Dash aims to overcome Bitcoin and become the money of the future
The introduction of Bitcoin the world caused a revolution in finance and economics. Bitcoin sets the value of government restriction of free money. Now, the value can be uniquely determined by the market. Instead of relying on third party centralized to all financial transactions, people could exchange value around the world and completely decentralized.
Bitcoin ushered in the era of truly digital money.
Eric Sammons of Saragossa group gives a profundada analysis of the unique nature of digital currencies, the creation of Darkcoin, its evolution in dash and the goals of its developers.
The importance of anonymity
With experience in software development and finance, Duffield was captivated by Bitcoin since its early days. He was particularly intrigued by the idea of
digital money: a technology that can replicate the characteristics of physical money, but without the drawbacks of conventional currency.
Duffield says:
"I started tinkering with Bitcoin in 2011, even at the beginning of its development. I decided I wanted to dive in "cryptocurrencies" and how all things the best way for me to learn something new is to sink or swim. "
As he studied Bitcoin more deeply, however, he found a weakness in its design: the lack of true anonymity. According to Sammons some may argue that anonymity is only essential for those who wish to engage in illegal activities. But this is not the case. Anonymity is necessary to pay for the reasons.
First, each transaction offers privacy, so no one can get the financial operations of others. Imagine giving public access to all credit card transactions. Such information, and only violate the privacy of individuals, they can be used to manipulate people in many ways.
Second, anonymity makes the currency "fungible," meaning that each unit of money is worth the same as any other drive. Why is this true? If people could track coins for transactions and specific people could send efforts to "tarnish" coins, for example, if they were previously involved in illegal activities, making them worth less than others.
Bitcoin and Anonymity
Unfortunately, Bitcoin does not provide anonymity, each transaction is transmitted in a public blockchain to one study. True, these transactions are not publicly linked to specific individuals, but rather judicial investigation, which can draw connections between transactions and individuals. Duffield first wanted to improve anonymity in Bitcoin itself, but he found that his suggestions were not accepted by the core developers of Bitcoin. Then, in the great tradition of open source, he copied the bitcoin "Fork" to create your own digital currency. He called it "Darkcoin" reflecting the anonymity of currency and was released on January 18, 2014.The reception starts was nothing short of remarkable. People quickly realized that Darkcoin solve a problem of real world digital currency, and the price reflects this achievement. Users flocked to the currency, and soon the market capitalizations was one of the highest of any digital currency.In its first year, Darkcoin overcame a number of technical obstacles, and became one of the leading digital currency in the market.