NODE40 is happy to announce blockchain accounting support for Dash PrivateSend transactions. Until now, users who wanted to take advantage of Dash’s protocol level PrivateSend feature were unable to accurately calculate gains and losses on PrivateSend transactions.
PrivateSend is an important feature because it facilitates the property of fungibility. PrivateSend transactions allow users to silo each and every transaction, making it impossible to build a transaction profile that could be tied to a specific user. This is all done while still writing transactions to Dash’s open and transparent blockchain.
What makes accounting for Dash PrivateSend transactions so difficult is calculating an accurate valuation of the cost basis on all of the transactions that are formed by masternodes during the mixing process.
NODE40’s support of PrivateSend transactions allows users to keep their transaction history private, while still complying with regulations in their tax jurisdiction.
NODE40 Balance (currently in open beta), is available for Dash users today and Bitcoin users later this year. Balance is setting a completely new standard in precision and simplicity because it calculates net gains and losses for every single transaction made throughout the calendar year, and rolls it all into the IRS approved Form 8949 with attachable worksheets for the user.
Dash users can try NODE40 Balance today at https://www.node40.com/