ChainLock Gives Dash An Edge in Quick Confirmation

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Dash was recently added to Coinbase Pro. Coinbase is the most popular US based cryptocurrency exchange and in a tweet, the platform acknowledged that Dash confirmation is faster than that of Bitcoin on the platform.

The platform made it known that the trading of Dash would soon commence when the liquidity from deposits is high enough to support it.

 “Our DASH/USD and DASH/BTC order books will soon enter transfer-only mode, accepting inbound transfers of DASH in supported regions. Orders cannot be placed or filled. Order book will be in transfer-only mode for a minimum of 12 hours.

It is interesting to note that Dash was confirmed on the platform just after two confirmations making the digital asset among the fastest. This is arguably due to the Dash ChainLock which secures the network against 51 percent attacks.

Most other cryptocurrencies require higher number of confirmations on Coinbase with Bitcoin requiring up to six confirmations for the deposit to be approved. This means that Coinbase approves Dash faster due to the extra security layer provided by chainLock.

Bitcoin’s large hashrate is what gives it an edge over other networks like Dash since is requires a lot of mining power to take control of 51 percent of the Bitcoin network. This is why the premier cryptocurrency would always be ahead in the foreseeable future.

With Dash security infrastructure more diversified, the network has a great future judging from the analysis of the Dash network blog:

“When comparing to competitors other than Bitcoin as far as Coinbase confirmation times, Dash fares even better. For Bitcoin Cash, a frequent competitor in the payments space, 12 confirmations are required, or roughly two hours or 24 times longer than Dash, while Bitcoin SV requires 1,008, or a week’s worth of confirmations. Ethereum Classic, which itself suffered a 51% attack, requires 5,676.”

Andreas Antonopoulos, the Bitcoin evangelist recently praised the Dash ChainLock as an innovative way of tackling security issues in low hashrate networks.

 

 

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Author: Jofor Humani

Peddling words has been a passion beneath the surface. I speak less than I write...naturally. Aside speaking and writing, I walk too...good for your heart they say. I sometimes do not feel like writing. Then I enjoy quiet times which I use to think and stay with family.

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