Dash is an open source peer-to-peer cryptocurrency that offers instant transactions (using InstantSend), private transactions (using PrivateSend) and token fungibility. It was rebranded from "Darkcoin" to "Dash" on March 25, 2015. Dash uses a chained hashing algorithm called X11 for the proof-of-work. Instead of using functions from well-known Secure Hash Algorithm families, it uses 11 rounds of different hashing functions for compression and encryption of data. As of April 5, 2017, Dash is the fifth most valuable cryptocurrency by market capitalization, placing it after Litecoin and before Monero. Dash is the first decentralized autonomous organization powered by a Sybil proof decentralized governance and funding system. Decentralized Governance by Blockchain (DGBB), often referred to as the "treasury system" is a means of coming to consensus on proposed network changes and funding development of the Dash ecosystem. Ten percent of the block rewards go to this "treasury" to pay for projects that benefit Dash. Funding from the treasury system has been used to hire additional developers and other employees, to fund attendance at conferences and to fund integrations with major exchanges and API providers. Each masternode operator receives one vote. Proposals are eligible for funding according to the following formula: (YES VOTES - NO VOTES) > (TOTAL NUMBER OF MASTERNODES * 0.1). If there are more proposals that meet that criteria than there are budget funds for the month, then the proposals with the highest number of net votes will be paid. Community interaction with proposal submitters is done through the dash.org forums, or through community-driven websites, like DashWhale. These websites allow proposal submitters to provide multiple drafts, then lobby for community support before finally submitting their project to the network for a vote. After the submitter has enough support, the network will automatically pay out the required funds in the next super block, which happens monthly.