RaiBlocks, Should we invest?
What is RaiBlocks?
Instant feeless transactions!?
"RaiBlocks is a trustless, low-latency cryptocurrency that utilizes a novel block-lattice architecture, where each account has its own blockchain and achieves consensus via delegated Proof of Stake voting.
Offers feeless, instantaneous transactions, as well as unlimited scalability, making RaiBlocks ideal for peer-to-peer transactions.
The network requires minimal resources, no high-power mining hardware, and can process high transaction throughput.."
So it says on https://raiblocks.net/page/faq.php
Fee-less and instantaneous! Awesome!.... but wait... where have we seen that before?
IOTA promised the same thing just for machine-to-machine payments (m2m)
I have been invested in IOTA for about a year now and it's fee-less alright, but it certainly isn't instantaneous. I've recently had a transaction pending for 4 days.
For those of you that wonders what IOTA is. Read below. Otherwise skip the next section.
IOTA is a "cryptocurrency" designed for the Internet Of Things, machine to machine micropayments (m2m). It’s supposed to be fast and fee-less.
IOTA isn't build on a blockchain. It's build on something called the Tangle, which is actually something called a Directed Acyclic Graph (DAG).
The idea is that instead of a Ledger like bitcoins blockchain, IOTA uses the Tangle where each device making a transaction confirms other transactions and thereby forming a kind of web structure, or a Tangle.
Each device does the work and thereby eliminating miners and removing the need for fees. This also means that an increasing amount of transactions should speed up the transaction time. Yes you read it right. More transactions should mean faster transactions. It actually makes sense. The more devices there is to confirm other devices transaction the faster they will get confirmed.
I'm probably making a mess trying to explain how IOTA works. If you wan't to know more about IOTA, check out their website: http://www.iota.org/
IOTA is for machine-to-machine and Raiblocks is for peer-to-peer.
How does RaiBlocks intend to solve feeless, instant transactions?
The idea is that each address have their own blockchain. To confirm a transaction you only have to sign a send block for your address and a receive block for the receiver's address. Each address is run by a “representative” to confirm their authenticity. However RaiBlocks should be fully decentralized. How can that be if there is a “representative”? Is this “representative” some other random address? I don’t fully understand how it works yet. I’m trying to wrap my head around it.
RaiBlocks recently gave away their coins via a faucet where you did ReCaptchas. I didn’t know about RaiBlocks until a week ago and therefor haven’t gotten any “free” coins.
RaiBlocks is now trading for $3,64 on the BitGrail exchange. (20-12-2017). Yesterday it was a dollar less.
It kinda nags me to pay for something that was giving away for free just recently and I have bad experiences chasing parabolic coins.
Yes, I know, bitcoin was given away via faucets in the beginning as well and now people are paying nearly $20.000 for one single bitcoin.
Faucets and free coins or not, RaiBlocks is waking my curiosity the same way IOTA did a year ago.
If you wan’t to know more about RaiBlocks or IOTA, there’s an article on Medium by Peter Ryszkiewicz which does a pretty good job at explaining how this all works. Check it out here: https://medium.com/@peterryszkiewicz/iota-vs-raiblocks-413679bb4c3e
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