History & key events
- January 2014 launched as "Xcoin"
- Rebranded to Darkcoin (2015) and then Dash (2016)
- February 2018, a legal entity was formed which represents the DAO, and this entity took ownership of Dash Core
Objects of governance & Used mechanics
Masternode Operators (MNOs) are key actors in the Dash network. Dash Masternodes (MNs) provide certain services (InstantSend and PrivateSend) to users, receive 45% of the block reward, and collectively control the project’s development fund through voting. A MNO can operate multiple MNs.
Each month, DASH dispenses 10% of the block rewards for that month in a superblock. This DASH is distributed to the wallets associated with treasury budget proposals which have scored highly enough to receive a payout. MNOs vote Yes, No or Abstain to proposals, on the basis of one vote per MN. Money is available by default, not allocated budget coins are not minted.
There is a voting threshold which determines whether a proposal will be funded: a net Yes vote greater than 10% of all MNs. The threshold formula is: (YES votes — NO votes) > (Total Number of Masternodes / 10). Formal submission of a proposal costs a fee of 5 DASH.
Network Stats (on April 2019)
- 6,176 DASH distributed on April (~$730k), around that amount is distributed on monthly basis
- 4,769 masternodes
- 295 proposals approved out of 474
- 18.7% – median amount of masternode participation