The Dash FastPass initiative is a really great idea. A while ago, I released a video outlining the situation that Dash now had the potential to enable near-instantaneous transfers between exchanges due to its InstantSend and Chainlocks technologies. The exchanges, though, were sleeping on this potential to delight their users with a better experience. You can see this video here:
How can Dash offer instant transactions?
On the surface, the same way that any other proof of work coin could do it: 0-conf. Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, they’re all capable of doing this. But, with 0-conf you run the risk of double-spend attacks that have been proven to be quite trivial to pull off if one knows what they are doing. So, the Dash development team, understanding the need for both speedy and secure transactions, developed InstantSend and Chainlocks to give Dash transactions triple-stage security.
Using Dash’s groundbreaking second-tier masternode network, each transaction goes through the following stages: As soon as it’s initiated, the transaction is locked with InstantSend, meaning that no other transactions with those inputs will be accepted. This allows Dash to change hands instantaneously with confidence on both sides. Next, the transaction awaits the standard proof of work block confirmation to be written onto the Dash blockchain. Finally, the block of transactions is also locked by Chainlocks, meaning the block that’s first seen by the nodes will be the only one accepted at that chain height. No further reorganizations will be permitted by the network. As you can see, Dash employs Bitcoin’s security process and adds two extra layers that don’t interfere with normal operations, creating a smooth, instant digital currency experience.
The FastPass network affords traders a next-level experience.
Why would exchanges be interested in joining the FastPass network?
At the time of launch, there were only a few exchanges and trading software that bore the FastPass badge. These were clearly exchanges that understood the technology behind Dash and had confidence in it. The users of those exchanges will now be able to avail themselves of a faster cold-to-hot wallet transfer, and much faster inter-exchange transfers, no matter what currency is their favorite to trade. Faster transfers mean more opportunities to take advantage of market trends, giving the users of those exchanges a leg up on the competition.
More exchanges and trading software makers will undoubtedly join this network in the future, once the FastPass designation builds a reputation for quality and an improved trading experience. Some that I’m looking at in particular are Kraken and Uphold, as they have been long-term Dash supporters. Dash should become the de facto currency of inter-exchange transfers, creating a powerful use case that should propel Dash to a higher market cap valuation.
The excitement around Dash FastPass is just the tip of the iceberg.
Dash FastPass excitement is just the beginning
With a higher market cap due to this exciting rollout and onboarding of exchanges to Dash Nation, there will be more attention paid to Dash, and this attention could not come at a better time. Speed is only one of its aspects that has the potential to create a lot of excitement in the industry. Dash has another major announcement coming up in the near future, and this one will dwarf the impact that this current initiative is having.
Dash Platform, currently on its last series of updates before heading to public testnet, is Dash’s long-awaited next-level software. It will render Dash as easy to use as PayPal or Venmo, and accounts will be accessible from anywhere that has an internet connection. Aspects such as a decentralized API, Dash Platform Name Service, and Dash Drive will enable a decentralized App Store of sorts, with businesses able to create apps that use Dash as a form of payment.
The current excitement around one of Dash’s flagship technologies will pale in comparison to what will come with the release of Dash Platform. Dash FastPass should help the Dash community learn how to handle the increased scrutiny that comes with successful ideas and campaigns around the world’s leading digital currency for payments. Buckle up, it’s going to get busy around Dash Nation for the next few years!
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