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Goodbye to Credit Card with Dash

The technology that has developed in recent months the Dash cryptocurrency could revolutionize the current payment systems. How could all this happen in the future?

Dash: the cryptocurrency that solves the problems of Bitcoin

Dash is a cryptocurrency created on the Bitcoin and Litecoin code, but with various modifications and improvements that differentiated it from its debut in 2014. The creator of Dash Evan Duffield, wanted to solve three key problems that he saw in the Bitcoin network (and not only): privacy, governance and transaction speed. In the last three years Dash has become one of the main global cryptocurrencies, with its market capitalization constantly positioned in the top 10, despite a highly competitive market.

How Dash works

Dash’s innovation is based on a two-level blockchain structure:

the first: in exchange for the blocks, miners on Dash receive 45% of the block premium. This is in contrast to the Bitcoin policy, where miners receive 100% of the prize. The remaining 55% of the block premium is awarded elsewhere,

the second: it has an average block time of 2.5 minutes, four times faster than Bitcoin. For mining, Dash has created a hashing algorithm known as X11. The latter has shown that it uses 30% less electricity compared to Litecoin’s Scrypt algorithm.

How masternodes facilitate instant payments

One of the main features of Dash is InstantSend. Since this cryptocurrency wants to be a reference point for people who want to use digital currency in stores, transaction verification must be immediate. A 2.5-minute blocking time means that standard  transactions are faster than Bitcoin transactions, the timing is still too high to wait until the transaction is canceled at the supermarket or at the service station. The company solution is the InstantSend payment verified by the network masternodes.

InstantSend payments can be verified in seconds. Solving the problem of fast confirmations is a non-trivial obstacle for cryptocurrencies. The masternode solution is one of the few options for instant processing of transactions in digital currency.

Investing on Dash

Dash is one of the most stable and consolidated cryptocurrencies currently on the market. This stability stems partly from the community of highly active users. Since its creation, this company has constantly added nodes to its network, increasing the reliability and security of this growth.

Where to negotiate it

Dash can be found on: HitBTC and Huobi, which represent the overwhelming majority of the trade volume of this cryptocurrency, recording respectively% and% in the last 24 hours to date 14 March 2018 (if you want to stay updated on volumes, click here).

The perspectives

The most recent development in the of the cryptocurrency architecture is Dash Evolution. One of the goals of this development is to have instant digital money and easy to use, clearly to accept and make payments.

To this end,  Evolution is a mobile application that allows consumers to make payments, while online stores accept payments without having to interact with the blockchain client. Although not yet fully implemented, the founders believe this is the next level of usability of digital money.

White Paper and Road Map

The  company white paper contains many useful information. I will list one but you can find everything in detail directly by clicking here.

Instant transactions through InstantSend

This solution will allow suppliers to use mobile devices in place of traditional POS systems for commerce, so that business transactions can be concluded quickly. Everything is done without a central authority. A broad overview of this feature is available in the InstantSend white paper

The 2018 road map has not been released yet.

Conclusions 

On Dash anyone can propose a new feature, a change or a marketing plan that can improve the network of this company. Once a proposal passes, it receives funding from the block’s reward. In this way, Dash could, in theory, vote to dismiss his current development team if the community does not agree with the direction the team is taking.

This makes it clear to people who have not yet invested in this cryptocurrency that the system adopted by Dash actually reflects the basic concept of why digital currencies have been created: freedom of exchange and thought.

3 Comments

3 Comments

  1. Pingback: Dash Visits Malta to Talk About Scalability, Speed and Mining

  2. Pingback: Dash Visits Malta to Talk About Scalability, Speed and Mining - Ripple XRP News and Guide

  3. Pingback: Bitcoins – In Case You Use Them? – Life end status

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