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There are many misunderstandings regarding the "block lattice" model and Nano in particular.
Nano has, in reality, two confirmation times: one "in the case that everything goes well", which is nearly instant (1-2 sec.), and another one, which is "in the case of a conflict", which is about ~1 minute. This is due to the fact that when the DPoS algorithm detects a conflict in the DAG, then the nodes proceed to vote which transaction goes through.
But as you can never be sure that a conflict won't appear some seconds later - maybe a "legit transaction" is only late because of latency issues - then it's highly risky to accept a transaction with an "instant confirmation". It may get rolled back.
The hyped instant confirmation at Nano has, thus, equivalent security to the 0-confirmation-transaction in Bitcoin, which is also (almost) instant!
DAGs like the "block lattice" are interesting technologies because the propagation of a "confirmed transaction" in theory could be faster than with blockchains, but all models I know currently (IOTA, Nano, Hashgraph, Byteball) struggle with the double-spending problem and have a centralized (IOTA) or semi-centralized (Byteball, Nano, Hashgraph) security layer consisting of a set of trusted or "delegated" nodes doing the hard work (double-spend checking).
If DAG research, however, should show that there is a viable security algorithm then I would have no problem with Bitcoin changing to a DAG (It will be a hard battle, however, if we take into account the ideologized and "flamy" discussions about Segwit.).
There are also blockchains with a "block interval" of less than a minute, like Ethereum or EOS. But their one-confirmation-transactions are far away from the security Bitcoin's confirmation provides.
@locsta123: Block lattice is a kind of "DAG" used by the Nano cryptocurrency. It is "for real" in the sense that it exists. but if you're thinking that it provides similar security with a higher transaction rate and instant confirmation, you're terribly wrong.
There's until today no cryptocurrency - blockchain-based or DAG-based - that can rival Bitcoin's security.
Nano has, in reality, two confirmation times: one "in the case that everything goes well", which is nearly instant (1-2 sec.), and another one, which is "in the case of a conflict", which is about ~1 minute. This is due to the fact that when the DPoS algorithm detects a conflict in the DAG, then the nodes proceed to vote which transaction goes through.
But as you can never be sure that a conflict won't appear some seconds later - maybe a "legit transaction" is only late because of latency issues - then it's highly risky to accept a transaction with an "instant confirmation". It may get rolled back.
The hyped instant confirmation at Nano has, thus, equivalent security to the 0-confirmation-transaction in Bitcoin, which is also (almost) instant!
DAGs like the "block lattice" are interesting technologies because the propagation of a "confirmed transaction" in theory could be faster than with blockchains, but all models I know currently (IOTA, Nano, Hashgraph, Byteball) struggle with the double-spending problem and have a centralized (IOTA) or semi-centralized (Byteball, Nano, Hashgraph) security layer consisting of a set of trusted or "delegated" nodes doing the hard work (double-spend checking).
If DAG research, however, should show that there is a viable security algorithm then I would have no problem with Bitcoin changing to a DAG (It will be a hard battle, however, if we take into account the ideologized and "flamy" discussions about Segwit.).
There are also blockchains with a "block interval" of less than a minute, like Ethereum or EOS. But their one-confirmation-transactions are far away from the security Bitcoin's confirmation provides.
@locsta123: Block lattice is a kind of "DAG" used by the Nano cryptocurrency. It is "for real" in the sense that it exists. but if you're thinking that it provides similar security with a higher transaction rate and instant confirmation, you're terribly wrong.
There's until today no cryptocurrency - blockchain-based or DAG-based - that can rival Bitcoin's security.
This is an interesting analysis but actually incorrect - your post has been linked in the Nano subreddit where the developer has responded indirectly to your claims. You can check it out here - https://reddit.com/r/nanocurrency/comments/9qdpkw/relevance_of_comment_on_nanos_instant/
