Dash (previously known as Darkcoin and XCoin) is an open-source, decentralized cryptocurrency designed to provide fast, private, and secure transactions. Launched in 2014 by Evan Duffield, Dash was created as a more privacy-focused alternative to Bitcoin, with additional features aimed at improving transaction speeds and supporting a self-governing and self-funding model.

Dash utilizes a unique two-tier network architecture, consisting of miners and masternodes. Miners are responsible for securing the network and creating new blocks, while masternodes perform specialized functions such as facilitating InstantSend (near-instant transactions) and PrivateSend (anonymizing transactions by mixing coins). To run a masternode, a user must hold a certain amount of Dash as collateral, ensuring that they have a vested interest in maintaining the network's integrity.

Dash employs a consensus mechanism called Proof-of-Work (PoW) with the X11 mining algorithm, which is designed to be more energy-efficient than Bitcoin's mining algorithm. Additionally, Dash has a unique governance and funding model, with 45% of the block rewards allocated to miners, 45% to masternodes, and 10% to a treasury system that funds community-proposed projects and developments.

While Dash has not gained the same level of mainstream adoption as some other cryptocurrencies, it has maintained a loyal user base and continues to be a popular choice for those seeking a privacy-oriented digital currency with fast transaction capabilities.