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If you haven’t heard yet, in another article I talked about what Dash’s PrivateSend is and how this technology works. In the same article I explained that Dash’s platform, among others, offers two very novel services: PrivateSend, which hides the sender of a transaction, making it completely anonymous and InstantSend.
These are two features that have quickly made Dash one of the fastest and most secure cryptocurrencies.
Today we are going to find out what InstantSend is, how this feature works and what benefits it brings to Dash users.
InstantSend was introduced in a white paper called Transaction Locking and Masternode Consensus: A Mechanism for Mitigating Double Spending Attacks, and was further enhanced by the introduction of LLMQ-based InstantSend in Dash 0.14.
It is a service developed by the Dash platform and offered by its Masternodes that allow almost instantaneous transactions (confirmed in two seconds), without having to wait for sometimes very long block confirmations.
DASH instant remittance allows merchants who accept this type of payment to receive payments instantly from a customer. This system makes DASH one of the first cryptocurrencies to enter the real world and not just the digital one.
How does InstantSend technology work?
To get a good understanding of how InstantSend technology works, just think about the waiting times for a bitcoin transaction. As you may already know, the average time it takes to confirm a transaction on the Bitcoin blockchain is approximately 10 minutes.
Well, this does not happen only with Bitcoin as most decentralized cryptocurrencies must wait a certain period of time for enough blocks to be validated to ensure that a transaction is irreversible, thus avoiding double spending, that is. trying to spend money twice that has already been spent elsewhere. This is a process that can take anywhere from 10 minutes to an hour.
The purpose of Dash is to enable instant transfers and further streamline transaction confirmation, so that the beneficiary can receive their funds quickly and cryptocurrency payments can be made virtually instantaneously.
It achieves this thanks to its InstantSend technology and its second-layer Masternodes network, which means that Dash suffers none of the limitations that many other cryptos suffer from.
In the Dash network, Masternodes form voting quorums to verify whether a submitted transaction is valid or not.
If valid, they “block” the entries for the transaction and transmit this information to the network, promising that the transaction will be included in later extracted blocks and not allowing any further expenditure of these entries during the confirmation time period.
With the Dash v0.14.0 update, LLMQ was set up in your network that works like this:
The Dash Masternode network consists of approximately 5,000 Masternodes servers. These nodes differ from standard nodes by having a proven property of 1,000 Dash, which makes the network highly resistant to Sybil attacks.
Masternodes form Long-Lived Masternode Quorums (LLMQs), which attempt to block all valid transactions by default (without any additional charge or action) and are responsible for providing near-instant certainty to participants that the transaction will be included in a subsequent block.
That is, the network attempts to block the inputs of each valid transaction when it is transmitted to the network. Each secure transaction is included in a subsequent block, according to standard blockchain principles.
InstantSend thus allows the recipient to have an immediate confirmation of the transaction funds, even before the transaction is included in a block.
This entire process takes less than 1 second, creating an instant and reliable payment solution.
Which Dash wallets are compatible with InstantSend?
If now that you know how InstantSend works you are curious to try this functionality, you have many options at your fingertips. Dash InstantSend is compatible with many wallets and below I will list the ones that are considered the best wallets to store Dash and that will allow you to test the InstantSend feature:
- Dash Core Wallet
Dash Core is a complete Dash portfolio that includes Masternode’s InstantSend, PrivateSend, Governance and Management features.
- Dash Android/iOSWallet
It is the official Dash wallet that includes advanced Dash features, including PrivateSend and InstantSend. With it you can scan and display QR codes for fast transfers, restore your wallet, keep an address book, pay with NFC and more.
- My Dash Wallet
MyDashWallet is a free open source interface that allows you to interact directly with the blockchain, maintaining full control of your keys and funds. It includes support for InstantSend and PrivateSend.
- Bitnovo Crypto Wallet
Bitnovo wallet allows you to store your Dash tokens using the InstantSend feature. The Bitnovo Crypto Wallet gives you the freedom to own your own private tokens and also allows you to manage your cryptos from the app itself, view the details of transactions made and redeem cryptocurrency tokens directly to your own wallet.
If you want a complete list of Dash compatible wallets, I advise you to check out their official page which contains a list of all the best Dash wallets that support the InstantSend feature.
As you can see, InstantSend technology is a unique feature in that it allows cryptocurrencies like Dash to compete with near-instantaneous transaction systems, such as credit cards, but without relying on a centralized authority.
In addition to facilitating the widespread acceptance of Dash by vendors, this functionality makes cryptos able to function in the real world and gradually become a substitute for paper money.