Cryptocurrency exchange WhiteBIT has added support for Dash’s special transaction features ChainLocks and InstantSend, as well as offering zero-fee trading to promote the trading pair.
As the next step in our collaboration with @Dashpay we’d like to provide our users with zero-fee trading on all DASH pairs for two weeks and introduce ChainLocks – another great feature of Dash protocol. Find out more here: https://t.co/X2ETdeGdoO#whitebit #blockchain #dash pic.twitter.com/YBLtCGqsLq
— WhiteBIT (@WhiteBit6) January 23, 2020
In an announcement this week, Estonia-based cryptocurrency exchange WhiteBIT highlighted ChainLocks, Dash’s anti-51% attack security feature, as a follow-up to the exchange’s integration of support InstantSend instant transaction locking, including a temporary two-week period of zero-fee trading for the currency:
“As we announced earlier, we have started our partnership with Dash by integrating InstantSend. Today, we would like to expand on the benefits of ChainLocks — another amazing feature of Dash protocol. ChainLocks offers protection mechanisms against 51% Attack and brings security to another level.”
WhiteBIT had previously announced support for InstantSend earlier this month, indicating that deposits made with Dash can be confirmed instantly, significantly cutting down on the time between deposits and trades on the exchange.
Established in 2018, WhiteBIT is a top 20 exchange verified by the Blockchain Transparency Institute, a group verifying cryptocurrency exchanges for highest likelihood of real user-driven trading volume and minimal wash trading and other manipulation. To date WhiteBIT claims 20th place with $16,890,607 in 24-hour trading volume.
The vastly-improved user experience of Dash on WhiteBIT
The addition of recognition for both InstantSend and ChainLocks significantly improves the trading experience on WhiteBIT for Dash-using customers. Typically, cryptocurrency exchanges require several on-chain confirmations before recognizing a deposit as final and allowing the user to commence trading. Depending on the cryptocurrency’s block time, perceived network security, and other factors, this process could take anywhere from minutes to hours, even days depending on the exchange’s perception of the coin’s network security or because of network congestion or similar issues. This means that traders keeping their coins off of exchanges can potentially lose out on trading opportunities, or resort to keeping large portion of their funds on exchanges to remove deposit times entirely, a generally discouraged security practice.
Our partner exchange @Whitebit6 has upgraded InstantSend transactions for their users – Starting now users can enjoy the fastest transactions, for immediate crediting of funds! For more details:https://t.co/bQysFppazM pic.twitter.com/MmP7oibCSe
— Dash (@Dashpay) January 9, 2020
WhiteBIT’s inclusion of both InstantSend and ChainLocks support also represents an important turning point in Dash’s adoption by recognizing the nuance in its two separate but often mistaken features. InstantSend employs a quorum of masternodes to lock a transaction until it has been confirmed on-chain, preventing it from being reversed or sent elsewhere during this period. ChainLocks picks up where InstantSend leaves off, locking in the first-seen block on the network as permanent, preventing chain reorganizations and transaction reversals. While very inlikely, InstantSend locks have a small possibility of failing, at which point the transaction reverts to regular unlocked status until confirmed in a block similar to other cryptocurrencies. ChainLocks, on the other hand, are permanent once established. This means that while Dash transactions are highly secure within roughly two seconds, they are many times more secure after about 2.5 minutes. Both features are on by default.
The ever-growing list of exchanges supporting Dash’s speed and security-enhancing features
The addition of WhiteBIT adds to Dash’s continually growing list of exchanges supporting its advanced security features. To date, the official Dash website’s full list of supporting exchanges lists 20 separate exchanges and brokers supporting InstantSend for deposits. This does not include top exchange Coinbase, which recognizes Dash deposits after only two confirmations (approximately five minutes) due to ChainLocks, far faster than nearly every other coin supported on the platform.
While Dash’s advanced security features are enabled by default, the user experience may vary greatly depending on the particular service’s integration setup, with many services simply supporting Dash as a Bitcoin fork without recognizing its special features. As more cryptocurrency exchanges and other services integrate ChainLocks and InstantSend recognition, these network effects add to the overall Dash user experience.