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Description of DigitalCash (DASH)

Digital Cash Origin

Release Date: Idea came about in 1983

Digital cash is quite similar to regular fiat money, the biggest difference is that it does not come in paper form. It’s important to note, that the money which we have and that is locked in bank vaults actually gets converted into a digital format and stored on different chips, usb’s, ledgers.

Digital Cash functionality

Essentially, Digital Cash copies the functions of regular cash but in Digital form. Additionally, it bares anonymous, portable, off line, and cross border properties.

Lets go over how this works. Suppose a bank creates a digital cash note (through a sequence of numbers or a key), the cash note in question has a specific value attributed to it. The bank then issues the digital cash to user A, who then sends it to user B, who then submits payment claim to the bank for the amount of funds sent from user A. The bank would then have to check the number sequence behind the transaction and funds in order to make sure that double spending does not occur. While at the same time, the bank does not know who user B is, since encrypting techniques provide anonymity behind the transaction.

The primary benefits derivable from the use of digital cash include: impossibility of double spending, reusable currency, anonymity, off line, and cross border transactions.