ChainLock Enables Quicker Confirmation for Dash
By Rafał - 2019-09-21
Coinbase is known to require six confirmations before Bitcoin deposits are accepted. With Dash, just two confirmations are necessary pointing to the confidence the network elicits from its extra security layer as provided by the Dash ChainLock. This has placed Dash among the fastest networks in terms of confirmation of transactions.The ChainLock is a guaranteed security against 51 percent attacks which is a possibility when a malicious character takes control of a blockchain network. Most other cryptocurrencies require higher number of confirmations on Coinbase with Bitcoin requiring up to six confirmations for the deposit to be approved.For a cryptocurrency network like Bitcoin, its main security strength lies in the large hashrate required to gain control of the network. However, Dash has proven with the ChainLock that a low hash network is capable of not just scaling but a high security architecture with its ChainLock.With Dash security infrastructure more diversified, the network has a great future judging from the analysis of the Dash network blog:
Our DASH/USD and DASH/BTC order books will soon enter transfer-only mode, accepting inbound transfers of DASH in supported regions. Orders cannot be placed or filled. Order book will be in transfer-only mode for a minimum of 12 hours. https://t.co/GsOi6nMMjf— Coinbase Pro (@CoinbasePro) September 16, 2019
Andreas Antonopoulos, has praised the ChainLock innovation as a reliable way of securing a network.When comparing to competitors other than Bitcoin as far as Coinbase confirmation times, Dash fares even better. For Bitcoin Cash, a frequent competitor in the payments space, 12 confirmations are required, or roughly two hours or 24 times longer than Dash, while Bitcoin SV requires 1,008, or a week’s worth of confirmations. Ethereum Classic, which itself suffered a 51% attack, requires 5,676.