Finance's Informatization

[Sabreiib]

I do believe blockchain tech has reached a bottleneck now: the demands of transaction processing ability of information era is HUGE, people want to pay a single message/email or a pager of article separately. In fact every information exchange among people can be a financial transaction.

However, the traditional transaction processing systems are far behind the demands, Paypal, VISA, ApplePay, Alipay…none of them can process millions of tx per seconds.

I believe this is the biggest gold mine since internet: finance’s informatization. Only information itself can satisfy this kind of demands, and cryptos is information itself.

At first, an informational money is created: Cryptocurrency(BTC), and stable versions(NBT, Tether)
Then a powerful processing system is a must, but till now, there is NO solution. The quarrel in BTC community is arising from the inharmony of Blockchain process ability vs huge tx/s demands.

Sidechain? Lightning network? What’s the transaction ability? And if innovations such as ethereum cannot handle the bloat issue, all the blockchain based cryptos are constrained as settlement network, NONE of them will go mainstream. If BTC 2.0 based on volatile price and low processing platform, death is the only destination.

A OFF-CHAIN solution is desperately needed in this field, as Peercoin has been long waited for such solution.

[Nagalim]

Best response i have for Nu:

[Discussion] Variable Block Size

https://wiki.peercointalk.org/index.php?title=Preventing_Network_Spam Allow network to vote on blocksize. Pick a target filling factor that gives a good amount of head room, like 25%. Use the current fee vote to instead vote on x, which is the dust size, the minimum fee amount, and the fee step. Implement a smoothed step fee using NewFee = OldFee + x * ( FillingFactor / TargetFillingFactor - 1) Thereby, the network will seek to keep blocks 25% full at all times and will respond quickly …

[Sabreiib]

Sadly, this cannot provide great processing ability such as 10,000 tx/s.

[masterOfDisaster]

You always have to choose between a more or a less decentralized approach.
If you want to scale tx/s up or time/tx down, there will be a point at which this won’t be possible, except by introducing some centralized (more centralized than a blockchain created by peers) elements.
I can imagine having a spin-off of Nu in the future, which does that and I think the experience gained from operating BCE will be very helpful (because the signers will be more centralized than the minters, but less centralized than single servers), but I don’t see the capacity within this community or the dev team, to really push forward in this area.
This might be a classic for developing a working scheme, funding/selling it and creating it.

[Sabreiib]

So why Open Transaction is still in process? They’ve hired amateur programmers or their goal is too high?

[zoro]

I guess a combination of both worlds (centralized and decentralized) can be a first solution.