It hasn’t been an easy week for digital currencies, and with the community’s eyes watching the next development of Bitcoin and Bitcoin Cash, it’s easy to overlook other altcoins that seem to be making small yet significant ripples on their own accords.
One such altcoin is Dash, which has reportedly seen a quite impressive uprising throughout the previous day. Earlier, the digital currency was worth $319, and less than 12 hours later went up to $520, before finding support at $460.
This resulted in the digital currency being one of the day’s biggest gainers, with over 60 percent of growth.
As the hope for giving Bitcoin a bigger block capacity died down along with the Segwit2x hard fork cancellation, the small altcoin was already in the process of resizing its own block capacity up to 2MB. Bitcoin Cash may be the darling of the big block crowd, but these numbers show that at least a portion of these took a second look at Dash and placed funds in good faith.
Dash received positive attention from big blockers Charlie Shrem and Roger Ver earlier this year.
“Many projects in the space believe that on-chain scaling is impossible. That’s simply because they haven’t explored alternative P2P architectures for higher performance. We intend to show just how far an incentivized second tier [masternode] architecture can take a project like Dash,” Dash founder Evan Duffield posted on Medium this year. Currently, the digital currency is implementing its own scalability plan of utilizing ultra-large blocks, rather than placing a payment on channels such as Bitcoin’s Lightning Network or Ethereum’s Raiden Network, to name a few.
Version 12.2 and Further Improvements
The bigger blocks come as part of an upgrade to version 12.2 of the Dash software. One of the core developers, UdjinM6 posted the most notable changes in the forums as:
– DIP0001 implementation (which is a 2MB block upgrade);
– Transaction fee reduction 10x (activates via DIP0001 activation);
– InstantSend vulnerability fix (activates via DIP0001 lock-in);
– PrivateSend improvement which should allow user to have mixed funds available much faster;
– Various RPC changes;
– Lots of backports from Bitcoin Core and refactoring of our own legacy code which should improve performance and make code more reliable and easier to review;
– Experimental HD wallet with BIP39/BIP44 support.
These changes will help break new ground for Dash as another cryptocurrency to be on the lookout for. Evolution is oftentimes a good thing, and these developments will likely steer the digital currency further that path.
Pump and Dump?
A pump and dump is ”a scheme to artificially increase the value of the stock by misleading investors.” And when Dash’s price significantly rose back in March of this year, speculation and whispers were thrown around, suggesting that pump and dump teams were behind this development. Pump and Dumps have been consistently appearing this year as big money eats up assets, squeezes the shorts, then quickly sells once new investors come in and push the numbers upwards even more.
However, whether the exponential growth is due to pump and dump teams or just organic growth, it’s not hard to see that Dash has experienced an all-too significant rise where other digital currencies have faltered. Dash currently places in the top bill in terms of surge in percentage with a whopping 33 percent, as opposed to say, Ethereum, which only went up four percent.