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hmm doesnt seem like you have read the update we did in our forum, kindly read it..)
hmm doesnt seem like you have read the update we did in our forum, kindly read it..)
So, as I know your spare time is extremely valuable because of your regular job, I took your advice and decided to read the updates.
I think this is something of a current status
...There needs to be another way for blockchain to continue developing to the point of mass adoption.
For me to post here and say WE HAVE THE SOLUTION would be wrong....
For me to post here and say WE HAVE THE SOLUTION would be wrong....
But I am interested to see how you develop a third alternative to PoW and PoS.
So, as you have a whitepaper due out, I guess I had better layout some details on what my whitepaper is aiming at so we know where there are boundaries of differences:
* Having previously worked in the payments sector for about 8 years, I was the solutions architecture for the creation of an infrastructure solution (who knew that's what solutions architects do) for consumer remittances products that moved away from being reliant on incumbent intermediary international settlement brokers (clearing houses).
To move money around the world, you either need your own infrastructure (Western Union), you need to be a big bank with enough infrastructure to move your own money around (very few banks can do this) or you need clearing houses who need other clearing houses (before you know it, your margins and profits are the smallest).
The way I got around the problem of being an outsider with a new product and not enough funding (we had about $20m) to fly around the world creating endless contractual relationships with clearing houses, was to focus on the customer. Turns out, they go shopping. Guess what shops have? Tills.
Tills are places where people put money in and take money out. Turns out this is what remittances business do. Modern tills are also mainly Windows based PC's. So we built a system that used supermarket tills so you can put money into a till in one place, and someone else with the right details can take money out at the other end. So no middlemen, instantly increasing profit margins.
Supermarkets with large network of shops loved this. "You mean customers will be directed to my store, where they will get some money they can buy stuff with?" It was an easy sell.
It also turns out that supermarkets buy stuff internationally, so they have a need to move money around the world too. By putting a remittances layer on top of their already existing treasury functions, they got a new high margin product (each remittance typically made $10 per person profit, from a sub 2 minute time at the till), they also got a way to do FX without having to do FX (they settled ledgers at HQ's and gave money out to customers), saving them huge amounts of fees.
Typically, the bank that bought the business from its owners fucked up the model by trying to get exclusive arrangements and by pulling growth funding when the financial meltdown hit their balance sheets.
* Digital Services Digital Networks (DSDN) is a broadband for blockchains. More specifically, it will be a way to connect businesses to each other (like our supermarket example), in particular banks, insurance, firms, lawyers, etc, without having to go down the closed Private (this is very important) bankchain route.
All you need is a high speed settlement process so theses businesses can run their own bankchains that is both secure (so we encrypt it) and not reliant on pre-defined contractual agreements with each other (R3). So, a trustless b2b blockchain network with private connections so they can still tick many regulatory and confidentiality requirements. With many of these private chains running on the bitcoin network (more of that in the whitepaper).
There are millions of banks, insurance firms, lawyers that would benefit from high speed and secure bankchains, but they need to be able to drop in and out of services without too much effort, as these are businesses like any other - they go bust, change names, merge, get sold, etc.
* DSDN is a way to enable ServiceNodes (you knew that was coming) to run bankchains, without caring what bankchains are doing (also why we encrypt bankchains). This is what Georgem's new Spreadwallet enables. He doesn't care what blockchain you run, just as long as there are enough people running a particular blockchain.
* This solves a number of problems and opens up even more opportunties......this bit is for the whitepaper. We keep some surprises for later.
Basically, this is the whitepaper.
Knowing that Georgem is a) busy; and b) a liberal, bankchain needs to go via a pull request for some enabling functionality. So I'm working on this.
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However, if you follow the large brained members of this forum and where they have migrated..
However, if you follow the large brained members of this forum and where they have migrated..
