Darkcoin: Instant Transactions with InstantX!
If you have been watching the markets, you have realized that Darkcoin up to over $3, an increase of 50%. Increases like this usually do not happen in currencies with large market capitalizations without good reason.
Before we get to that, Darkcoin is a privacy centric cryptocurrency, the first of its kind. Many traders still recall its astronomical rise to $15, or 5x what the current price is as of now.
Through Masternode and Darksend, transactions are anonymized allowing people to send money truly discreetly. If you would like a more in-depth Darkcoin refresher, check out this article. Masternodes, if you are not familiar with them, are essentially nodes like Bitcoins has with the difference being that Masternode users need 1000 DRK “as collateral” as well that Masternodes receive rewards for funneling transactions.
In the new wallet update of Darkcoin Core v.0.11.1, InstantX, the reason Darkcoin increased in price so much this week, was released. InstantX adds on top of the Masternode and Darksend features.
… Using InstantX will gain 5 Masternode-level confirmations within seconds from the network, then with an average of 1.25 minutes a 6th block-level confirmation will make funds spendable on most websites.
When I talked to Fernando Guiterrez, member of the Dev DRK team, regarding InstantX and how it affect Darkcoin in both long term and short term, he said:
InstantX opens a whole new set of possibilities to use Darkcoin and consolidates it as a source of innovation in the crytocurrency space. In the near term, most of the effect will be felt online.
Activities as trading or gambling will be much faster, and we expect that more users will choose Darkcoin to perform them. In a longer term, InstantX will make using Darkcoin in brick and mortar businesses easier and more secure than any other alternative, including credit cards.
All combined; InstantX should increase the adoption of Darkcoin in a dramatic way.The pace at which the network is updating is great and we have many safety mechanisms in place, so we do not expect any forking problem.
While this shows that remaining private when sending money does not have to sacrifice for speed, it also solves a very practical problem of waiting 10 minutes for one confirm. While it had had a Band-Aid fix of accepting unconfirmed transactions, this is a risk some merchants cannot take.
Darkcoin is one of the few coins that shows a real benefit of using over Bitcoin, versus just speculative trading. Offering instant confirmations within seconds is an impressive feat, even for cryptocurrencies. While the price of Darkcoin is falling to normal prices once again, Evan and the rest of the team are not stopping on innovating. Darkcoin has a series of innovations under its belt such as the X11 algorithm that is popular with miners for its energy efficiency, Darksend and Masternodes, and now InstantX.
The whitepaper regarding InstantX also alludes to potential new features, such as transaction locking that is mentioned many times. Time will tell what other innovations will come out for Darkcoin.
Picture Source: DarkcoinTalk
What do you think of InstantX? Are you now interested in Darkcoin? What are your thoughts? Let us know in the comments below!