How did Dash perform in 2018?

Dash DASH cryptocurrency (DASH) was created by software developer Evan Duffield in 2014 as “XCoin,” an open source fork of the Bitcoin protocol. Its vision was to facilitate fast anonymous transactions over the blockchain.

XCoin was rebranded as “DarkCoin” a few months into the launch to highlight its privacy-centric approach compared to Bitcoin.

At a time when cryptocurrencies were under scrutiny from the general population for being enablers of illegitimate transactions and funding the dark web, this didn’t prove to be good PR. The cryptocurrency was finally rebranded again as Dash a year later.

Dash was one of the earliest decentralized autonomous organizations (DAOs), one where the program ensures that stakeholders run the show, rather than a centralized authority.

The Dash ecosystem relies on ‘masternodes’ for running its operations. These nodes are essentially not very different from the standard nodes running on the blockchain, except they are required to own at least 1,000 Dash coins. Critics argue that this makes Dash not truly decentralized as it puts early adopters at a significant advantage.

A software bug caused nearly 2 million coins to be mined on the first day of Dash’s launch in 2014, and these owners are said to have an undue influence on the Dash governance. This problem was highlighted when Dash developers proposed to re-launch the cryptocurrency, but the community voted its proposal down.

In spite of the controversies, Dash remains one of the largest cryptocurrencies in terms of market capitalization at the end of 2018.

DASH/USD performance review

DASH opened the year 2018 at $1,054, a whopping increase of 9,300 percent from January 2017. DASH saw a constant rise throughout 2017, but the trend saw a reversal in 2018, as was the case with most cryptocurrencies.