Dash, formerly known as Darkcoin, is a privacy-oriented cryptocurrency and the first decentralized autonomous organization (DAO). The network is governed by a subset of masternodes, which perform ordinary node functions, including hosting a copy of the blockchain, relaying messages, and validating transactions. Participating as a masternode requires 1,000 Dash and entitles the host to vote on Dash improvement proposals. 45% of newly-minted Dash is allocated to masternodes, 45% is allocated to miners, and the remaining 10% goes to a treasury fund. Transactions may be communicated via “InstantSend,” which requires a consensus of masternodes to validate a transaction, or via “PrivateSend,” a private transaction validated by miners as a proof-of-work consensus method.