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Dash vs. Monero

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:

  1. 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.
  2. 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.

Bitcoin is not fungible

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.

What solution does Dash provide?

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

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

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.

How do they differ?

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.

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






Dash (DASH)

 Monero (XMR)Monero Logo
URL dash.org getmonero.org
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 Style Inflationary Inflationary
Supply Cap 18.5 million Once 18.4 million + .3 XMR/min.
Smallest Unit 1 duff =
0.00000001 dash
1 piconero = 0.000000000001 monero
Price View price View price

Where do I buy Dash and Monero?

Both Dash and Monero are readily available on multiple exchanges.

How much does they cost?

Visit coinmarketcap or coingecko for the latest prices.

dash vs. monero: How many tokens are available?

Dash

  • 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.

Monero

  • 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.

Dash vs. Monero: What can I do with them?

Dash

Dash can be used to purchase Contraband Organic Coffee, Coin Wars, and a variety of VPN Provides.

Monero

Monero can be used to purchase goods on The Kava Society, Hammock Universe, Kidsweet, a variety of VPN and online services.

Dash vs. Monero: How do I store them?

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.

Monero

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.

Learn more about Dash and Monero:

Dash

Monero

Bitcoin vs. Litecoin

bitcoin vs. litecoin

Bitcoin and Litecoin are both cryptocurrencies. Today, money is created and managed by individual countries (e.g. the US issues USD, England issues pounds, etc). Bitcoin and Litecoin are revolutionary because the founders have created a global currency that can be used by anyone in the world, and isn’t tied to any country.

Bitcoin was announced in 2009 via an online academic paper. Two years later in 2011 Litecoin was forked (aka. copied) directly from the Bitcoin code because Litecoin’s founder Charlie Lee believed Litecoin could make some adjustments to the code that would offer consumers lower fees, and quicker transaction times.

The innovation behind both Bitcoin and Litecoin is that they allows two people to send money on the Internet without a third party (like a bank). For example, at the moment I can send you money via Paypal, Citibank or Bank of America, but in all of these scenarios we are trusting these companies to manage our transaction. The problem with this current system is that banks take fees to manage our money, and banks are being attacked by hackers daily. Bitcoin and Litecoin allow you and me to exchange money without using a bank, and without relying on a company.

Today, Bitcoin is often regarded as a store of value (similar to how the gold is valued as a global store of value), and for sending higher amounts of money (think: like a wire transfer), rather than for small casual transactions. Litecoin is often regarded as a currency for day-to-day transactions. The popular analogy is that: if Bitcoin is gold, Litecoin is silver (or a credit card).

Bitcoin is:

  • A decentralized global digital currency
  • Stored on a public ledger (known as a blockchain) where each transaction takes 10 minutes to clear (to be approved)
  • Developed by Satoshi Nakamoto — an unknown figure or group of people

Litecoin is:

  • A decentralized global digital currency
  • Quicker than Bitcoin because transactions take 2.5 minutes to clear
  • Developed by Charlie Lee (aka SatoshiLite)

Takeaway: Bitcoin is more like digital gold, whereas litecoin is often thought of as a digital cash.

Comparison chart: Bitcoin vs. Litecoin

Bitcoin (BTC)

Bitcoin

Litecoin (LTC)

Litecoin

 

What is it? A currency (store of value) A currency (medium of exchange)
Inventor Satoshi Nakamoto Charlie Lee
Went live January 2009 October 2011
Supply Style Deflationary (a finite # of bitcoin will be made) Deflationary (a finite # of litecoin will be made)
Supply Cap 21 million in total 84 million in total
Smallest Unit 1 Satoshi = 0.00000001 BTC 1 Litoshi = 0.00000001 LTC
New token issuance time Every 10 minutes approximately Every 2.5 minutes approximately
Amount of new token at issuance 12.5 new bitcoin are issued every 10 minutes. This number will half (to 6.5 new bitcoin) everytime Bitcoin creates 210,000 new blocks. The next halving will be reached 2020. 25 new litecoin are issued every 2.5 minutes. This number will half (to 12.5 new coins) everytime Litecoin creates 840,000 new blocks. The new halving will be reached in 2019.
Utility Bitcoin has been trending towards becoming a store of value like code. Although it is also used for purchasing goods and services Used for purchasing goods and services, as well as storing value (much like how we currently use a checking account).
Price View price View price
Purpose  “Bitcoin is an innovative payment network and a new kind of money.”[฿]

 “Litecoin is a proven medium of commerce complimentary to bitcoin.”[Ł]

Coinbase Bitcoin

Where do I buy bitcoin and litecoin?

Coinbase is the easiest place to buy both bitcoin and litecoin. If you want slightly lower service fees and a more robust interface, then Gdax (a site owned by Coinbase) offers an alternative to Coinbase.

How much does it cost?

Cryptocurrency prices are constantly fluctuating given the supply and demand. To keep an eye on bitcoin, litecoin, or any other altcoin (an altcoin is coin other than bitcoin) head to coinmarketcap.

bitcoin vs. litecoin

bitcoin vs. litecoin: How many tokens are available?

  • The max supply of Bitcoins is 21 million. Every 10 minutes a new block of bitcoin is generated. The final Bitcoin will be mined 2140.
  • The max supply of Litecoins is 84 million. Every 2.5 minutes a new block of litecoin is generated.

bitcoin vs. litecoin: What can I do with them?

Bitcoin is trending towards a replacement of gold as a store of value. Whereas gold exists with mass and weight in the physical world, bitcoin is an improvement to gold because it can be split into into very small fractions, and instantly sent to people, businesses, and banks around the world.

Litecoin is promising to replace cash. Due to its lower price and faster transaction times, it’s the perfect solution for buying a coffee, tipping a YouTuber, or gifting a friend or family member.

How to store bitcoin and litecoin:

Both web wallets, and hardware wallets exist for Bitcoin and Litecoin, and there are a multitude of options ranging high to low levels of security.

bitcoin (฿) and litecoin (Ł) bitcoin (฿) only
Hardware Trezor
Ledger
Mobile Coinomi Samourai
BitPay
Mycelium
Desktop Exodus Electrum
Web Jaxx Blockchain.info
Paper Bitcoin Paper Wallet
Litecoin Paper Wallet

Learn more about Bitcoin and Litecoin:

 

* This piece was researched and co-written by Gregg Sandler.