Follow @nxtchg

Author Topic: Transaction Speed  (Read 1065 times)

eXtatiC

  • Minion
  • *
  • Posts: 15
  • Respect: 0
    • View Profile
Transaction Speed
« on: February 07, 2015, 05:56:18 pm »
0
Can we achieve <1 sec complete confirmation? Is it possible?

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: Transaction Speed
« Reply #1 on: February 08, 2015, 09:10:11 am »
0
Well, hopefully we will be able to test it in a few months ;)
Tentacle Overlord, The Deranged Genius of The Abyss

vader

  • Minion
  • *
  • Posts: 6
  • Respect: 0
    • View Profile
Re: Transaction Speed
« Reply #2 on: February 08, 2015, 12:01:33 pm »
0
what is a "complete" confirmation? the confirmation of 70% of the nodes?

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: Transaction Speed
« Reply #3 on: February 08, 2015, 05:28:53 pm »
0
It's not that simple because consensus works in rounds and each round can even have different settings, but the general idea is the same as all the other coins - the longer you wait, the more reliable your confirmation is.

Simcoin is designed to give you very good reliability (like 99.99%) as soon as possible (under 1 sec), but if you are sending 1 M dollars, you probably want to wait longer, maybe even for 4 hours, until you transaction crosses the Reorg Boundary and can't be rolled back anymore.

It's also probably a good idea to add a checkpoint system to protect the history even further. Heck, we could even write checkpoint hashes into Bitcoin blockchain ;D

Tentacle Overlord, The Deranged Genius of The Abyss

kLee

  • Minion
  • *
  • Posts: 8
  • Respect: 0
    • View Profile

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: Transaction Speed
« Reply #5 on: February 13, 2015, 07:45:17 pm »
0
http://cointelegraph.com/news/113482/jeff-garzik-on-instant-confirmations-hope-is-the-denial-of-reality

Any comments on this??

He was talking about Bitcoin and its clones, so this "comment" is taken out of context.

It was not about the problem in general, but a part of the message on the dev mailing list about a particular change to Bitcoin.

"Journalists" are trying to make "news" by grabbing sentences out of emails now? ::)
Tentacle Overlord, The Deranged Genius of The Abyss

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: Transaction Speed
« Reply #6 on: February 13, 2015, 08:34:06 pm »
0
The thing is, in PoW coins, by definition, you need to prove that you did some work and you can't do meaningful amount of work instantly. So real instant transactions are out of the question.

In PoS the situation is different: all you need is to collect enough votes and that can be done very efficiently, especially if you limit the number of full nodes (which you need to do anyway if you want the system to scale).

I am not saying PoS is perfect, by god it has its own problems, but at least it can be done efficiently.
Tentacle Overlord, The Deranged Genius of The Abyss

wizzardTim

  • Jr. Minion
  • **
  • Posts: 80
  • Respect: +5
    • View Profile
Re: Transaction Speed
« Reply #7 on: January 25, 2016, 04:43:30 pm »
0
Will SIM make use of a checkpoint system or explicit Reorg.boundaries?

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: Transaction Speed
« Reply #8 on: January 25, 2016, 04:54:59 pm »
0
There will be explicit reorg boundary, but checkpoints can also be easily used for more paranoid protection.
Tentacle Overlord, The Deranged Genius of The Abyss