The Darkcoin community is one of the most active ones to be found in the world of cryptocurrency and altcoins. Most of this can be attributed to the DRK developer Evan Duffield, who is currently testing a new feature called InstantX. Care to find out more?
What is InstantX?
InstantX is a new feature being developed for DarkCoin, which will allow for near-instant transactions. As we all know , one of cryptocurrency’s main selling points is the speed at which we can send money to anyone in the world. However, there is a difference between seeing a transaction pop up in your wallet, and actually being able to spend it, which is one of Bitcoin’s major drawbacks for a lot of people.
Darkcoin’s InstantX features is looking to bring the time between receiving a transaction and being able to spend it down to 2 seconds (or less). Evan Duffield tested an InstantX transaction from one wallet to another, and it took 2 seconds to receive the funds and have it made spendable.
InstantX requires DRK masternodes to form a consensus on the transaction. Once that consensus is formed, the inputs need to be locked , which took a total of 2 seconds to lock the transaction in place. Funds are spendable immediately after the transaction being locked.
“2014-11-07 01:13:18 ERROR: CTxMemPool::acceptableInputs()::InstantX : invalid transaction, conflicts with existing transaction lock CTxIn(COutPoint(365de7e2831dc8b85c2c94fef5f2b98e86a95e301879c5b3460db69df757deb9, 0), scriptSig=3046022100e2ca0a35ab1373)”
Keep in mind that this is scenario that was tested in a very small and local environment. Real-world transactions will take a bit longer than a few seconds, but according to Evan Duffield, no longer than 20-30 seconds, which is still incredibly fast.
Important notes about InstantX
InstantX will not accelerate Darkcoin’s mixing process. The entire masternode network is being used in a 100% decentralized way , but as a trade-off, it will require inputs with at least confirmations.
When sending a transaction, the 10 voting nodes (which are forming the consensus) are completely unique , making the system very difficult to DDOS.
It is not possible to send multiple transactions one after another based on InstantX, as they have to be a few minutes apart.
InstantX will scale to huge levels without impact the DRK network
A video demonstration of InstantX will be recorded and posted later today, so we will keep an eye out for that Youtube video!