It was with a fiat banking and paypass card. Imagine getting a push notification about funds being substracted faster than the actual turnstile on a tram station you're paying to opens.
It's Ukrainian virtual bank monobank, they utilize some kind of blockchain tech to approve tx even faster than MasterCard does that in bad circumstances.
If speak about crypto only — that's EOSIO
Topic: What's the fastest transaction speed you've seen? (Read 146 times)
I couldn't find any information regarding DAG being Centralized it all says it's Decentralized so kinda came back here to ask where such information exists
Iota the biggest and most important DAG out there.
in iota the transactions are validated with POW and an special node calle Coordinator, which is like a Proof of Authority.
pOw + coordinator forms their validation and security system which is called Tangle.
The Coordinator is a special node run by the Iota Foundation. It's main purpose is to protect the network from attacks, until the network is big enough to sustain a large scale GPU attack.
The Coordinator makes special transactions called Milestones, which are signed by the Coordinator and are "trusted and legit".
The problem is that now the IOTA network is no more decentralized than Ripple Unique Nodes. What if the Coordinator is compromised?
In future the Coordinator is to become optional or even useless, but as for now IOTA system looks like a centralized service. It's important that investors and users knows about this, even if this is information is polemic and controversy.
https://medium.com/@ercwl/iota-is-centralized-6289246e7b4d
https://www.reddit.com/r/Iota/comments/7c3qu8/coordinator_explained/
I don't know if this relates to the topic, but Transactions from a Steemit account to another is free and more than fast... But it's only steem and sbd that is tradeable.
Because Dag projects are Centralized.
If you don't care about decentralization, why don't you use visa?
Visa is much faster than those dag coins.
If you don't care about decentralization, why don't you use visa?
Visa is much faster than those dag coins.
Hi, was just wondering where the "Because DAG projects are Centralized" part fits into the real world.
DAG is Decentralized.
I couldn't find any information regarding DAG being Centralized it all says it's Decentralized so kinda came back here to ask where such information exists?
Also, DAG nodes (similar to BitCoin's Blocks) are much more difficult to predict, so overall even in theory it would be harder to crack as a BlockChain being a straight line, you'd know where the next block would appear by just finding the previous block.
Cryptocurrencies Lifeline is about the Crypto. If the Code is broken, then everything would be compromised. Having an unpredictable node or block appearance to a hacker or Quantum Computer isn't everything, but it would be a start.
All-in-all, I thought it would be more of a matter between "New Tech = DAG Algorythm Chain" compared to "Old Tech = BitCoin's BlockChain, Ethereum etc...", although the overall size & scale is different. To be able to compare, we're just going to have to see TravelFlex grow to the size of BitCoin and see which one's faster.
P.S. - Ripple (XRP) isn't DAG, nowhere even close to decentralization. Ripple is the most famous and biggest Centralized Cryptocurrency in the world, although for some reason they find it hard to admit it. The only argument is to what extent Ripple remains Decentralized, before it enters the main structure that is Centralization Central, or about as centralized as the current world we are in now. I mean, just look at their White Paper. If you read it, the you would think, "So which part is Decentralized?" They can also Freeze your Account and Transactions, Just like Any Other Centralized Bank. It's a joke, really. Sorry I'm going-on about Ripple. It's just amazing that it even exists on the Cryptocurrency List when it's actually just a Payment system, not even a BlockChain.
Anyway, thanks and looking forward to your reply.
https://bitcoinist.com/ripple-eos-joseph-lubin-ethereum/
the question is never just about the speed, it is about the speed + security.
when you send a bitcoin transaction it takes only 1-3 seconds to propagate throughout the whole network and for everyone peer on the bitcoin network around the whole world to find out about your transaction. but the confirmation takes about 10 minutes on average. but when it has 1 confirmation the risk of it being double spent is near zero.
now we have altcoins with faster blocks so faster confirmation, but 1 confirmation in them doesn't mean the same as bitcoin. there is still a high risk of double spend there even with much higher number of confirmation. for example there are exchanges that require 100-5000 confirmation for certain altcoins!
as for DAG coins, i agree that it is a great technology and i also like it but you should ask whether it is as safe. i don't have the answer since i am not familiar with them completely but they don't seem to be.
when you send a bitcoin transaction it takes only 1-3 seconds to propagate throughout the whole network and for everyone peer on the bitcoin network around the whole world to find out about your transaction. but the confirmation takes about 10 minutes on average. but when it has 1 confirmation the risk of it being double spent is near zero.
now we have altcoins with faster blocks so faster confirmation, but 1 confirmation in them doesn't mean the same as bitcoin. there is still a high risk of double spend there even with much higher number of confirmation. for example there are exchanges that require 100-5000 confirmation for certain altcoins!
as for DAG coins, i agree that it is a great technology and i also like it but you should ask whether it is as safe. i don't have the answer since i am not familiar with them completely but they don't seem to be.
Quite interesting to know there are even some unpopular coins that could be transferred faster than the main popular coins.. This is what btc and most top coins lack
In addition to the centralization issue, I don't see that they really have the need for such a speed. Why preparing for high throughput and peak performance if we don't have many users using our blockchain. To paraphrase Andreas Antonopoulos, let us first have a scaling problem, and we will find a solution to it.
IOTA really need free and fast transactions for IoT solutions. IoT would require millions transactions per second..
However I think that now everyone is trying to put everything in the blockchain.
In addition to the centralization issue, I don't see that they really have the need for such a speed. Why preparing for high throughput and peak performance if we don't have many users using our blockchain. To paraphrase Andreas Antonopoulos, let us first have a scaling problem, and we will find a solution to it.
Because Dag projects are Centralized.
If you don't care about decentralization, why don't you use visa?
Visa is much faster than those dag coins.
If you don't care about decentralization, why don't you use visa?
Visa is much faster than those dag coins.
I was with my friend and he had two computers set up. One with the new TRF (travelflex) to DAG swap wallet that converts the old TRF into the new DAG version. He sent one coin to his personal wallet and by the time we walked into the other room moments later to view it on his other computer's home wallet, it was completed! So we decided to time the rest of the deposit. It was acknowledged as incoming in less than 8 seconds, in fact the wallet reacted right after I hit send. Then moments later, the transaction was completed. I hit stop and the time was at 33.36 seconds total transaction speed! Holy S&%t this DAG stuff is a game changer! Peer-to-Peer in seconds. Why are so few coins using DAG?
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