Hey guys,
to be short and sweet, I'd like to start a coin that can have fast transaction validations. I'm talking just seconds if possible. The ultimate purpose for this would be for Brick&Mortar stores that would also act as a mid-point for coin-2-cash transactions. Participating customers would (of course) have to register within the same system for trade in the privatized network.
Here are my questions...
1. Are transactions times in proportion to the size of the entire Database?
No. Transactions are instantaneous. Confirmation times (the time to make a transaction irreversible) depends on the hashrate of the network and the frequency of blocks.
1b. If a smaller privatized Coin was created, would it be possible for faster blockchain validations without the sacrifice of Security?
Not necessarily. If a central authority controls the coin, then that central authority theoretically has the power to change transactions after they are in the blockchain. The security of Bitcoin is due to the decentralization and the current network hashrate which makes it very very expensive to change a transaction in the blockchain.
2. Many systems are decentralized, and therefore nobody controls it. To anyone's current knowledge has any developer implemented a "repossession" code to function much like banks or Paypal where fraudulent transactions can be dealt with at a higher level?
I'm sure some altcoin has done something like that, but all of the popular cryptocurrencies do not. This would make the coin centralized as that one person who can reposses the coin is a central authority.
