I am trying to understand how a distributed network can ever hope to compete with centralized processing speeds of major banks that typically clear 25k transactions per second.
I get the appeal of a decentralized currency and want to back an alt currency that could be deployed in confidence to solve low latency, high transaction problems like gaming or offshore wires like the Western Union Business.
None could solve, not Bitcoins at least. Not against Bitcoins but after S2X got called off, I saw the same problems occurring back with the fees part where everyone started paying off more than 0.0008 BTC per transaction which translates to roughly $6 per transaction as a fee. I really can't take it when I need to pay such high fees if I am about to send just 0.01 BTC which will be just $72. There are no altcoins too that can cope up with this.
Electroneum wants this markets and I like this coin, but how are they going to solve the latency problems.
My question is really, is a distributed block chain a feasable soltution?
Do any altcoins have the capability of processing that many transactions?
I hardly believe there will be any, we were against S2X because block size was the actual reason that could bust the drives with the total volume of Blockchain that it will gather in it. Transactions may be processed but if you say that it should be per second, then I think we will really need an upgrade (not S2X), not in the block size but the mining equipment and hardware. There should be something to cope up with the sudden spike in global demand related to cryptocurrencies. This is what we are lacking and may prove to be disastrous for crypto-economy if nothing is done soon.