Heard it on Slack!In an effort to spread information to the community that would eventually be lost in our Slack channel, here is a recent impromptu Q & A session with our community!pmalek:
What was new block time again for SYS?
And what would be the sell point advantage over just BTC in scalability
considering all this shit going on with BTC, overloaded network etc
sidhujag:
Scalability in what way?
1min
pmalek:
Potential network overload , delayed payments. Since its gonna be sha256 algo
I know its far optimistic at this point, just asking(edited)
Since SYS is coin made for purchases
1min is awesome
sidhujag:
Actually because in 10 mins we can offer the same amount of transactions but with more granularity.. Each block is 100k instead of 1m, so those that want it quicker will pay higher fees for 1 min and fallback to 10 min for basically free
So to a layman it makes more sense
And our service fees also pay miners they will want to include sys services in blocks.. The tx fee + sys service fee gives more incentive to mine
Once network overload happens since we deflate a,bit it will scale a lot better.. I've done the math and chose the coin count accordingly
Inflating for more than 5 sys services a block will help crate miner incentive
We can do about 50 sys services per block and thus 45 sys services per block inflates it a bit but once we get more efficient protocol in btc such that 100tps is possible then we begin to really show that we can scale.. At 100tps or higher we begin inflating a measurable percentage say 3-5% a year to account for the high demand for services..
Assuming the blocks are filled with sys services and not sending & receiving because it doesn't qualify as "work"
Under 5 sys services a block we burn the fees which creates the impression of a deflationary supply... Which affects investors decisions.. Although it is a negligible amount since fees are dust amounts..
So supply is dynamic as you can see based on the demand for services.. That is how we scale
pmalek:
That sounds good and clever. Understood most of what you saying. But just to be clear. When someone buys an item, merchant or seller would have his money in 1min-10min most (for 1 confirmation) if the fees are payed
sidhujag:
Ya.. If blocks are filled pay more for 1min for less for more time.. But because 10 blocks are equivalent for 100 mins in bitcoin it will create a better fee market than bitcoins.. Since waiting 10 mins will basically be free
But blocks will fill quicker so you will see the fee market in action faster than bitcoin
pmalek:
Great
sidhujag:
Assuming people use the marketplace and certs and messaging
I think the current design works better for Syscoin than it does for bitcoin
pmalek:
When it goes out of beta , you guys should approach to all the businesses that accept BTC now and sell them improved idea..
sidhujag:
And if i were to hardfork BTC i'd do 1 min blcoks with 100k block size
You would see the fee market doing its thing
pmalek:
If not, all this tech will be for nothing, only to be cloned by others
sidhujag:
Cloning is ok
The base always does better
Followers are just followers
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