Dash has been recommended a third time by the Palm Beach Group, this time over its upcoming ChainLocks innovation.
In a subscription-only investment reported put out by the Palm Beach Research Group, Dash received an investment recommendation over the upcoming ChainLocks implementation (mistakenly noted as being activated already), an innovation making Dash more secure against 51% mining attacks:
“On the innovation front, Dash implemented a security upgrade this month called ChainLocks. Without getting too technical, Dash nodes will now sign blocks as they are seen by the network. That will give miners the incentive to publish blocks immediately, so they won’t miss out on transaction fees.”
The report goes on to outline some of the implications of ChainLocks, possibly confusing some of its aspects with those of InstantSend:
“And the solution is working…
Before ChainLocks, it took 15 minutes or longer for merchants to confirm transactions on the DASH network. Now, they’re confirmed in 1.3 seconds—a 692x increase in speed. With almost instantaneous confirmation speeds, Dash is well on its way to becoming the world’s top digital cash.”
Presently, Dash supports InstantSend, an optional feature which locks transactions instantly, preventing them from being reversed or double-spent until they have received several confirmations in the blockchain. This feature will soon become the default transaction type, effectively rendering all transactions secure almost instantly. The addition of ChainLocks will further increase the security of these transactions.
Palm Beach Group recommended Dash twice before, the first time sparking a bull run
The late December 2018 issue marks the third time the Palm Beach Group has specifically recommended Dash to its subscribers. The first instance occurred in November of 2017, when the group extensively highlighted Dash for its recent partnership with cannabis-geared merchant solution Alt Thirty Six, promising to render the currency the “PayPal of the pot industry.” This recommendation resulted in a significant price run-up, increasing by almost 15% in about 30 minutes time, widening to about a 33% increase over the next two days.
The second time the Palm Beach Group highlighted Dash was during an interview with conservative media pundit Glenn Beck, where the group’s Teeka Tiwari highlighted InstantSend as well as the currency’s foray into the legal cannabis industry. Tiwari mentioned that he expected Dash’s price to increase tenfold over the next year or so, potentially placing a price prediction of $2,600 by the end of 2019.
Adoption is a hot topic as the crypto bear market threatens to end soon
As some predict that 2018’s cryptocurrency bear market may be drawing to a close, the eventual wide adoption of the technology becomes a topic of prime interest for 2019. Dash has a significant advantage in merchant adoption over most other cryptocurrencies, claiming a present 4,560 merchants listed on DiscoverDash, with many more possibly not yet known or listed. In particular, Venezuela claims 2,552 merchants at time of writing, including several major franchises in the country such as top-four chicken chain Church’s Chicken, and the country has become the world’s top source of Dash wallet downloads.