Ten Minute Delay vs POS - page 2. | Bitcointalksearch.org

some1

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Activity: 364

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667 one more than the devil

Quote from: TheAccountant on August 06, 2014, 05:08:59 PM

I tried searching of this, because I'm sure it has been discussed. But with the block chain taking about 10 minutes to clear transactions, how does this work for POS? Having never done a direct bitcoin transaction (there are no vendors in my area accepting bitcoin, yet), I'm curious how it works.

If you are intrested in PoS have a look at NXT: http://nxt.org/

PoS is more eco-friendly than PoW: no GHash of power needed to keep the network running.

NXT generates new blocks at the rate of about 1 per minute, so transactions propagate faster.

NXT is tring to implement instant transactions too...

Datcracktho

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POW is better, we just need it to be faster, like QUark.

TheAccountant

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Yes, I did mean point of sale.

It looks to me that it would be possible to double spend/over spend if the goods/services are provided before the payment has cleared the blockchain. For example, I buy a laptop at the Apple Store, I submit a payment (knowing my wallet doesn't have enough in it). They see the pending transaction and I leave the store with my product. Ten minutes later they find the transaction fails on the blockchain.

kingama

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It's more likely that POS payments will happen through federated payment processors like Bitpay and Coinbase. They just need to make agreements with one another and settle up several times a day with btc in the background.

FUR11

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FURring bitcoin up since 1762

So, you're talking about POS as in Point of Sale and not Proof-of-Stake, right?
Well, the transaction actually will be accepted immediately (<5s) by the network. If it has reached most of the nodes and the big mining pools, it is effectively about to be accepted in the block chain. For smaller transactions (Coffee, dinner, etc.) this should be perfectly fine. The only thing that takes 10 minutes (average) is the definite act of including it in the blockchain.

TheAccountant

newbie

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I tried searching of this, because I'm sure it has been discussed. But with the block chain taking about 10 minutes to clear transactions, how does this work for POS? Having never done a direct bitcoin transaction (there are no vendors in my area accepting bitcoin, yet), I'm curious how it works.

Topic: Ten Minute Delay vs POS - page 2. (Read 1634 times)