Dash began its life in early 2014 as Fork of Litecoin initially under the name XCoin, but later is was renamed as Darkcoin. After another rebranding, the currency since 2015 bears the current name, while Dash is a password for "Digital Cash". Although many of its developers are from the Litecoin environment in addition to the code of Dash, but conceptually and technically understand the currency above all as an improvement over the big role model Bitcoin. Without fundamentally redesigning the blockchain concept, such as IOTA or Cardano, Dash's developers are trying to circumvent a number of problems that plague Bitcoin in particular, with small improvements to the design and implementation of the system.
How does Dash work?
Like Bitcoin, Dash relies on the classic Proof of Work consensus mechanism to validate transactions called Mining. However, the proof of work processes is notoriously resource-consuming and favor energy-intensive systems such as dedicated hardware for mining. Dash reduces this problem by using much less energy and by using the hash algorithm X11.
The number 11 is here in the name for a good reason: The process is a concatenation of 11 different hashing algorithms, the execution of which is successively more energy efficient than that of SHA-256 at Bitcoin. All procedures were originally participants in the competition for the new hash standard SHA-3 (developed by Guido Bertoni, Joan Daemen, Michaël Peeters and Gilles Van Assche under the name "Keccak"). The complete list of algorithms is BLAKE, BMW (Blue Midnight Wish), Grøstl, JH, Keccak / SHA-3, Skein, Luffa, CubeHash, SHAvite, SIMD and ECHO.