Dash has deterministic, not probabilistic, finality for transactions! 🧠
This makes Dash much more certain and secure than cryptocurrencies which have to wait for block confirmations in order to be secure.
Yes: a Dash payment may be more secure than a Bitcoin transaction will ever be! 🤯
First, some definitions:
✍️Probabilistic Security: High likelihood that a payment won't be reversed
✍️Deterministic Security: Certainty that a payment won't be reversed
With Bitcoin and other proof-of-work mined coins in particular, miners build blocks on top of previous ones. The chain with the most accumulated proof-of-work is the valid one (others may be forked off).
The reason you wait for confirmations is probabilistic security: the deeper in a chain of blocks that a transaction it is, the lower the chance that a chain with a different outcome for the transaction will win out. But it's always a possibility!
Dash is a proof-of-work chain and runs on exactly this setup. But it has a couple of different mechanisms built on top that offer deterministic security:
⚡️InstantSend: Locks in transactions instantly, making them deterministically unable to be reversed
⚡️ChainLocks: Locks in the first-seen block on the network, making it deterministically final and permanent
Chain reorganizations are always a risk in most of the crypto world, which is why exchanges, payment processors, wallets, etc. wait for confirmations, risk score transactions, and so on. This is probabilistic security.
But this is not necessary with Dash!
All a service has to do is configure their node (or use a supporting block explorer API like our favorite, @Blockchair) to check for an InstantSend lock in mempool transactions, or a ChainLock on a block, to be completely sure that a payment is secure! 🤯
Lots of chains claim "fast/instant transactions" that don't actually have this. Litecoin, Dogecoin, Bitcoin Cash, and more rely on probabilistic security, especially for unconfirmed payments. You make a payment and then wait until you feel comfortable assuming that it'll be fine. But you're never sure!
Improvements to these systems, such as double-spend proofs proposed in Bitcoin Cash, don't change this. They watch for lower probability of a reversal, but don't fundamentally change the model.
Even Bitcoin Cash was forced to improve a form of deterministic finality with 10-block rolling checkpoints, preventing a reorganization from lasting more than 10 blocks, when payments with more than 10 confirmations were at risk! 😱 Deterministic finality is universally recognized as what really matters.
Bitcoin has historically gotten a pass from this, because its large and established hashrate makes the probability of a significant block reorg extremely low at this point. But conditions could change. The bottom line is this:
A Dash payment is more final in under 2 seconds than a Bitcoin payment will ever be!
Still relatively few blockchains are like Dash and offer instant deterministic finality for payments. There are a few, and these chains will rise above the rest in the coming years.
Demand deterministic finality. It's 2024. Anything less in this age is unacceptable. 🫳🎤
The societies of the future will be built on trustlessness.
Gone are the days where you need someone's permission to use your money.
Dash is starting out with this, but we're also expanding to decentralized data storage and instant, verifiable querying for application usage. We're also working on decentralized identities.
If we succeed, a world where every technological interaction doesn't require that you trust a third party will be very achievable.
That's what we're building.
We aren't just building a new payments system.
We're building a new money, a new data network, a new decentralized digital economy.
So much global prosperity is put on hold due to inefficiencies and restrictions in the legacy financial system. Identity requirements, third parties, inflated money, central banks, and more, all put off progress.
We believe that if we can solve the problems in our money, payments system, communication networks, governance, and more, we will advance the human species by centuries over the course of a single generation.
Fix the money, fix the world.
Imagine a future powered by Dash.
We're used to being the underdogs.
We get that we're trying to supplant the legacy systems of control.
It won't be easy.
But we won't back down.
We will win in the end!
Don't get caught lacking in the next release. 👀🔪🩸
📽️Tune in Thursday night in our discord at 8 pm PST to learn more about our next game updates.
Its almost time for war ⚔️
(reposting, last post accidentally got deleted 😵💫)
Everyone! This Thursday the 18th of January is Dash's 10th birthday! 🤯🎂
We're celebrating 10 years of innovation as the best digital cash in the world.
In preparation for our birthday, we'd like to encourage the whole Dash community to do three things:
1⃣Self-custody your Dash. Not your keys, not your coins!
2⃣ Anonymize your Dash for better privacy.
3⃣ Buy something with Dash!
Go here to download the Dash Core desktop wallet:
https://t.co/i0S7NbnFbb
Withdraw from whichever platform you have Dash on (if you still do) straight to this wallet. Then, press the "Start CoinJoin" button.
Once it's anonymized, you can go to the CoinJoin tab and use it to send money. Then go buy something!
Some great ways to spend are:
-@bitrefill
-@spritzfinance
-@CrypteeClothing (buy some Dash swag!)
-@bitfyapp
...and many more.
We're also doing a community-wide space here on X. And yes, we'll be doing trivia for prizes! 👀🎁
Help us celebrate 10 great years. See you Thursday!
“I don't think humans are the last stage in the evolutionary process.
Whatever comes next will be neither simply organic nor machinic but the result of the increasingly symbiotic relationship between humans & technology.”
—Mark C. Taylor
We did it Dashers!!
2,000,000 blocks mined ⛏️
We've been chipping away at this milestone for quite a while, and we want to give thanks to the $dash community as well as the talented team behind the project.