Introduction
Cryptocurrencies have gained immense popularity in the last few years. This is due to the growing number of options available in the market. One of the popular types of cryptocurrencies is privacy coins. Privacy coins, as the name suggests, are designed to keep your transactions anonymous. Dash and Monero are two privacy coins that have been around for quite some time.
In this blog post, we’ll provide a factual and unbiased comparison of Dash and Monero. So, let's dive in!
Dash
Dash (DASH) is an open-source cryptocurrency that allows anonymous transactions. Dash works on the principle of Masternodes that enables faster transactions, and private send that keeps your transactions anonymous. Dash offers instant transactions, which means that you can get your transactions confirmed within seconds.
Dash offers a limited maximum supply of 18.9 million coins. At the time of writing, the market cap of Dash stands at $2.76 billion with a price of $291 per coin. Dash has been around since 2014 and is accepted by many merchants across the globe.
Monero
Monero (XMR) is another open-source cryptocurrency that ensures anonymous transactions. Monero uses RingCT and stealth addresses to protect users' privacy. RingCT is a technology that allows hiding transaction details, including the amount of cryptocurrency being transferred. Stealth addresses generate a unique address for every transaction, making it impossible to track.
Monero uses a proof-of-work algorithm that helps in achieving full decentralization. It also has no maximum coin supply limit, and around 18.9 million coins are in circulation at the time of writing. Monero has a market cap of $4.58 billion and is currently trading at $244 per coin.
Comparison
| Metric | Dash | Monero |
|---|---|---|
| Year Launched | 2014 | 2014 |
| Maximum Supply | 18.9 million | No maximum limit |
| Mining | Coin mining | Coin mining |
| Market Cap | $2.76 billion | $4.58 billion |
| Price | $291 per coin | $244 per coin |
| Transactions | Instant | Within 20 minutes |
| Privacy Tech | Private send | RingCT, Stealth |
In terms of transaction speed, Dash takes the win through its instant transaction feature with confirmation time in seconds. However, Monero provides better anonymity features than Dash due to the use of stealth addresses and RingCT technology.
Dash has a limited maximum supply, whereas Monero has no maximum coin supply limit. It means that Monero can continue to be mined and produced, whereas the production of Dash will stop once all coins have been mined.
Conclusion
Both Dash and Monero are excellent privacy coins that offer unique features to their users. They are very similar in many ways, and the final choice depends on the user's preferences. If fast transactions are a priority, Dash is the way to go. But, if privacy is critical, Monero might be the best option.
We hope this factual and unbiased comparison helped you in choosing the best privacy coin for you.