Dash is an open-source currency that offers scalable and simple solutions, it was launched on the market in 2014, “open source” means that its technology and software is created, tested, and improved with the participation and collaboration of the client. FastPass is an initiative that seeks to make transactions such as deposits, transfers, and withdrawals, made by users, faster (almost instantly), through a network of platforms that were associated with this purpose.

This information was made public on the Dash blog on September 10, 2020, there are details about the advantages of offering this service for commerce, which represents an improvement so that users can carry out their cryptocurrency transactions through a FastPass network.

What is the purpose of FastPass?

The purpose of this new product is to create an accredited network, which is made up of a series of businesses that offer different services related to the purchase and sale of cryptocurrencies. Regarding the commercial part, the network is already active, which can be visited on the website dash.org/fastpass. Those companies in the ecosystem that decide to incorporate Dash through the FastPass network will be accredited as members of the system, in this way, more companies will progressively be added to the Dash commercial ecosystem.

This new service will work through IsntanSend or ChainLocks, which will approve users of other platforms associated with FastPass, make deposits, make withdrawals, and exchange Dash, all at greater speed and security. ChainLocks were proposed for the network in 2018, their important function is to accelerate the process of confirmation of operations, its mechanism makes it easier for transactions to be considered confirmed after the first chain confirmation within the protected block.

Bot participation

The Dash team mentions that commercial bots have an important participation in the network since they streamline most of the processes, which is why they consider that human action will be the slowest part of the process. Giving more technical details about FastPass, they add that once the educational information begins to be released, the necessary technical data will be explained to merchants. In this way, users can take advantage of the speed of services and maximize the return on investment, in addition to solving commercial problems that they have had with the use of other cryptocurrencies.

Dash is focused on making this initiative highly competitive, to achieve this it offers greater speed and lowers costs in its transactions due to the services that the network partners will also provide, whether or not they participate in DAOs, just by being Cryptocurrency owners and having them on their wallets will receive the benefit of higher speed and lower cost in their transactions.

What do you think about this topic? Have you already tried Dash’s new transaction speed?

If you want more information about buying and selling cryptocurrencies, you can subscribe to our newsletter and receive a free report entitled blockchain technology applications and their relationship with decentralized systems.

Image from standret via Freepik.es under creative commons license.

Leave a Reply

Your email address will not be published.