X11 algorithm was developed by Dash developers and its called a Proof-of-Work. The algorithm was based on multiple rounds of different hashes (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo) by making it one of the safest cryptocurrency in existence.
The cryptocurrencies that are mined using this algorithm are:
- MonetaryUnit
- Karmacoin
- StartCoin
- Dash
- XCurrency
It is an altcoin that was forked from the Bitcoin protocol. The currency permits fast transactions that can be untraceable. 45% of mined coins go to miners, 45% to masternodes, and 10% into a fund that the DAO invests.