Dash and Monero are two cryptocurrencies with an emphasis on privacy and security.
What problem are Dash and Monero solving?
Dash and Monero are best understood in comparison to Bitcoin.
Bitcoin (BTC) is the first popularized decentralized digital currency in the World. The idea of bitcoin is peer to peer transactions without the need for a central authority, third party, or middleman. This truly revolutionizes the way we have ever thought about money.
Dash (DASH) and Monero (XMR) started in 2014 highlighting two privacy issues for Bitcoin:
- Bitcoin is traceable — Every bitcoin transaction is recorded on a public ledger. You can’t see the sender and recipients names, but you can see their wallet addresses. So bitcoin is not fully anonymous, most people refer to Bitcoin as being pseudonymous, or mostly anonymous.
- Bitcoin is not fungible —
What does it mean to be ‘fungible’?
“Fungible: The property of a good or a commodity whose individual units are essentially interchangeable.”
The US dollar is mostly fungible. For example, you and I could exchange 1 US Dollar, and each dollar is equal. 1 dollar = 1 dollar.
Because Bitcoin is traceable, there have been attempts to block, or blacklist bitcoin that comes from addresses where Bitcoin has been stolen or gained illegally.
What problem is Dash solving?
- Dash is like bitcoin with added privacy
- It is like bitcoin with higher security
- It offers point-of-sale (POS) improvements to bitcoin. Point-of-sale refers to the time and place a transaction occurs.
- The timeframe for confirmation of transactions (of bitcoin) is far too slow, rendering it an impractical option.
Why use Dash?
Dash’s technology includes three innovative features:
- Masternode network
Bitcoin’s network is maintained by miners only, whereas Dash’s is multi-faceted. Other than miners, Dash also has masternodes, and a budget system. Masternodes allow for PrivateSend and InstandSend to occur.
InstantSend is one service Masternodes provide for the Dash network. Due to this, users have the ability to send and receive instant irreversible transactions. InstantSend is a wonderful use case for point-of-sale (POS) systems.
PrivateSend is an updated version of CoinJoin. Combined inputs are seen identically from multiple users, while outputs are varying on Dash’s blockchain. This makes it nearly impossible to be tracked and traced by third parties. Fungibility is also increased due to coins being mixed with those of equal value.
What problem is Monero solving?
- Bitcoin transactions are traceable, Monero transactions are untraceable
- Bitcoin is not fungible, Monero is fungible
- It is like Bitcoin with more privacy
Monero is untraceable — Every Monero transaction, by default, obfuscates sending and receiving addresses as well as transacted amounts.
It is fungible — Because it is untraceable, Monero cannot become tainted through use in previous transactions. This means Monero will always be accepted without the risk of censorship.
Monero is private — Monero is often referred to as a “privacy coin” due to it’s untraceable and fungible qualities.
How are Dash and Monero similar?
Both Dash and Monero are working to create a currency like Bitcoin, but more private.
What is Dash?
- Dash is a fork of Bitcoin. This essentially means it was created from Bitcoin’s code but altered to enhance privacy.
- Its privacy is optional with the option to use PrivateSend. However, Dash has a rich list, therefore not private.
- It is essentially has a hierarchy of nodes with the Masternode Network, rendering them unequal and technically traceable as well.
- Dash tokens aren’t fungible.
- Dash also has a strong marketing team and has an ease-of-use approach to appeal to those new to the space.
What is Monero?
- Monero is not a fork of Bitcoin, or a copy of the Bitcoin source code. Monero is a fork of the CryptoNote protocol, Bytecoin.
- It is private by default with use of a cryptographically secure system.
- By taking advantage of a few key technologies, it is untraceable:
- Nodes on the Monero blockchain are equal, without the ability trace transactions with multiple nodes.
- It is fungible.
- It is open source
Comparison Chart: Dash vs. Monero
|What is it?||An instant, private, and secure cryptocurrency||An untraceable, fungible, and private cryptocurrency|
|Creator(s)||Evan Duffield||Riccardo “fluffypony” Spagni, Francisco “ArticMine” Cabañas and 5 other core team developers|
|Went live´||January 18, 2014||April 2014|
|Supply Cap||18.5 million||Once 18.4 million + .3 XMR/min.|
|Smallest Unit||1 duff = |
|1 piconero = 0.000000000001 monero|
|Price||View price||View price|
Where can I buy Dash and Monero?
Both Dash and Monero are readily available on multiple exchanges.
How much do they cost?
dash vs. monero: How many tokens are available?
- The max supply of dash is 18.9 million.
- Every 2.5 minutes a new block of dash is generated.
Stay up to date on dash’s block time.
- The max supply of monero is 18.4 million.
Once 18.4 million moneroj (the plural of monero is moneroj)
is reached the inflation rate will continue at 0.3 XMR per minute,
which is 0.87% per year.
- Every 1-2 minutes a new block of Monero is generated.
Stay up to date on monero’s block time.
What can I do with Dash? Monero?
Dash can be used to purchase Contraband Organic Coffee, Coin Wars, and a variety of VPN Provides.
Monero can be used to purchase goods on The Kava Society, Hammock Universe, Kidsweet, a variety of VPN and online services.
How do I store Dash?
Dash can be stored on hardware wallets such as the trezor, ledger, and KeepKey support dash. It can be stored on cold wallets such as coinomi and exodus. Learn more about how to store dash.
There are no hardware wallets available supporting monero, however Ledger has listed Monero on their roadmap. It is recommended to store you monero on a cold wallet. This is an offline paper wallet which is the most secure.
The safest way to store Monero is with Monero’s full node. When you download the full node you’ll be downloading the entire history of Monero to your computer — so you’ll need at least a few gigabytes worth of disk space. Monero also offers a paper wallet storage, and a web wallet. Read more about Monero storage options on the official Monero website.