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Dash(formerly known as Darkcoin and XCoin) is an open source peer-to-peer cryptocurrency that offers instant transactions (InstantSend), private transactions (PrivateSend) and token fungibility. It was rebranded from "Darkcoin" to "Dash" on March 25, 2015, a portmanteau of "Digital Cash."
Dash operates a decentralized governance and budgeting system, making it the first decentralized autonomous organization. Dash uses a chained hashing algorithm called X11 for the proof-of-work. Instead of using the SHA-256 or scrypt it uses 11 rounds of different hashing functions.
Dash faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a dashies, which is a hundredth of a millionth DASH, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies. Rewards are dispensed at various predetermined intervals of time. Faucets usually give fractions of a dash, but the amount will typically fluctuate according to the value of dash.
Faucets are a great way to help introduce new people to dash, or to your favourite altcoin. Many faucets provide information to newbies as well as offering them some free coins so that they can try before they buy, experimenting with a test transaction or two before putting real money on the line. Since this whole area is so new and a bit scary to some people, who perhaps don't quite trust it with their hard earned cash yet, this is a great way to promote digital currency and bring in new users.
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participants ledger.
The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT). Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash. This means if one block in one chain was changed, it would be immediately apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain. Blockchains such as Bitcoin and Ethereum are constantly and continually growing as blocks are being added to the chain, which significantly adds to the security of the ledger.