Is there any interest in a really fast cryptocurrency, like FastCoin?
Is there any interest in a really fast cryptocurrency, like FastCoin?
Like FastCoin?
I’m not sure.. Never heard of FastCoin.
However, there’s a ton of interest in fast cryptocurrencies like Bitcoin and Ethereum.
You see, when talking about settlement with cryptocurrencies, there are two factors to consider. The first is block time, and it’s one people are familiar with. This is how often a new block is added to the blockchain. Bitcoin Block Explorer - Blockchain
The Bitcoin network usually adds new blocks every ten minutes or so. Once your block is added, your transaction has 1 confirmation. After another block is added, your transaction has 2 confirmations. This continues on ad infinitum. Some of my transactions have over 20k confirmations, however anything more than 6+ is considered permanent and irreversible. Very important transactions should be given the appropriate time before considered irreversible.
Before I talk about network propagation, the second factor, I would like to remind that most actions with a bank can take 3–5 business days. Compare this to a Bitcoin transaction with 6+ confirmations, a few hours at most.
With that said, most transactions don’t necessarily need confirmations to be considered valid. It’s the same with credit cards (or checks). Before confirmation, there’s a chance that the transaction won’t go through (double spend), but for small purchases and transactions amongst friends, you don’t need to wait for the 6 confirmations while biting your fingernails, thinking you’ve lost money.
When you broadcast a transaction to the Bitcoin network, others can see where you intend that money to go, and where it is likely to end up in ~30 minutes. If I’m selling something to someone I know, I don’t have to wait for the confirmation to know my money will arrive, I just have to see that it’s broadcasted and will be confirmed eventually. If that confirmation doesn’t come through (wouldn’t happen on accident, it’s a malicious double-spend) then I would know not to trust that person again.
If people are looking for fast cryptocurrencies then I would suggest going with something much more reliable and well-known, like Bitcoin or Ethereum.
Well, there are already quite some cryptocurrencies (like Steems, IOTA, etc...) being ultrafast. I currently don't see the need (yet) for another cryptocurrency serving this purpose.
Anyways, it was nice reading an article from you about cryptocurrencies again. Keep up the good work!
I have never heard of fastcoin (in addition I will go and inquire immediately). By cons in the same area I heard about Digibyte which looks ultra secure and is very fast. For me this currency has a lot of future because borne by the Asian community. On the other hand, their communication on certain project (as digibytegame) leaves something to be desired from time to time.