so with the masternode network is there anyway in future to
a) do decentralized exchange
b) some kind of escrow that would let users trade real assets more safely
I am not sure about a decentralized exchange per se, as that would involve other assets on the platform, but I really do think some sort of escrow mechanism with time locks could be a possibility in the future. That would be another way to apply the transaction locking mechanism from InstantX.
We have discussed in the past the possibility of using the transaction locks in exactly the opposite way they were originally conceived. Initially the cool thing was that you could set a transaction lock so quick ~4secs, but the transaction locks also have a parameter that allows you to set a lock for an extended period of time, lets say one week, and I think that has potential to be applied to some sort of escrow mechanism.
cool thanks Minotaur. You please about your mention in LTB?
One thing I didn't get, IX is 4 seconds for MN confirmation, but ~1.5 for 6 confirmations
do you know what do Merchants need? is it 4 seconds or longer (and if so can the MN network get this down to 4 seconds only like credit cards)
That was nice of Evan, I had no idea.
That is a good question about InstantX. When payment processors and merchants start accepting an InstantX transaction lock as enough confirmation to validate a transaction then as an end user you will see your transaction fully confirmed after ~4 seconds, but InstantX is a new technology and there is nothing like it in the market, so is going to take some time until payment processors and merchants understand it and start trusting it as enough confirmation to fully validate a transaction.
In the meantime, an InstantX lock gives you the equivalent to 5 network confirmations and then the 6th confirmation is a normal Proof of Work confirmation so on average 1.5 minutes. Merchants and payment processors normally require 6 confirmations so this is already a huge improvement that requires no action on the merchant or payment processors side.
The moment a merchant, payment processor or exchange decide to take an InstantX lock as a full confirmation without waiting for any extra steps, at that moment the end user would see his purchase validated in ~4 seconds. I think it will require us to publish an updated white-paper, and also some time for the technology to mature, but I am positive at some point in the future some merchant or payment processor would take advantage of the technology and present it as a competitive advantage of their own. Something like "Come trade here, we support InstantX, get a full confirmation after 4 seconds" I would expect a younger exchange or payment processor to take a step like this first to try to differentiate itself, is a competitive landscape out there.
