Dash (formerly known as Darkcoin and XCoin) is an open source peer-to-peer cryptocurrency that uses a system called Darksend to add privacy to transactions. It was rebranded from “Darkcoin” to “Dash” on March 25, 2015, a portmanteau of “Digital Cash”.
One of the features of Dash is decentralized governance, making it a decentralized autonomous organization. Token fungibility and user transaction privacy is another feature, which is provided by a service called Darksend, a decentralized coin-mixing service provided by the network.
Dash uses a chained hashing algorithm approach called X11 for the proof-of-work. Instead of using the SHA-256 (from well-known Secure Hash Algorithm family) or scrypt it uses 11 rounds of different hashing functions. The main reason for X11, was to duplicate the maturation cycle of the mining economy, which was originally important to Evan Duffield.