Lto DASH's InstantSend feature, allows you to send payments instantly to another person. This means that if you are making a payment at a merchant and use InstantSend, this merchant will receive your payment instantly. This is a perfect feature for a digital payment system, as it resembles cash transactions.
The ability to use InstantSend payments has been extensively tested to the point that it is now the default option for all types of payments made using the official Dash wallets. With this, the Dash team wants to offer the best experience of using their cryptocurrency.
How does InstantSend work?
The operation of InstantSend occurs in a series of well-defined phases, among which are:
At this point the user begins to carry out their transaction. This is marked for recognition by the network as an InstantSend transaction. This brand has two well defined objectives. The first start the selection of the quorum of masternodes which processes the transaction. The second is to block the funds to prevent a double spending attack.
This blocking system allows the transaction to be taken and processed quickly. For this, an alternate confirmation unit is created to the main network made up of the quorum of 10 masternodes. Once this quorum has been chosen, the second phase of the process begins, the confirmation of the transaction.
Masternode quorum and transaction confirmation
After the choice of the 10 masternodes, they begin to vote on the validity of the transaction block. If a consensus is not reached between the masternodes, then the transaction will require a standard commit to ensure it is valid.
This is an InstantSend protection to face cases where the quorum cannot reach consensus, which occurs when 6 of the 10 masternodes take the transaction as valid. Once the masternodes validate the transaction, they send information about the result to the network in ways that everyone respects it.
After this point, the transaction becomes effective and then both the user and the merchants can see the transaction. In this case, the user will see the payment transaction and the merchant will receive the money from the transaction.
Best of all, the InstantSend payment process is virtually instantaneous. The process described above takes on average a maximum of 1 second to complete. This makes Dash a perfect means of payment at the level of conventional systems such as debit or credit cards such as VISA, MasterCard or other centralized and proprietary payment systems.
Dash InstantSend use cases
Retail purchases at any merchant that accepts Dash
Imagine that you go to your favorite store and have the ability to pay for your purchase using Dash. In this way, you can choose the payment option using InstantSend, go to the cashier, make the corresponding payment and it will be completed in just a few seconds.
This is as if you had paid using a debit or credit card, or even as if you had used cash. In either case, the process is quick and safe for both parties.
Payment of private and public services at the moment
Another advantage of Dash's InstantSend instant payments is the ability to make quick payments for public or private services. For example, you can go to a subway station, order your tickets and pay with Dash quickly using this option.
For example, you can also use it to pay for a taxi or bus ticket without any problem. The payment you make will come instantly to the person, who can make use of said money from the moment it is reflected in their wallet.
Withdraw cash from cryptocurrency ATMs
If you need cash quickly, the best option for this is an ATM. Cryptocurrency ATMs allow you to buy or sell cryptocurrencies very quickly. However, these are limited to blockchain's capacity, block generation times, and transaction confirmation. For example, in Bitcoin you must wait between 10 to 30 minutes for a transaction to receive its first confirmation, depending on the use of the network. This means that you should be 10 to 30 minutes in front of the cashier. Nothing practical really.
But with Dash's InstantSend this changes dramatically. With this option you can buy or sell Dash instantly. That way you can receive your cash quickly and without complications.