A faster processor than Blockchain

[cbgarcia]

Hi all,

We are retired professors of a well-known B-School and we recently created a new way for transacting bitcoins because we felt that the Blockchain is deficient in a number  of ways: transactions take 10 minutes or more to complete; it is commercially infeasible ( it will ultimately crash when the history of transactions becomes excessively large); it uses massive amounts of energy and power; it employs miners that can slash your purchasing power (their transaction fees average 4-5% (https://blockchain.info/stats)).

Our system is at beta right now at http://Fasterchain.com and we would heartily appreciate your comments regarding it.

We hope to incorporate our business early this year if enough people are interested. Ideally, we would like to have a free site from a reputable institution partnering with us.

Our system uses the atomic clock to process transactions instantly, first-in, first-out. It does need any history of transactions (only current balances), uses very little energy and power, and does not employ miners. If you are ahead of others, you get processed first, at no additional cost to you. You never have to pay extra to speed up your transaction.

The Blockchain’s power lies in the verification of transactions by consensus. But this causes delay. In its place, we have transparency of transactions: every transaction is published publicly and anonymously as soon as it is made. Hence, anyone can download transactions of any given day and verify that the transactions are consistent continuations of the previous day's transactions.

Thanks!

Tom and Bill

[LoyceV]

Our system uses the atomic clock to process transactions instantly, first-in, first-out. It does need any history of transactions (only current balances), uses very little energy and power, and does not employ miners. If you are ahead of others, you get processed first, at no additional cost to you. You never have to pay extra to speed up your transaction.

The Blockchain’s power lies in the verification of transactions by consensus. But this causes delay. In its place, we have transparency of transactions: every transaction is published publicly and anonymously as soon as it is made. Hence, anyone can download transactions of any given day and verify that the transactions are consistent continuations of the previous day's transactions.

What you describe has nothing to do with Bitcoin. Do you have any idea what Bitcoin is?

[morantis]

its a nice idea, it just seems at this level of explanation to leave the realm of bitcoin and become something else.  that does not make it a bad thing, but the very concept of bitcoin is in the consensus confirmation, eliminating the human factor at any management level. it is not so much about transparency, it is about the lack of a human "management" touch.  sounds like you are simply creating a transparent paypal-like system that uses a token as a self-valued unit.  that's great and may take off, it has simply left the realm of crypto-currency because it is not a crypto, lol.

you have identified one of the major things holding back bitcoin from internal, fast commercial use though.  at the current development level, the customer in a fast food place would have to either wait while their transaction confirms or the business has to have the faith to let the customer leave with fewer confirmations.

bitcoin is being used every where here though.  the main way of buying, for example, burger king, is to deposit an amount of bitcoin prior to visiting and that is basically converted in the cash register to a fiat representation.  this does not solve the problem of bitcoin replacing fiat, just adds bitcoin to the mix of current methods of payment.

good luck with your business and we will all keep watching

[mobnepal]

We are retired professors of a well-known B-School and we recently created a new way for transacting bitcoins

It looks like you guys are kids rather than retired professors. I think you guys are trying to create another centralized payment processor with bitcoin deposit and withdraw option nothing seems new.

In fact, the Blockchain system will inevitably crash due to its ever increasing need for more and more storage.

Blockchain will crash?  

[franky1]

so

no history = not a blockchain
no consensus = no independent auditing

in short and simple terms its just a open google spreadsheet of balances anyone can view and download....

now lets address the lies and lack of understanding the OP has.

1. a bitcoin ASIC miner does not have a hard drive, meaning an ASIC is not hurt by the bloat of the blockchain or amount of transactions.
a POOL stores the blockchain and hands a HASH to the ASIC's.
it does not matter how many transactions are on a block, ASICS dont see or get hurt by the bloat of transactions.
in short bitcoin miners are unaffected by data bloat.

2. bitcoins 8 years of tx data can fit on a fingernail


overall this statement from fastercoin sums up the backward thinking

As the Blockchain becomes more and more commercially infeasible, Fasterchain offers the Bitcoin community a superior alternative.

all i can see is some dude asking you to hand him your real bitcoin and then you can play around with his google spreadsheet balance. (no difference than MTGox balance or facebook credits). all while not even understanding how things actually work and while also throwing out FUD/scare stories that hold no merit..

seems unrevolutionary and very backward thinking.. boring.

.. sorry if im just being frank

[Xester]

I am just confused what is the system is all about. I have two interpretation.

1. You are going to replace blockchain technology with fastchain.
I have read that it is another way of making bitcoin transaction more way faster but as I understand it this system will no longer use blockchain but fast chain. Blockchain is the heart of bitcoin taking and if it is take away that currency will no longer be bitcoin since bitcoin and blockchain is inseparable.

2.You are going to create host web wallets and named it fastchain
My another interpretation is that you are not referring to blockchain as a technology but to the site blockchain.info. If I am right that your business is to host web wallets and name the site fastchain that offers lesser transaction fees. If my second interpretation is right then I would like to see how your system runs and more power.

[NeuroticFish]

The Blockchain’s power lies in the verification of transactions by consensus. But this causes delay. In its place, we have transparency of transactions

So we have to believe you for the transactions?

Do I know you? No. Should I believe you are fair and remain fair? No.
No offense but this is just a centralized altcoin with no use at all.

We are retired professors of a well-known B-School and we recently created a new way for transacting bitcoins

It looks like you guys are kids rather than retired professors. I think you guys are trying to create another centralized payment processor with bitcoin deposit and withdraw option nothing seems new.

This sounds rather harsh, but I find it sooo close to the truth....

[shorena]

-snip-
it employs miners that can slash your purchasing power (their transaction fees average 4-5% (https://blockchain.info/stats)).

Fuck you.

Mining Cost
Total Miners Revenue    1,884,717.51 USD
% earned from transaction fees    4.37 %
% of transaction volume    0.69 %

[btvGainer]

The Blockchain’s power lies in the
verification of transactions by
consensus. But this causes delay. In its
place, we have transparency of
transactions: every transaction is
published publicly and anonymously as
soon as it is made. Hence, anyone can
download transactions of any given day
and verify that the transactions are
consistent continuations of the
previous day's transactions.

You can not move bitcoin to Fasterchain from blockchain ( or any other chain for that matter).
What you can do is built a new crypto around your fasterchain.It may be transparent  it won't be decentralized.

[sega01]

I've thought about doing this. You've basically made a database of floats and let people move them around. You can also cash in and cash out.

Much simpler to work with, but very centralized.

[cocoklogi]

I don't think that ur work will much related with the blockchin. And how it could be so transparant if its didn't based on the consensus.