Dash was originally released as XCoin (XCO) on January 18, 2014. On February 28, the name was changed to "Darkcoin." On March 25, 2015, Darkcoin was rebranded as "Dash."[3]
Within the first two days of launch, 1.9 million coins were mined, which is approximately a quarter of Dash's current supply (as of March 2017).[7][8] Creator and lead developer of Dash, Evan Duffield, attributed the so-called "instamine" to an error in the code "which incorrectly converted the difficulty, then tried using a corrupt value to calculate the subsidy, causing the instamine."[9] Once the problem was resolved, Evan offered to relaunch the coin without the instamine, but the community overwhelmingly disapproved. He then suggested an "airdrop" of coins in order to broaden the initial distribution. The community also disapproved of this proposal. As such, the initial distribution was left alone and development of the project continued.
At the time Dash (then called Xcoin) was launched, the cryptocurrency space was riddled with scams. People were creating new currencies, hyping their value, then dumping them and abandoning the project. Many likely feared the same for Dash.
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However, since Dash's launch, there has been over three years of development, leading to a cryptocurrency that has 14 full-time employees, 18 part-time employees, and dozens of unpaid volunteers.[10] Dash has solved such vexing issues as slow confirmation times, block size increases, decentralized governance, and a self-funding development budget.
