Dash vs Monero: Top Difference You Need To Know
By: Peter Jack
Tags: Finance, Cryptocurrency, Dash, Blockchain, Monero

Dash vs Monero: Top Difference You Need To Know

Since Dash and Monero came into existence, their main focus has been security and privacy. But it’s quite tricky to decide who’d won in a Dash vs Monero contest?

Both coins have some unique features compared to other top-rated cryptocurrencies like Bitcoin and Ethereum. Talking about the total market capitalization and adoption, both tokens are small when compared to top performers of the market. Generally, Dash and Monero are similar to the ruler of the crypto market i.e. Bitcoin — which means they are each a distinctive digital currency — but with a core aim on privacy.

Dash is different from Bitcoin in several ways. It comes with a point of sale, which is an advancement when compared to Bitcoin. With Dash, the time taken to complete a transaction is faster than BTC where the timeframe for authenticating payments is very slow.

Whereas for Monero (XMR), it solves the traceability shortcoming faced by Bitcoin in which transactions can be traced, but XMR remains anonymous. Additionally, Monero is also fungible while Bitcoin is not.

At the time of writing the value of Dash in INR is 5534.46 Indian Rupee. On the other hand, the price XMR in INR is 6202.04.

ABOUT DASH

Dash, previously called darkcoin, was built in 2014 by developer and creator Evan Duffield. This digital currency used for peer-to-peer communication and is designed specifically for payments. Dash, which is hard forked from Bitcoin also has a two-tier network structure.

The first tier is similar to that of BTC and utilizes a proof-of-work consensus mechanism. Proof of service (PoSe) comes in the second tier of the network, which is a type of scoring the system used to determine if node operators are providing services in good faith.

Dash is most notably known for the first implementation of Masternodes and is designed to provide faster and private transactions as compared to Bitcoin. There is a whole history behind the name of this crypto. When this altcoin was first introduced in 2014, it was popularly known as Xcoin. After a period it changed into Darkcoin but this name is described as the coin for black markets; the name was finally changed to Dash.

Standing in the 28th position, this coin has gained a significant position in the crypto world. Moreover, it has a market capitalization of over $700 million. This currency has an additional feature of lower transaction fees. Its price has seen a rise in its prices of about 9000% since it came into existence. Dash to INR is easily available in Indian cryptocurrency trading platforms.

ABOUT MONERO

Many cryptocurrencies use blockchain technology as a distributed ledger to keep track of transactions like Bitcoin, Ethereum, and Litecoin. These records are kept in the form of addresses, outputs, or hashes of individual transactions which are cryptographically derived strings of data.

Because of this, cryptocurrency like Bitcoin is considered pseudonymous. However, if someone can link a public address with the user it can mean that all their history of transactions is there to be observed. Monero (XMR) is a privacy coin because it has inherent privacy features. Unlike most other famous blockchains, Monero’s blockchain is designed as opaque where no one else can see the account’s balance or history of transactions.

Transactions with Monero are comparatively faster than Bitcoin ones. With a target block time of 2 minutes and a safe number of confirmations around ten, XMR proves to be better than Bitcoins. This ‘Privacy Coin’ came into existence in 2012 with the launch of Bytecoin, an anonymity-focused cryptocurrency from which Monero was launched as a fork back in July 2014.

DIFFERENCE BETWEEN MONERO AND DASH

Traceability

Due to the Masternode network, cryptocurrency Dash has a hierarchy of nodes. The Masternodes is used to enable PrivateSend and InstaSend. The nodes are unequal thus making it is traceable. This means that the transactions done in the Dash network can be easily traced.

On the other hand, Monero transactions are untraceable courtesy of three main technologies. The ring signature feature maintains the privacy of an address. Additionally, the confidentiality of the amount transferred is enabled by Ring CT technology. The receiver’s address remaining anonymous is maintained by Stealth address capability.

Privacy

Considering the privacy level of Dash and Monero, one might experience an equal level. However, there exist some differences. Dash does not necessarily have a privacy policy and this feature is optional. Users can choose to use the PrivateSend option or not. PrivateSend technology bars third parties from tracking any transaction taking place in this network.

However, Developers of XMR made its network private by default. Monero, the digital currency, makes use of a cryptographically secure system to enhance privacy. Additionally, Monero’s fungible qualities strengthen privacy.

Bitcoin Fork

It is all known that Dash is a fork of BTC. In a layman language, the developers of Dash created the token from the Bitcoin code but tweaked it to promote privacy. The crypto is just like Bitcoin but with unique variations in confidentiality.

Whereas Monero (XMR) was not forked from BTC. It is a fork of the CryptoNote protocol and Bytecoin.

Token Availability

Both the coins have limited supply as compared to established cryptocurrencies. However, if we compare Dash and Monero, the former emerges on top because Dash core creators placed a maximum supply of 18.9 million. Additionally, a new block is generated every two and a half minutes.

The latter has a maximum supply of 18.4 million. Moreover, new blocks of XMR are generated between one to two minutes. Therefore, Monero is inflatable — while the former token doesn’t have this issue yet.

Storage of Dash and Monero

Storage of digital assets like cryptocurrency in any wallet depends on compatibility. Dash is compatible with different wallets. You can store your Dash on digital wallets as well as hardware wallets.

However, Monero seems to lose the battle in the storage aspect. This token is not compatible with any hardware wallet. XMR is usually stored in cold wallets which are considered to be more secure. Monero also comes with a web wallet and paper wallet storage.

As we have discussed both tokens and differences, it is time for you to decide which one is better.