Dash Whitepaper - Privacy Centric Cryptocurrency

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Dash

A Privacy-Centric Crypto-Currency
  • Evan Duffield
  • Daniel Diaz
Abstract

A crypto-currency based on Bitcoin, the work of Satoshi Nakamoto, with various improvements such as a two-tier incentivized network, known as the Masternode network. Included are other improvements such as Darksend, for increasing fungibility and InstantX which allows instant transaction confirmation without a centralized authority.

Introduction

Bitcoin is a cryptocurrency that has emerged as a popular medium of exchange and is the first digital currency that has attracted a substantial number of users. Since it’s inception in 2009, Bitcoin has been rapidly growing in mainstream adoption and merchant usage. A main issue with the acceptance of Bitcoin in point-of-sale situations is the time required to wait for the network to confirm the transaction made is valid, alternatively payment companies have created methods to allow vendors to take zero-confirmation transactions, but these solutions utilize a trusted counterparty to mediate the transaction outside of the protocol.

Bitcoin provides pseudonymous transactions in a public ledger, with a one-to-one relationship between sender and receiver. This provides a permanent record of all transactions that have ever taken place on the network. Bitcoin is widely known in academic circles to provide a low level of privacy, although with this limitation many people still entrust their financial history to it’s blockchain.

Dash is the first privacy-centric cryptographic currency based on the work of Satoshi Nakamoto. In this paper we propose a series of improvements to Bitcoin resulting in a decentralized, strongly anonymous crypto-currency, with tamper-proof instant transactions and a secondary peer-to-peer network incentivized to provide services to the Dash Network.
 
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