DASH InstantSend Becomes First Auto-Payment Platform in the Crypto Industry
The crypto sector has been bedeviled with a series of misfortunes this year, resulting in massive price volatility and poor investor confidence. Investors and regular merchants have had to battle a number of teething challenges, including public mistrust, slow transaction systems, as well as stringent regulations at various jurisdictions and regions at national and international levels.
However, the most crippling of these drawbacks is the slow pace of payments and transactions currently available via blockchain technology and reflected in the services of many exchange platforms.
Customers frequently become agitated when they have to wait for transaction confirmation -a situation warranted by unusually long wait times and slow payment systems.
While some steps have been taken to ameliorate and stop this somewhat intractable problem, it is becoming increasingly apparent that crypto and blockchain developers or experts will need to step up their game and engage in innovative solutions.
Dash has taken the initiative to solve this problem. An open source cryptocurrency, Dash has stepped in to improve on the existing technology and provide a viable solution that helps with instant payments and remittances.
The decentralized autonomous company which permits fast, untraceable and anonymous transactions is carrying out an upgrade of its InstantSend technology, a payment platform on the crypto.
Dash will improve on the speed of InstantSend to make transactions and payments safe and instant. This upgrade is designed to make payments by default, instantly and speedily.
This upgrade could be the solution many regular merchants are seeking in the market as it does a great job of eliminating wait times, and takes away the need for trust.
Dash InstantSend isn’t running at full capacity yet as it’s only available as an optional feature of the Dash technology.
The new upgrade will override the existing one in which the Dash masternode network manually locks the inputs of a transaction pending the time they get a signal of ten on-chain confirmations.
The old feature of InstantSend still has to be enabled by manual mode via a number of running user interfaces, but the Dash wallets will serve the main end of the interface.
The feature also carries additional transaction charge which is pegged at 10x the regular transaction fee being paid on the node.
The new Dash InstantSend feature will operate with automatic enablement lock, as well as carry no extra charges on all transactions run through it.
Besides, no special action or supporting interfaces will be required, meaning that the system will automatically integrate all wallets and services that hitherto do not support the Dash payment system.
The system working without any external interface means that over 90% of Dash transactions will be carried out with the aid of InstantSend. However, merchants who want to use the manual system can do that and still pay the extra charge.
Speaking about the import of the development, Dash lead developer Udjinm6 says there is an auto-locking feature for all transactions.
This new feature places Dash cryptocurrency and technology at the phase of becoming the world’s most user-friendly blockchain-powered payment systems. This it has done by ensuring that users and merchants can easily relate with a system that offer them the best experience.
Dash has obviously not had it smooth coming to this stage. The road has been rough and rocky. Originally forked from Litecoin, it battled with a lot of technical and strategic difficulties. However, the cryptocurrency is currently flying high and boosting the profile of the crypto market as a whole.
Its feat in 2017 as the hottest cryptocurrency and the 7th popular coin according to CoinmarketCap, was a pretty huge one. Currently, Dash currency is ranked as 14th largest crypto by market capitalization.