The development team behind Dash, formerly known as Darkcoin, has released the much anticipated twelfth version of its core client.
Dash is an open source peer-to-peer cryptocurrency fork of Bitcoin that aslso utilizes a proof-0f-work algorithm, but is designed to be more private and energy efficient.
Dash’s lead developer, Evan Duffield, states:
This release implements numerous features the Dash community has requested, such as the decentralized budget system and the removal of the reference node. In fact, by virtually any measure this is our most extensive release to date. It also establishes ground-breaking functionality that further differentiates our cryptocurrency and enables an entirely new model for supporting the Dash ecosystem in exciting new ways.
According to Duffield, the release is the the most extensively and methodically tested release from the Dash Project thus far. An extended team of volunteers assisted the core development team to manage and test this release long before public testing was announced on June 12th. The development team does not believe the code will be bug-free but that it is the most stable release deployed thus far.
The “enhanced functionality” of version 12 release includes the following:
- Incorporated Bitcoin Core version 0.10 https://bitcoin.org/en/release/v0.10.0
- Implemented the first decentralized budget system and ability to fund Dash projects directly from the block rewards (details can be found in the “What is the Decentralized Budget System?” section below)
- Implemented a new decentralized masternode payment consensus system, which will enable the removal of the reference node that was needed to facilitate fair distribution of masternode rewards
- Improved the speed and reliability of Darksend anonymization
- New masternode payment/winners/budgets syncing strategy
- Platform independent masternode ranking system
- Masternode broadcasts, pings and winners now use the inventory system
- Transaction indexing is enabled by default for all clients
- Improved implementation of Instant Transactions (IX) block reprocessing to find and remove invalid blocks
- Increased IX success rate to nearly 100% and transaction locks are more secure than before
In addition to the above enhancements, the Dash project continues to formulate a more decentralized budget system that will do more to reward other contributors to the network than just the miners.
We believe that the block rewards belong to the network first, and should be used to fulfill more than just one of the many needs of a healthy network. Developers, miners, masternode operators, legal council, marketing, and merchant services are only some of the potential needs of a healthy network and all deserving of funding when worthwhile projects are identified. With Dash, anyone can now introduce funding proposals directly to the network itself, on which the masternode community (who are essentially the network owners / operators) will vote. Approved budgets are then paid similar to how miners are paid… directly from the blockchain rewards. In accordance with our original proposal that the community approved in May, we will gradually transition the block reward allocations through February to eventually provide for a budget of about 8000 DASH per month to fund proposals.
After focusing on smoothly rolling out the version 12 release, the Dash development team plans to begin testing the decentralized budget system by submitting proposals. Once the initial proposals have been tested and funded, the budgeting system will be opened to the rest of the Dash community.
The amount of funds available initially will be relatively low, and we suspect there are a backlog of ideas that community members are hoping to submit. For this reason, getting your proposal funded immediately may be challenging. However, as the allocation away from miners and toward proposals progresses, more and more projects will succeed in obtaining funding.