Brief History Of How All Started
Evan Duffield is the founder of Dash and he created the cryptocurrency just as many other cryptocurrency founders by studying and using Bitcoin. Duffield discovered the number one cryptocurrency back in 2010 and was impressed with its technology. However, after he used it for quite some time he discovered there are a few fundamental challenges that he felt needed fixing. At first, Bitcoin was not fast enough for him. Duffield found that the verifying process of the transactions took too long which slowed down the transaction times and resulted in nothing but frustration. Second, he also felt that the infrastructure needed a greater level of privacy because this is one of the key factors that attract users. However, he found out that privacy and anonymity are not the same things.
After long research and months of hard work, Dash was launched in 2014 and used the Bitcoin code but unlike Bitcoin, the new currency has different features that make it more private. During the first two days after it was launched, more than 1.9 million coins were mined which more than 10 percent of the total supply is alerting that something is wrong. Of course, a bug was found but the company still allowed the recipients to keep their coins despite the solving the bug problem and making sure not to occur again. Today, there are about 7.4 million Dash in circulation and the total number of coins in circulation is expected to reach up to 18 million.
Most recently, the coin also went through a name change from ‘’DarkCoin’’ to Dash because the company thought that the name associated the cryptocurrency with illegal activities which were not the initial intention.