Dash has released a new software upgrade that cuts transaction cost to near zero, while doubling network capacity. The release of 12.2 of the Dash Core software comes with new features, improvements and bugfixes, the organization announced earlier this week.
Purchases of Dash now cost less than a cent, and InstantSend transactions, which confirm online or at point-of-sale machines in less than two seconds, are reduced to 2.8 cents each.
Ryan Taylor, CEO of Dash Core, said maintaining low transaction fees was primordial to develop a healthy payment-focused network over the long term. “High transaction fees affect both consumers and merchants looking to spend the incoming funds,” he said.
“Users of several other networks have experienced firsthand the impact that high fees can have on their daily lives, as many low value transactions such as pre-paid phone top-ups or gift card purchases are priced out of the market.”
Dash’s new software rollout also increases the network’s maximum block size from 1Mb to 2Mb, allowing for about 48 transactions to confirm every second, compared to Bitcoin’s seven.
“In the digital currency space, transaction volumes can grow quickly, so we believe it is critical to stay well ahead of anticipated demand,” Taylor said. “We are actively exploring a number of use cases with partners that would consume a high volume of transactions so it is important to demonstrate to the market our commitment to scaling out network to meet their needs.”
Dash is the sixth largest cryptocurrency in the world with a market capitalization of US$2.59 billion. The price of the cryptocurrency began its rally at the beginning of the year, surging from US$80 in January to more than US$330 today.
Singapore-headquartered Huobi.Pro, the international crypto-only exchange offering of Huobi, began supporting Dash trading earlier this week, and since late-October, Dash is also available on Quoine’s exchanges Quoinex and Qryptos.
The moves come as Dash is looking to expand its footprint in Asia, a market that’s said to be rapidly adopting cryptocurrencies.