Dash token - What you need to know

Hello guys,

My name is Emmanuel Obioma and I'm here to discuss with us on Dash token.
I believe we are all good, please let's follow along.

Source

Dash can be explained to be an open-source blockchain aimed at providing a cheap, fast network with a decentralized nature.

According to dash whitepaper, this projects is focused at improving Bitcoin by making available a stronger privacy and a faster transaction.

The name "DASH" was coined from the word "DIGITAL CASH" and this token was launched as a fork of LTC, in January 2014.

Ever since it went live, Dash has made lots of development, it has proceeded to include characteristics such as a two-tier network, alongside an incentivized node, master nodes and the governance of a decentralized project.

Dash project also have an "instant send"- which permits the instant settling of payment.
It also posseses "chainlocks"- which promotes the instant immutability of it's blockchain.
Lastly, it posseses "private send" - which provides an additional privacy for its transactions.

FOUNDERS OF DASH

EVAN DUFFIELD

Dash was developed by software developers KYLE HAGAN and EVAN DUFFIELD.

This project was originally named Xcoin, then it was changed to Dark coin after 2weeks, then in March 2015, it was then changed to Dash.

Duffield happens to be a software developer before Dash was launched.
In 2012, he conceived dash as a way to increase the anonymity of Bitcoin.
Duffield worked as the CEO of Dash core Group untill December 2017 when he stepped down.

UNIQUENESS OF DASH

According to it's website, Dash aims at being the most user friendly cryptocurrency with the highest scalability level.

Inorder to achieve this goal, Dash depends on the network of masternodes, which are collateral backed servers, built to give an upgraded services to Dash proposal system.
And this helps in facilitating functions as chainlocks, private send and instant send.

Another uniqueness of Dash is it's governance system, it releases 10% of it's block reward for the decentralized development of it's project.

SECURITY OF DASH

Dash makes use of a two-tier network as a means to secure it's transaction.

The first tier is made of nodes that performs a mining operation under a pow consensus protocol.
This implies that a competition is done for a complex cryptographic problem to be solved, and a minimum of 51% approval of the nodes is needed for a transaction to be added to the blockchain.

Dash makes use of an "X11" pow algorithm.
This is a custom hashing developed by duffield which makes use of a sequence of 11 hashing algorithm.

The second tier is made of a master node functioning under a proof-of-service consensus algorithm.
It is a mechanism in which masternodes are listed based on their records of providing good services to the network.

The masternodes helps to oversee the network and has the power to reject any improperly approved new block.

The masternodes also enables the Dash's chain lock, which improves the network security because a rotating group of masternode confirms all new block that are added to the blockchain, and this is done every 12hours.

Dash can be traded in different exchanges, some of which are:

• Binance
• Gate.io
• Huobi global
• Kucoin
• Coin base exchange.

This can be seen in the screenshot below.

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STATISTICS OF DASH

The following Statistics of dash token was taken from coinmarket cap as at when this post was made.

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TOKEN	STATISTICS
Name	Dash token
Price	$77
Rank	$77
Market cap	$825,237,354
Volume	$322,718,139
Vol/market cap	0.3975
Circulating Supply	10,717,233.18 DASH

ANALYSIS OF DASH

As I proceeded to mt4 app to carry out my Analysis, I noticed that the chart was at it's resistance level.
And at this, it is expected to be rejected, forming a double top.

A double top is a bearish trend reversal pattern that usually indicates that the bears are about to take over the market.

As I watched, the price just touched it strong resistance line, so I waited for the price to be rejected, thus confirming a good sell signal.

^{SCREENSHOT FROM MT4}

From the research I made, I learnt that 100% accuracy is not guaranteed, so I decided to add a stochastic Indicator.

A Stochastic Indicator is a trend based Indicator that helps to signal bearish/Bullish trend reverals.

Whenever the stochastic Indicator is in an overbought region, it is signaling a bearish trend reversal and whenever it is in an oversold region, it is signaling a bullish trend reveral.

As seen from the screenshot above, the Stochastic Indicator is in an overbought region, thus confirming a Bearish move if the chart.

I then decided to analyze dash token using a different time frame.

^{SCREENSHOT FROM MT4}

Using a 5min Time frame, I got the same signal.
The price of the chart is being rejected after it touched the strong resistance line.
Which is a good sell signal.

Also the stochastic Indicator is just recovering from an overbought region, thus confirming a good bearish trend reversal signal.

So with this analysis, a trader can easily enter a sell order and set his risk reward ratio at 1:2.

CONCLUSION

Dash token is indeed a promising token as it security processes is very amazing.
If a trader wants to invest in Dash token, I will advise him to make more research.

Thanks for reading.

AUTHOR: @alutadefender