Dash Transactions Are Now ‘Instantly Respendable’ Says CEO Ryan Taylor

Francisco Memoria

Ryan Taylor, the CEO of Dash Core Group, has recently claimed that a new update adding ChainLocks and other improvements to Dash, make its transactions “instantly respendable.”

During an interview with Bloxlive.tv, Taylor initially described problem with proof-of-work-based cryptocurrencies and their vulnerability to potential 51% attacks. He added that the systems used to prevent these attacks make it so that certainty needs to be develped, which takes a few blocks to occur.

Per his words, “when you send Bitcoin or most other cryptocurrencies, you have to wait until that certainty develops.” The CEO added that for Bitcoin some services require six confirmations before accepting funds, which usually takes an hour. While this isn’t a problem for online transactions, it’s a barrier for transactions with physical merchants.

During the interview, he claimed 97% of transactions worldwide still occur at the point-of-sale, and that Dash addresses these types of payment solutions, unlike most other cryptos.

Taylor added that while some cryptocurrencies added “checkpoints from a centralized server” to try and overcome these challenges, this carries its own risks. Dash’s recent update added Long-Living Masternode Quorums (LLMQs), which essentially see some of the network’s masternodes vote on a block when it’s found to determine its validity.

The CEO noted that this means the “network knows that a transaction is valid and makes it instantly respendable.”

If 60% or more of them agree that this is valid block, that means that the majority of the network did see that block first and it broadcasts a message to the rest of the network that says at this height, this is the valid block and any other blocks will be rejects. So that certainty develops in about four to six seconds.

Coupled with new InstandSend features, Taylor claimed this means users can buy Dash at an ATM and walk over to the counter of a store without having to wait for the network to confirm transactions.

It’s worth noting that analysis conducted by a Reddit user earlier this year saw that, as of January, one single entity appeared to be in control of most of Dash’s hashrate. Per the Reddit user, three of the top four Dash wallets controlling thousands of blocks mined on its blockchain belonged to the same entity.

During his interview Taylor seemingly addresses this, as he claimed that to attack the Dash network it would be necessary for the attacker to have a majority of the hashrate and control “20%, 25% of the coin supply.”

Crypto Market Update: Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Chainlink (LINK)

Siamak Masnavi

This article provides: an overview of how Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Chainlink (LINK) has been doing over the past 24-hour period; a recap of interesting recent news that might have affected their prices (or might do so in the future); and recent useful observations from Crypto Twitter regarding these cryptocurrencies.

To give you a rough idea of how well the crypto markets are doing today, 13 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar). 

All market data used for the price charts in this article was taken between 15:30 UTC and 16:00 UTC on 22 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

Ethereum (ETH)

ETH-USD 24 Hour Chart - 22 Oct 2019.png

Since October 16, ETH has been trading between $170 and $180. 

Earlier today, Hudson Jameson, Community Manager at Ethereum Foundation, said on Twitter that he is not happy with Ethereum's current governance structure and asked the crypto community for suggestions on how it could be improved:

Ethereum Foundation researcher Vlad Zamfir had this say in his reply to Jameson's tweet:


XRP-USD 24 Hour Chart - 22 Oct 2019.png

Although XRP is up only slightly down, in the past 30-day period, the XRP price has risen 6.96%. 

Earlier today, Ripple announced that it had expanded its global regulatory team and opened an office in the heart of Washington, DC. Furthermore, Craig Phillips, former Counselor to the Secretary at the U.S. Treasury Department, is now part of Ripple's Board of Directors. Lastly, Ripple has become a member of the Blockchain Association, and Michelle Bond, Ripple’s Global Head of Government Relations, will be sitting on its board.

Bitcoin Cash (BCH)

BCH-USD 24 Hour Chart - 22 Oct 2019.png

On October 17, CryptoGlobe reported that Changpeng Zhao (aka "CZ"), Co-Founder and CEO of Binance, the world's largest crypto exchange by trading volume, had proposed (on the Binance community forum) the idea of listing BCH on Binance DEX, Binance's decentralized exchange platform.

In his post on the Binance community forum, CZ said that Binance was proposing to list (on Binance DEX) BCH-1FD, "a pegged token that tracks the value of the native asset of the Bitcoin Cash" to allow "Binance DEX users to trade BCH on the DEX." CZ went on to say:

BCH-1FD is backed by real BCH assets, and Binance, the largest cryptocurrency exchange, will provide conversion between BCH and BCH-1FD through deposit/withdraw. As such, there isn’t much development work in this token or any potential of conflict of interest.

Yesterday, Binance announced that Binance DEX had listed this new token (i.e. BCH-1FD) and that trading in the pair BCH/BNB had gone live. Since then, there have been 2116 transactions.

Chainlink (LINK)

LINK-USD 24 Hour Chart - 22 Oct 2019.png

Chainlink continues having a great October, going up almost 10% today (highest gainer among the top 20 cryptoassets).

Chainlink continues to impress the crypto markets with a non-stop flow of partnership announcements; the latest one came yesterday when blockchain startup Ultrain announced via a blog post that it "will officially integrate with the Chainlink oracle network."

Chainlink's highly impressive return on investment (ROI) figures for the past seven days, 30 days, three months, and one year are +16.04%, +52.82%, +15.71%, and +607.18% respectively.


Featured Image Credit: Photo via Pixabay.com