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Author Topic: Electroneum's Instant Pay Platform is faster than Visa, AMEX and Mastercard  (Read 44 times)
davey76
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September 19, 2018, 12:57:29 PM
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Electroneum (ETN)’s instant payment is now live. This centralized and decentralized platform lets you complete a POS or online checkout instantaneously. Instead of waiting minutes for a transaction to manifest on blockchain, or waiting for 24 hours for a bank release your funds, Electroneum’s platform lets the recipient send goods immediately, thanks to its never-before-seen ability to guarantee the funds. Here’s how Electroneum’s instant payment works.

One Reddit user tested the speed and was able to get an instant notification from the USA to Japan in 2.7 seconds with a single refresh. The transaction appeared on the blockchain within a few minutes after. Additionally, the user tried a USA to USA transactions. They were able to send Electroneum in 3-4 seconds with instant payment.

More info at: https://blocklr.com/news/electroneum-etn-instant-payment-live/

Watch an Egyptian integration on: https://www.youtube.com/watch?v=G9kfftkWJy8

I think this is a game changer for crypto, what do you guys think? Electroneum aims for the masses that don't understand crypto.

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September 19, 2018, 01:09:42 PM
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So, I saw the video linked in the article, All it showed was the user got a notification in the app, while the transaction appeared on blockchain 'a few minutes later' according to the article. So what's so revolutionary here? It's the same thing as not having 'confirmed' transaction show up in your wallet. Was this whole article just about a notification? Or am I missing something here?  Roll Eyes

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davey76
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September 19, 2018, 01:17:57 PM
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You are missing that the transaction first go through a central server, so the vendor instantly gets the confirmation that he will be paid. The transaction will later appear on the actual blockchain. The real-life transaction is instant, like paying with cash or a card. The proof of the transaction is found later on the blockchain.

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September 19, 2018, 01:38:53 PM
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You are missing that the transaction first go through a central server, so the vendor instantly gets the confirmation that he will be paid. The transaction will later appear on the actual blockchain. The real-life transaction is instant, like paying with cash or a card. The proof of the transaction is found later on the blockchain.

So this 'central-server' has the user's private key to ensure that the transaction will go through? How are they ensuring the payment will go through? I will look into Electroneum.

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davey76
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September 19, 2018, 02:06:37 PM
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Whenever you get a wallet from electroneum via their app or website, they won't give you the private key. So, it is less decentralized then other cryptocurrencies. You can always make a paper wallet and transfer your ETN there, then you have your private key. They aim on the masses that don't understand thinks like private keys and other technical stuff.

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September 19, 2018, 02:10:58 PM
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Whenever you get a wallet from electroneum via their app or website, they won't give you the private key. So, it is less decentralized then other cryptocurrencies. You can always make a paper wallet and transfer your ETN there, then you have your private key. They aim on the masses that don't understand thinks like private keys and other technical stuff.

Lol, So its a PayPal with public database... But with the option to go private.

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davey76
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September 19, 2018, 02:35:07 PM
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Nah, I think you need to do some more research ... Public database? lol

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September 19, 2018, 02:37:06 PM
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Nah, I think you need to do some more research ... Public database? lol

Database as in, List of all the transactions. I will watch a couple of videos on this if you have any suggestions feel free to pm me.

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September 19, 2018, 03:14:40 PM
 #9

The advantage is that a customer can pay instantly and the vendor knows he will get his money (while the blockchain is processing the real transaction). Mass adoption will only work, if the sale is made within seconds, like with a debitcard or cash. Waiting for a blockchain is no option.

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September 19, 2018, 03:17:21 PM
 #10

Electroneum (ETN)’s instant payment is now live. This centralized and decentralized platform lets you complete a POS or online checkout instantaneously. Instead of waiting minutes for a transaction to manifest on blockchain, or waiting for 24 hours for a bank release your funds, Electroneum’s platform lets the recipient send goods immediately, thanks to its never-before-seen ability to guarantee the funds. Here’s how Electroneum’s instant payment works.

One Reddit user tested the speed and was able to get an instant notification from the USA to Japan in 2.7 seconds with a single refresh. The transaction appeared on the blockchain within a few minutes after. Additionally, the user tried a USA to USA transactions. They were able to send Electroneum in 3-4 seconds with instant payment.

More info at: https://blocklr.com/news/electroneum-etn-instant-payment-live/

Watch an Egyptian integration on: https://www.youtube.com/watch?v=G9kfftkWJy8

I think this is a game changer for crypto, what do you guys think? Electroneum aims for the masses that don't understand crypto.

Could you explain in OP what are the advantages of this system?

And how it can be centralized and decentralized platform at the same time? Other than that, what's the purpose of this system if it still comes down to waiting for a few confirmations till your transaction is considered accepted by the network? Most services require a few confirmations anyway, and thus you can see the transaction in any blockchain explorer without the help of such third party tools. If it is a payment processor (sort of), then I don't understand its purpose as you can still try to double-spend. Thus it makes no sense as such as it doesn't have private keys and can't guarantee that a transaction won't be recast

The advantage is that a customer can pay instantly and the vendor knows he will get his money

There's no such guarantee unless the service has the keys. And if it has, it is pretty much the same online wallet like Coinbase or whatever

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September 19, 2018, 03:47:06 PM
 #11

Does Electroneum still exist?  Undecided I bought some during the ICO and hype last year but lost any hope of ever getting any profit from me hodling ETN. I was sold by the marketing moves of Richard Ells and youtubers (Crypto for the people). Hopefully this video revived some hope in Electroneum for me.

davey76
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September 21, 2018, 07:27:52 AM
 #12

Well, a picture or a video says a thousands words, here one from the community:
https://www.youtube.com/watch?v=_cFLTzOFzOc

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