Dash (DASH)

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Dash (DASH) is a cryptocurrency that offers instant transactions (InstantSend) and private transactions (PrivateSend). Dash was originally released as XCoin (XCO) on January 18, 2014. On January 28, 2014, the name was changed to "Darkcoin". On March 25, 2015, Darkcoin was rebranded as "Dash." Dash is short for "Digital Cash".

Overview

Firmware (device) support Trezor One 1.5.2, Trezor Model T 2.0.5
Available in Trezor Wallet? Yes
Third-party wallets Electrum-DASH (active)

How to use Dash with Trezor

Dash is integrated in Trezor Wallet. It is, therefore, possible to use it in the standard interface.

  1. Plug in your Trezor device.
  2. Go to wallet.trezor.io.
  3. Select Bitcoin Cash in the top-left corner of the screen (see Getting to know Trezor Wallet#Switching cryptocurrencies (1)).
  4. Work with Trezor Wallet as usual. For more information, see User manual.

Dash can also be safely used with Electrum-DASH, with the seed and private keys fully protected by the Trezor device. For more infomartion and a manual describing the Trezor setup, see Electrum-DASH. You can also see our manual for using Bitcoin with Electrum in Apps:Electrum - the setup should be very similar.

See also: Supported cryptocurrencies

Governance in Dash

Governance is executed using a DAO (decentralized autonomous organization). Decisions are made on a blockchain by "masternodes." Masternodes host a copy of the blockchain, relay messages, and validate transactions on the network. Moreover, masternodes act as shareholders, voting on proposals for improving the Dash ecosystem. The Dash network also includes regular nodes and miners.

Running a masternode requires ownership of 1, 000 Dash. Masternodes also need to be according to certain specifications, such as a static IP address and minimal CPU and RAM requirements. To incentivize their operation, masternodes receive 45% of all newly mined Dash, while 45% is going to miners and 10% to the organization treasury.

Because miners have no vote in this system, there are doubts if Dash is a decentralized network. Dash has also been criticized due to the excessive power that early adopters acquired - around two million Dash were mined on the first day the system operated. The cost of the 1, 000 Dash requirement is worth almost 167, 000 USD at the time of writing (7 November 2018), making it hard for new adopters to participate in the governance of the network.

PrivateSend and coinjoin mixing

PrivateSend (previously DarkSend) anonymizes the transactions by mixing the transactions of multiple users as one transaction.

Simplified example: three separate transactions from Alice to Daniel, Bob to Eve and Clifford to Frank will appear on the blockchain as Alice, Bob and Clifford to Daniel, Eve and Frank. This way, it is complicated to determine and identify who received funds from whom and what was the actual amount sent in the transaction.

InstantSend

This type of transactions does not require mining to be validated and uses the consensus of masternodes instead, making the transaction time faster.


NotePrivateSend and InstaSend functions are not yet supported with Trezor.