It seems that the cryptocurrency market is turning into faster and cheaper transaction scheme. Dash has decided to update its software in order to reduce transactions fees. In this way, the transaction costs in the Dash network will be near zero. At the same time, the network has doubled its capacity.
Upgrading the Platform for the Future
Even when Dash does not have full blocks, the road map presented by the founder Evan Duffield, includes scaling plans for the virtual currency.
“Many projects in the space believe that on chain scaling is impossible. That’s simply because they haven’t explored alternative P2P architectures for higher performance. We intend to show how far an incentivized second tier master node architecture can take a project like Dash”, wrote Mr. Duffield
At the moment, high fees and slow transaction times are affecting the Bitcoin network. In the last days, Bitcoin Cash and other cryptocurrencies like Dash, have seen high price increases. Bitcoin Cash offers low transaction costs as well as the Dash network.
Ryan Taylor, Dash Core’s Chief Executive Officer, said that it was important to keep low fees in the network. “Users of several other networks have experienced first-hand the impact that high fees can have on their daily lives, as many low value transactions such as pre-paid phone top-ups or gift card purchases are priced out of the market,” he said.
The software upgrade allows 48 transactions per second to be processed. Bitcoin can only perform 7 transactions per second.
“In the digital currency space, transaction volumes can grow quickly, so we believe it is critical to stay well ahead of anticipated demand,” commented Mr. Taylor.
At the moment of writing the article, Dash has presented an incredible 25 percent growth and is being traded around $440 dollars. It is now the fifth cryptocurrency of importance by market capitalization overtaking Litecoin. The market value arrives at $3.4 billion dollars compared to Bitcoin $100 billion dollars.