Dash’s ChainLocks is a kind of “upgrade” to the Dash network that significantly increases the speed of transactions on Dash’s platform. The characteristic of ChainLocks is that it mitigates the risk of attacks by 51% to the Dash Blockchain, most of the proof-of-work (PoW) Blockchains are vulnerable to this type of attack since they can be carried out by a miner with “bad intentions” or a group that is in control of more than 50% of the computing power on the network.
Advantage of ChainLocks
One of the advantages of the ChainLocks function for those traditional users and merchants is the reduction of the confirmation time of Dash transactions, this means that with ChainLocks Dash transactions can be considered fully confirmed, after the first Chain confirmation, therefore, after the implementation of ChainLocks, they can enjoy the benefits of secure trading with Dash at high speed. This speed speaks to the advantages of Dash over other cryptocurrencies, not only when it comes to payments, but commerce in general.
More about ChainLocks
With chain locks, Dash becomes the decentralized currency with greater security. The InstantSend version of Dash was first disabled, which was automatically enabled for 90% of transactions and which secures transactions with multiple confirmations. Then the new version of InstantSend was activated, which is based on Long Term Masternode Quorums (LLMQs), which acts on Dash transactions, which will allow their immediate confirmation, and, at the same time, they can be spent again. And finally, ChainLocks was activated, which comes to protect the network against mining attacks from 51% taking advantage of LLMQs and the Masternodes network.
Proof-of-work currencies, such as Dash, are protected by mining, who uses specialized machines to perform calculations to process operations on the network, and thus protect against attacks, by requiring more specialized computing capacity and by At the same time, it prevents its centralization. The idea behind ChainLocks is that there is a “vote” that can be verified on the approval of the blocks that are added and propagated to the other nodes.
ChainLocks joins the list of Dash innovations to be copied
Dash’s ChainLocks is a popular and desirable technology to emulate. Other cryptocurrencies have recently shown interest in implementing ChainLocks to their network, as well as the underlying technology of LLMQs. There are previously concepts that Dash has pioneered, including Masternodes, PrivateSend, InstanSend, Treasury, the X11 mining algorithm, and others, have been carried over to other projects before, which is a trend that may continue as long as Dash is working on a more aggressive development program.
What do you think about this topic? Do you think that chain locks are an innovation that will make way for the cryptocurrency Dash on the subject of security?
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 by dmitrydao via unsplash.com under creative commons license.