Topic: . - page 2. (Read 2501 times)
I prefer to look at it this way: The Ideal Reserve achieves full global reconciliation almost always within 500ms and effective global reconciliation almost always within 250ms.
Convincing someone to use a currency faster than cash will be an easier argument than to use a currency orders of magnitude slower than cash.
I still have yet to hear a good argument for Bitcoin use in the brick and mortar world except perhaps for cottage commerce like two people at a flea market exchanging cash. To me its greatest strength is easily sending money online, micro transactions or being "digital gold" as a hedge against the USD, not as something to buy a cup of coffee with.
Also instantx is moot as no major retailer will ever accept a coin called Darkcoin.
InstantX is a service that runs on the masternode network, who is to say that this specific service wont be used under another name ?
or perhaps it will just be called ''payment possible through InstantX''.
A few years ago a lot of people were also saying Bitcoin will never be accepted by large any major retailer and see where we are now ?
Its impossible to predict the future and tell people what a name can or can not achieve.
I prefer to look at it this way: The Ideal Reserve achieves full global reconciliation almost always within 500ms and effective global reconciliation almost always within 250ms.
Convincing someone to use a currency faster than cash will be an easier argument than to use a currency orders of magnitude slower than cash.
I still have yet to hear a good argument for Bitcoin use in the brick and mortar world except perhaps for cottage commerce like two people at a flea market exchanging cash. To me its greatest strength is easily sending money online, micro transactions or being "digital gold" as a hedge against the USD, not as something to buy a cup of coffee with.
Also instantx is moot as no major retailer will ever accept a coin called Darkcoin.
look at it this way :
customer walk into a shop and buys a product through InstantX in 4 to 6 seconds
customer can now leave shop with product as InstantX not only confirmed this transaction 5 times through masternodes but also registered it on the blockchain.
shop waits for 1 POW confirmation before it can do anything further with that amount (not a big beal for most shops)
InstantX creates a fast way to not only get your transaction registered on the blockchain but also gives you assurance through 5 masternode confirmations
that it will be POW confirmed and not double spend.
customer walk into a shop and buys a product through InstantX in 4 to 6 seconds
customer can now leave shop with product as InstantX not only confirmed this transaction 5 times through masternodes but also registered it on the blockchain.
shop waits for 1 POW confirmation before it can do anything further with that amount (not a big beal for most shops)
InstantX creates a fast way to not only get your transaction registered on the blockchain but also gives you assurance through 5 masternode confirmations
that it will be POW confirmed and not double spend.
If the transaction fails then the seller is out of money, so they will either have to raise prices or stop accepting that currency.
I prefer to look at it this way: The Ideal Reserve achieves full global reconciliation almost always within 500ms and effective global reconciliation almost always within 250ms.
Convincing someone to use a currency faster than cash will be an easier argument than to use a currency orders of magnitude slower than cash.
Once the masternodes reach 5 confirmations (4 till 6 seconds) the seller got the money added to his total, thats what matters here.
Buyer can now leave with his product and seller already got his money. Those 5 masternode confirmations are basicly as valuable as
5 POW confirmations because they reach network censensus over that transaction and lock the amount untill its POW confirmed further.
With InstantX you will need 5 masternode confirmations (thats those 4 till 6 seconds) after which the amount
has been transferred and also added to the receiver's total balance. It will then only need 1 POW confirmation (normally some 2 and halve minutes)
to get its 6th confirmation visible in both sender and receiver wallets.
So InstantX is best used in those point-of-sale situations where you do not want to wait for POW confirmations but still need
assurance that this transaction will not only get on the blockchain but be confirmed as well.
Think for example of Bitpay that will pay invoices right away as soon as a transaction is visible on the network, the transaction
has not been confirmed yet but Bitpay is taking that responsebility on its shoulders and is approving the invoice already with 0 confirmations.
150 seconds is a lifetime for point-of-sale.
Uncertainty from a 0 confirmation transaction is also out of the question unless if the retailer wants to raise prices to compensate for that risk.
look at it this way :
customer walk into a shop and buys a product through InstantX in 4 to 6 seconds
customer can now leave shop with product as InstantX not only confirmed this transaction 5 times through masternodes but also registered it on the blockchain.
shop waits for 1 POW confirmation before it can do anything further with that amount (not a big beal for most shops)
InstantX creates a fast way to not only get your transaction registered on the blockchain but also gives you assurance through 5 masternode confirmations
that it will be POW confirmed and not double spend. Plus you can choose to do this transaction anonymous or not.
The Ideal Reserve can do it in 500 milliseconds.
Is there anything faster?
Is there anything faster?
Darkcoin can do it with InstantX in 4 to 6 seconds and provides you with anonymity if you choose to.
Just read up InstantX, and that looks like the time consumed by one confirmation.
How many InstantX confirmations are required for full confirmation?
With InstantX you will need 5 masternode confirmations (thats those 4 till 6 seconds) after which the amount
has been transferred and also added to the receiver's total balance. It will then only need 1 POW confirmation (normally some 2 and halve minutes)
to get its 6th confirmation visible in both sender and receiver wallets.
So InstantX is best used in those point-of-sale situations where you do not want to wait for POW confirmations but still need
assurance that this transaction will not only get on the blockchain but be confirmed as well.
Think for example of Bitpay that will pay invoices right away as soon as a transaction is visible on the network, the transaction
has not been confirmed yet but Bitpay is taking that responsebility on its shoulders and is approving the invoice already with 0 confirmations.
InstantX gives you that confirmation (because the MN network reaches concensus through those 5 MN confirmations) and
does that very fast without risks of double spending.
BTC gives you near certainty at 60 minutes.
XRP's at 10 seconds.
The Ideal Reserve can do it in 500 milliseconds.
Is there anything faster?
XRP's at 10 seconds.
The Ideal Reserve can do it in 500 milliseconds.
Is there anything faster?
Darkcoin can do it with InstantX in 4 to 6 seconds and provides you with trustless decentralised anonymity if you choose to.
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