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The disappearance of Poland-based cryptocurrency exchange, Coinroom on April 02, 2019 left another stain on the fabric of the cryptocurrency ecosystem. Having discovered this development on May 31, and confirming the details surrounding it, Polish news site Money.pl ascertained that the President of the defunct exchange, Tomasz Zbigniew Wiewióra relocated to Estonia to open another business, typical of an exit scam.
In another development in the cryptocurrency industry earlier this year, the largest cryptocurrency exchange by volume, Binance, was hacked and over $40 million stolen from the exchange. Through its internal customer protection policy, the exchange however assured that affected wallets would be refunded, while initial plans to roll back the transaction was aborted after Binance CEO, Changpeng Zhao confirmed that it was not possible to do so.
Other experiences for crypto users in 2019 alone include the $16 million stolen from Cryptopia in January, Coinbene and DragonEx hacks in March for a combined loss of $46 million, and the Bithumb March losses of $13 million and $6 million in EOS and Ripple hacks respectively. Developments such as these leave a bad taste for crypto users and play huge roles in the rate of adoption of the technology and the influx of new users.
Dash InstantSend significantly reduces friction of frequently moving funds off exchanges
Ongoing improvements in the crypto arena are rampant with the Dash default InstantSend for cryptocurrency traders standing in pole position in overcoming the major deficiencies that are associated with cryptocurrency transactions.
Regular merchants in the mainstream have been recognized as significant players in the adoption of cryptocurrencies. For this group of users, two elements are of utmost importance, speed and security. As a viable tool for retail transaction, the value of a given cryptocurrency must be consistent throughout the transaction period. Therefore, the Dash InstantSend puts senders and receivers on the same page and offer the required consistency.
InstantSend eliminates the confirmation delay barriers that are usually associated with almost every cryptocurrency transaction. In order to put senders and receivers on the same page as mentioned above, transactions in this case are executed immediately without needing several on-blockchain confirmations. Rather, in this case, it is the masternode network that locks transaction inputs, delivering an instant and secure protocol.
This process does not only make it convenient for merchants and customers to follow through on their transactions without the usual hassles and delays, it also eliminates the gaps and exposure of coins during transactions, making it difficult for hackers to break into the loopholes that are usually created in the process.
A growing list of exchanges and services supporting InstantSend
A significant number of top exchanges are already implementing the Dash InstantSend protocol for several benefits. With the adoption of the protocol by Argentina-based cryptocurrency exchange, SouthXchange in April, recognizing Dash transactions with zero confirmations, it joined a long line of exchanges that are already using the system. They include, Kraken, Bitbns, OKEX, Digifinex, IDAX, BitInka, Panda Exchange, CoinCola, among others.
This innovation is indeed giving Dash the competitive advantage over other cryptocurrencies when it comes to mainstream usability. Confirmation delay is obviously one of the major setbacks so far when dealing with cryptocurrencies. In some cases, it would even take as much as 10 minutes to record a single confirmation, even when multiple are needed to finally approve the transaction.
With Dash InstantSend, all that is history, adding to the associated security improvement that it affords its users. The innovation leaves coins less exposed and adaptable for users who will not want to leave their digital assets on exchanges. Wallets like Pandora enable such users to manage their portfolios remotely on their personal computers without even needing to download any blockchain. Users of Pandora can make backups of their private keys and be sure no one else has access to them. Moreso, they can even be moved to cold storage for additional security.
Crypto adoption is a priority for the industry, and the sooner the existing vices like delayed transactions and theft possibilities are eliminated, or reduced to the barest minimum, the better for the industry. With Dash InstantSend, the blockchain community are obviously a step closer towards achieving the original goal of Satoshi Nakamoto, which is creating a decentralized financial system where trust is relegated to the back seat.