DASH Block Size Increase Reaches Consensus in Less Than 24 hours - Bitcoinist.net

DASH Block Size Increase Reaches Consensus in Less Than 24 hours


(North American Bitcoin Conference, Miami, January 21, 2016) – Dash (www.dash.org), the #3 cryptocurrency in the world used for consumer payments (behind bitcoin and litecoin) celebrated its second anniversary of existence on Monday by holding a vote among its stakeholders to increase its blocksize (far ahead of demand) from 1 MB to 2 MB.  It passed within 24 hours with 99 percent of the vote.

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Dash Block Size Increase

dash“With pundits in a panic proclaiming the death of bitcoin and other decentralized cryptocurrencies not backed by a bank or government from a single blog post by a former bitcoin developer who has joined a bank blockchain development consortium, we thought it would be instrumental to show how the superior consensus mechanism in the world’s fastest cryptocurrency can be achieved in a single day through Dash’s decentralized governance protocol where one literally votes with one’s coins,” said Evan Duffield, creator and chief architect of Dash.

Dash (DASH), which currently hovers around $4 per coin and has a $25 million market cap (similar to bitcoin in 2011) vs bitcoin’s market cap of nearly $6 billion, is also completely decentralized but is superior to bitcoin in several ways:

(1) Dash has instant confirmations vs. 10 minutes or more for bitcoin, which makes it superior for person-to-person commerce, bitcoin ATMs (Dash also announced integration this week with the world’s largest maker of bitcoin ATMs, Lamassu).  Dash developers discovered a way to “trap” the first trusted miner confirmation and prohibit double-spending, as opposed to the current bitcoin paradigm where hundreds of confirmations take place and many wallets will require as many as six confirmations before the transfer of bitcoins is complete.  Until a larger block size is implemented for bitcoin, increasing volume will continue to make transactions take longer on the bitcoin blockchain.

(2) The governance of Dash is hard-coded into its network, so all stakeholders who run a node of 1,000 Dash or more get an instant vote on the future of the network.  This week’s vote took less than 24 hours to get a majority of nodes to vote and was passed by an overwhelming majority (99 percent voted yes).  This contrasts with the bitcoin protocol, which requires negotiated agreements (in the current case, taking more than a year) to arrive at a consensus and then the further agreement of all miners to accept this.

3) Dash is created through an original mining protocol, x11, which was written by Duffield to keep the “arms race” among miners at bay by making it incredibly difficult to create single-purpose ASIC chips for mining Dash at scale, as is currently the case with bitcoin.  This creates an inherently more fair opportunity for “home miners” by eliminating the prospect of massive mining farms in China that have recently been criticized as an inherent weakness in the bitcoin system.

Dash developer Evan Duffield, an American programmer based in Phoenix, is the founder of the innovative cryptocurrency, which now has a robust international user base, including more than half the network nodes of bitcoin itself. Dash was already able to handle four times the volume of bitcoin before this doubling of block size, and it will now be able to handle eight times the volume – and provide instant transactions, instant settlement and enhanced privacy (more similar to cash than is bitcoin as the Dash blockchain does not leave public transaction details) on each transaction.

While Dash developers and proponents believe bitcoin will always hold a great utility for store of value and sending of larger transactions (into the millions of dollars), Dash is immediately a better solution for smaller transactions and microtransactions (the existence of which has slowed down and “bloated” the bitcoin blockchain, leading to its current scaling issues).

Duffield will give a rare in-person presentation at the North American Bitcoin Conference this Friday morning to update the bitcoin community on these developments, as well as to show an early version of Dash Evolution, a mobile-enabled user interface that will make interacting in Dash even easier than before.

About Dash

Created in January, 2014, by American programmer Evan Duffield, Dash (DASH) is a privacy-centric digital currency with instant transactions. It is based on the Bitcoin software, but it has a two tier network that improves it. Dash allows users to remain anonymous while making instant transactions, similar to cash. Dash transactions are almost instantly confirmed by the Masternodes network. This is a great improvement on Bitcoin’s system, where confirmations take much longer because all the work is done by the miners. For full details please visit www.dash.org.

Source: Press Release

Images courtesy of DASH

Scott Fargo

Scott Fargo

I am a disabled former Systems Admin, computer tech, business manager enjoying crytpocurrencies. I am the Editor in Chief of Bitcoin.com and Bitcoinist.net. Being able to help others has allowed me to an outlet to the world and to share my passion that is Bitcoin. I am deeply involved in the mining ecosystem and physical coins, It fascinates me how it has brought people from all over the world together into a tight knit supportive community with commerce and tech.

  • Marco Maltese

    Are you really comparing the Bitcoin community size to the Dash community size?
    I tomorrow I fork a new coin and in 1 month I need to increase its block size, my community will reach consensus in 5 minutes lol!

  • JJ

    the difference is that the solution Dash has is scalable.

  • Marco Maltese

    Very interesting.

    Could that solution could be implemented in Bitcoin?

    Still, Dash community is much smaller than Bitcoin’s one.

  • Erik

    about 3500 master nodes votes to be made, vs an already centralized bitcoin, with allot of big company’s that have way more money so to spent time on a solution. Yes i do believe you can compare it in some ways.

  • Marco Maltese

    You are right on this, but there’s a couple considerations to do: Dash has far less interests behind than Bitcoin, and Bitcoin has actually a centralization problem in China, that is blocking a bit the cogs.

  • Erik

    I do agree with you but the way you said it just gives to little respect to what Dash has created with its Governance model, and the Governance model is not just about what it can do for Dash, but what technology can do for other area’s where transparant and audible decision making is needed; Stockholders, Democratic governed country’s and organisations.

    Further more I would be 100% sure if this bitcoin would have this model, it would have meant 3 things 1) decision making on the blocksize would been swift 2)Budget for development for projects available 3) price stability (do to the fact that holding a vote is a long term hold incentive

  • Erik

    Dash its idea is based on that not only miners but also Full nodes aka masternodes aka netwerk servers, providing a serves that users of the network need. They do so because they get paid for it. It’s about incentive.

    Giving bitcoins current state and progress it comes more and more difficult to implement such idea’s, and it would not be fair as well to the players now active in bitcoin, there would be a major shift off power to the coin holders instead of the currently the players with large market caps (of traffic and users) and miners.

    In short any attempt to make these kind of changes are very dangerous.

    But don’t forget energy is getting cheaper and cheaper, hardware is getting faster and faster for a cheaper price as well. In a 100 years from now a a basic home computer will be able to be a part as full node even if bitcoin would have global capacity to service the whole world.

  • Marco Maltese

    Bitcoin needs to unlock its software, this is sure. The community must find a way to update the software flawlessly. It’s just another step to take.
    Copying the Dash model wouldn’t be bad ;)