Dash solves the 51% attack problem
Security

Dash solves the 51% attack problem

By Alfredo de Candia - 15 Jul 2019

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As confirmed by a recent tweet by Dash, the latest network update has solved the 51% attack problem.

With the latest update, in fact, Dash has essentially solved the 51% attack issue by relying on the Masternode network as well as the work done by the miners with the PoW (Proof of Work); in addition, transactions will now be confirmed immediately. 

Dash’s CEO, Ryan Taylor, has also mentioned the privacy features related to this crypto:

“The Dash network today is not one-dimensional. Dash delivers a user experience second to none in the cryptocurrency space today. Transactions are instant, practically costless, and incredibly secure. We have the most effective governance and funding model in the industry, the longest-running in the industry in fact. The cost to attack the Dash network exceeds even that of Bitcoin because of recently introduced security enhancements. Dash has been grinding away developing real-world use cases as well, quietly increasing our transactions and becoming a leader in actual real-world use cases. And our next release is going to blow people away, with a complete focus on user experience and the ability to easily build applications on Dash.”

To avoid the 51% attack problem, Dash has implemented ChainLocks technology, which also reduces transaction time and consequently the time required to confirm transactions. 

This function was described by Taylor as follows:

 “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. It also makes incoming transactions instantly respendable. In short, we’ve created the first version of a truly cash-like cryptocurrency. We started seeing exchanges supporting this feature in the first week, and our users obviously love it. The technology also enables use cases such as transactions at the point of sale, where about 97% of all transactions still take place. That’s why Dash is used more often than all other cryptocurrencies combined on payment platforms like Anypay and CryptobuyerPay.”

In Dash, in fact, the miners receive only 45% of the block rewards and transaction fees, while another 45% goes to Masternodes, and the remaining 10% allows the project developers to finance themselves.

This update was previously tested a couple of months ago and in the post from May 2019, the team explained all the features of ChainLocks.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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