When DasCoin announced users could use their cryptocurrency network to make 6-second transactions, many people might have felt a mix of excitement and confusion at the time.
It is understandable.
Bitcoin, the preemptive cryptocurrency of the world, takes a whopping 10 minutes to process transactions and record blocks on its blockchain. And that’s the cryptocurrency most people started out with.
The fastest altcoin blockchain, Ethereum, averages 14 seconds in block-generation time.
So how did DasCoin get to 6 seconds?
- Focus on Mainstream Adoption
NetLeaders, the company behind the digital currency, has reported it had its eyes fixed on the ultimate price—becoming the first-ever cryptocurrency to achieve mainstream adoption across the world.
This is also evident in how they chose their approach.
Their approach involves a referral program where users can recommend others to join the DasNet. Successful sign ups are then processed in the system and award referrers a disclosed amount in commission for adding value to the DasNet.
The incentivized marketing approach seeks to onboard as many active users as possible, and their core engine—the Consortium Blockchain—was built to keep up the pace.
- Built to Scale
Furthermore, they have revealed their Consortium blockchain architecture is built to scale—again to support massive adoption on a global scale.
The digital assets company reports that their blockchain has the capacity to process 100,000 transactions per second.
They even talked about maintaining the 6-second block-generation time even after scaling to a larger and more complex blockchain. But, of course, that remains to be seen as their cryptocurrency network grows.
- Permissioned Blockchain
The decentralized distribution nature of most cryptocurrencies is an alluring aspect for many cryptocurrency enthusiasts.
But, a completely decentralized blockchain where every anonymous user on the network has to approve transactions for them to be successfully recorded could be detrimental to the entire network’s average block-generation speed. This is currently what is happening with Bitcoin.
How does that play out in the big picture of a faster, better-performing blockchain?
NetLeaders decided to come up with a network where users are authenticated members and where a board of directors can help make things move faster and more efficiently. So they build DasNet to be a hybrid digital assets system, combining both centralized DasCoin minting and decentralized distribution model.
It does not have to take a long wait to authenticate transaction details because the users’ details are already known to the DasNet algorithm. The governing body also ensures that the network receives the updates and upgrades it needs to sustain high performance.
As the company plans to launch its public exchange, they are keen to sustain the 6-second transaction speed. DasCoin has said they are currently developing and testing “advanced matching systems” and “smart order-routing” capabilities in “low-latency environments” to ensure future transactions are processed, confirmed and quantified in milliseconds.