The Dash cryptocurrency, by the Dash Core Group, has recently effected a new protocol which ensures better security for the network. Specifically, the new protocol called Chainlock will make the Dash network immune to a 51% attack or a chain reorganization.
This was revealed by the Dash CEO, Ryan Taylor, during a recent TV interview where he spoke extensively on a few of the firm’s endeavors including Chainlock, Dash Investment Foundation, New InstantSend, Dash Platform, and a few others.
Taylor spoke about issues being faced by all chains based on Proof-of-Work. Basically, if one miner or a group of miners control at least 51% of a particular network’s mining hashrate, they would easily be able to make damaging changes to the network. Also according to Taylor,
“PoW-based chains follow the chain that has the most amount of work associated with it. This then means that “when they see two potential blocks, they look at the one they saw first.”
Taylor then continued, explaining that some networks make use of checkpoints. According to him, these are
“from a centralized server that dictates to the network which chain to follow, but that carries its own risks and challenges.”
This problem has however been solved with Long Living Masternode Quorums (LLMQs).
According to Taylor, the network now sort of votes on itself through “Master Nodes”. These Master Nodes exercise some sort of authority by trying to form a quorum of 400 different nodes, randomly chosen. Doing this helps to validate a block before it fully becomes a part of the network. Taylor then explains that:
“If 60% or more of them agree that this is a valid block, that means that the majority of the network did see that block first and it broadcasts a message to the rest of the network that says at this height, this is the valid block and any other blocks will be rejects. So that certainty develops in about four to six seconds.”
Taylor also spoke about what exactly makes it a tad more difficult for a 51% attack on the Dash network. According to him:
“The cost of attacking the Dash network for an hour isn’t just rent some hashrate like it is for all other cryptocurrencies. You have to control 20, 25 percent of the coin supply before you could even attempt it. That makes Dash, probably, the most secure cryptocurrency, even more so than Bitcoin.”
Furthermore, Taylor then explains that InstantSend now makes it very easy to purchase the DASH from a supported ATM and use it almost immediately without having to worry about waiting, however long, for confirmation from the network. He also boasts of how cheap it is and how it can be used in certain places where the fees that come with other networks like Bitcoin is too expensive for people in those places. Taylor said:
“It’s less than a penny per transaction and makes it very usable in places like Venezuela where they can’t afford transaction fees in Bitcoin, even to open a Lightning Channel, that’s outside of what they can afford to do.”
Even though it’s still PoW, the Dash network is considerably different from other PoW networks like Bitcoin. Its specific structure stood out at the beginning, and this gave it quite a bit of attention. Now, Taylor is sure that Dash is still a trailblazer.
“Using ChainLocks and InstantSend together, the Dash network enables exchanges and merchants to instantly credit user accounts without risk, which dramatically improves the user experience by eliminating the delay for transaction finality from which Bitcoin and other networks suffer.”