Friday, September 11, 2020

Dash Launches FastPass: A Partner Network Seeking To Accelerate Cryptocurrency Trading

Key facts:
The list of partners includes Coinbase, Binance, OKEx, Liquid, and others.
The commercial services of the FastPass network are already active.

The Dash team announced the launch of the FastPass Network, an initiative that will allow users to make near-instant deposits, transactions, and withdrawals on a network of partner platforms.

The information was posted on the Dash blog on September 10. He explains that the goal is to offer greater advantages in trading and an improved experience for users who mobilize cryptocurrency through the FastPass partner network.

The idea with this new product is to create an accredited network, made up of a group of companies that offer different services linked to the cryptocurrency trading ecosystem. It includes some leading exchanges in the market, such as Coinbase, CoinbasePro, Liquid, KuCoin, Binance, OKEx, HitBTC, WhiteBIT, and Indodax, among others.

It also includes a group of partners linked to margin trading and cryptocurrency derivatives, investments such as eToro, over-the-counter or OTC trading, trading bots such as Hummingbot and Quadency, and analysis firms such as Messari and IntoThe Block and custody, as well as staking solutions. The list includes more than 30 partners.

The commercial part of the network is already active and can be visited at Dash.org/fastpass. In early October they plan to introduce educational material on all components of the system to this site, which will be produced by partners of FastPass and Dash Core Group.

Ecosystem companies that decide to incorporate Dash through the FastPass network will receive an accreditation that will allow integration into the system. In this way, more companies will progressively join the Dash commercial ecosystem.

The new service will operate through InstantSend or ChainLocks, which will allow users of the platforms associated with FastPass to deposit, withdraw and exchange Dash, with greater speed and security.

ChainLocks were proposed for the network in 2018, initially to prevent 51% attacks. Its most important effect is to speed up the process of confirming transactions. Its mechanism makes it easy for transactions to be considered fully confirmed after the first on-chain confirmation within a protected block.

The Dash team also notes that trading bots will play an important role in the network, as they will streamline most of the processes. Therefore, they consider that human action will become the slowest part of the business process. "Hummingbot's liquidity mining bots and Quadency's robust suite of trading bots will automate traders' strategies," they note.

platform-exchange-cryptocurrencies-Dash-FastPass
FastPass seeks to improve the experience of cryptocurrency users with a network of partner platforms. Source: Dash.org
On more technical details of FastPass, the note indicates that once the educational material begins to be published, technological data will be explained to merchants. With this, users could take advantage of the speed of the services to maximize ROI (return on investment), in addition to solving the commercial problems they have experienced when using other cryptocurrencies.

Dash states that they are doing everything possible to ensure that this initiative is competitive, thanks to offering higher speed and low cost in transactions due to the services that the partner network will provide.

Users support the Dash initiative

Once this information was known, several users have come out in favor of the project. Most of the comments on Reddit supported the initiative, considering that the offer is attractive.

"It seems like a smart choice," TrustThyself said, adding that this could give Dash an advantage over others, "who still use slow and expensive networks." In that sense, for the user thedesertlynx Dash technology is amazing, "but if it is not used by third parties, it is useless." Even other participants in the forum requested that the service network also incorporate cryptocurrency ATMs.

With this new FastPass service, the Dash team adds another initiative to attract more users that incorporates other companies. Last June, the LocalCryptos team announced through their official blog that they would open a new Dash market for users of the cryptocurrency exchange platform.

As reported by CriptoNoticias on that date, the decision to open a Dash market in LocalCryptos was driven by the support of users. They considered adding Dash to their platform an important step.