Dash Unveils Largest Software Upgrade Since Inception

Dash, the rising alternative to bitcoin, today unleashed its highly anticipated software upgrade, version 12.1 (codenamed Sentinel), in preparation for the launch of its revolutionary decentralized payments system, Evolution. The network upgrade, which includes feature additions and significant improvements to backend protocols, governance, voting and privacy functions, represented the largest redesign in Dash’s three-year history. […]

Dash, the rising alternative to bitcoin, today unleashed its highly anticipated software upgrade, version 12.1 (codenamed Sentinel), in preparation for the launch of its revolutionary decentralized payments system, Evolution. The network upgrade, which includes feature additions and significant improvements to backend protocols, governance, voting and privacy functions, represented the largest redesign in Dash’s three-year history. During its comprehensive testing and validation phase, the release was already drawing widespread buzz from the community; since Founder Evan Duffield published an update on Sentinel’s impending release on January 2, Dash’s market capitalization soared 75% in  four weeks. It reached its highest ever market cap, eclipsing $123 million USD, and recently overtook Ethereum Classic as the sixth most valuable cryptocurrency in the world.

Dash Director of Finance Ryan Taylor said, “In our ongoing quest to prioritize the user experience, our talented development team has created Sentinel to provide an underlying architecture that’s easier to use and more attractive to mainstream adopters of Dash. We vastly improved the speed of our end user privacy features, improved access to information on the network’s budget and voting system, and created a much more stable and robust governance system that enables changes to the network without requiring additional software upgrades.”

Sentinel will include a large-scale decentralized programmable database solution, which will allow updates to the Dash network to be executed at a rapid pace. No other cryptocurrency has a mechanism to support updates through a programmable interface.

“This system will allow us to quickly iterate and improve our governance and modify it as we scale to meet our ever-changing needs. Managing a budget of $1.4 million a year is very different than when we started our governance system. With triple digit growth rates, we need a system that can scale with us,” said Taylor.

Sentinel sets the foundation for the industry’s first decentralized payments system offering near-free merchant fees, no consumer fees, instant transactions, an integrated marketplace, interest bearing accounts, and a rich online banking-like interface.

Evolution will compete with the likes of PayPal and Venmo, but boasts far more perks. It can be used seamlessly on web and mobile devices without an intermediary, it comes with hack-proof savings accounts, enhanced security, traditional bank account integration, and of most significance, the ability to make free cross border remittances and payments anywhere, at anytime.

Founder of Dash Evan Duffield said, “Evolution will profoundly change the user experience and expand the cryptocurrency market to users from all walks of life by making it easy to use and relevant to people’s lives. It’s my belief that digital currencies will never be the same after Evolution, in the same way we would never consider going back to a text-only internet.”

Prior to the release of 12.1, leading blockchain governance company and masternode hosting provider, Node40, actively tested it for months.

CEO of Node40 Perry Woodin said “No other version of Dash has undergone such rigorous testing and validation. The new release serves as the innovative backbone to Evolution, and as its capabilities start to trickle out to the public, we’re going to see lots of parallel innovation from developers who see integration points with the new platform. Up until now, the industry has seen innovation centered on blockchain technology. With the development of Evolution, we’re going to see innovation centered on Dash.”

Read this next

Industry News

SEC Chair Gensler pitches for regulation of crypto exchanges; will Ripple benefit?

In what can be perceived to be a big boost for the crypto community, Gary Gensler, the newly appointed chairman of the Securities and Exchange Commission (SEC) has asked the Congress to look into crypto regulation.

Industry News

Baton Systems integrates with LCH for automation of collateral workflow

Baton Systems, a provider of post-trade solutions for financial markets, has announced its integration with LCH, a leading clearing house, for automating the end-to-end collateral workflow for participants in the derivatives markets.

Industry News

CBOE Expands Its European Team with Hiring of Senior VP

CBOE Europe, a pan-European exchange operator and which is a part of CBOE Group based in the US, has expanded its European team with the hiring of Natan Tiefenbrun as its Senior Vice President, Head of European Equities.

Retail FX

London C-level executive market on fire: Tickmill, you’re up

Mukid Chowdhury is now the face of Trading 212. This, however, has left a newly vacant seat. Now, it’s Tickmill’s turn to fight for a Chief Financial Officer. The C-level executive market in London is on fire at the moment.

Industry News

Sapien Capital: FCA fines £170k for allowing Solo Group’s money laundering

The role of Sapien Capital is that it executed purported OTC equity trades to the value of approximately £2.5 billion in Danish equities and £3.8 billion in Belgian equities.

Industry News

MAS invites all fintechs to apply for green tech accelerator

Fintechs should aim to solve at least one of the three key challenges proposed by MAS: (i) Mobilising Capital; (ii) Monitoring Commitment; and (iii) Measuring Impact.

Technology

LSEG tests DCM digitization platform developed with Nivaura

This issuance marks an important milestone in capital markets automation and digitization and demonstrates the potential of such platforms to improve current capital market workflows.

Industry News

Archegos Capital prepares for insolvency proceedings

Archegos Capital, the troubled capital management firm, is preparing for insolvency proceedings as banks that handled its funds are trying to recoup their losses from it.

Inside View

FinanceFeeds announces interview and media opportunities at IFX EXPO

After a tough year for much of the world and the FX industry, Ultimate Fintech has announced the first in-person B2B event of the year – IFX EXPO Dubai.