockchains are under a decentralized control, whereas a centralized database creates a dependent relationship between users and administrators. Users tend to prefer confidentiality, which is better achieved through a centralized database. Performance also differs, as a centralized database is able to compute information faster than blockchains.