ranamajid007 (OP)
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February 12, 2019, 03:06:03 AM |
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In one of the latest videos that has gone viral among the blockchain and crypto communities was about Vitalik addressing at Blockchain Connect Conference in January about Casper CBC and Ethereum 2.0.
During his address he was asked whether CBC Casper was being designed with any transaction throughput goals in mind? Apparently the guy asking question wanted to talk about the proof-of-work’s notoriously slow speed of transactions.
And that's how Vitalik replied,
“There are a lot of horrible misconceptions inside of that because the purpose of a consensus algorithm is not to make a blockchain fast. The purpose of a consensus algorithm is to keep a blockchain safe. A lot of the time, when a blockchain project claims: ‘we can do 3,500 TPS (transactions per second) because we have a different algorithm,’ what we really mean is we are a centralized pile of trash that only works because we have seven nodes running the entire thing.”
What would you say about it?
Sorry if the topic has been discussed before but I couldn't find a concrete discussion.
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ranamajid007 (OP)
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February 12, 2019, 05:05:02 AM |
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In my point of view, if you listen to his speech, he was targetted to a certain number of blockchains that are coming up with a claim to have achieved millions of transactions, which definitely doesn't’ make sense since they are running just a few nodes.
For example, Vitalik mentioned about 7 nodes which in my view was referring to NEO as they have 7 active nodes running. Anyways, the point to be noted is that Vitalik definitely will never give emphasis on TPS, coz ETH is quite low wrt to that.
But let’s be honest. TPS is not the OLNY but still, it definitely is one of the most important characteristics of any blockchain.
Could you imagine, deploying a Dapp like Facebook or Instagram on a mainnet with a few hundred TPS? Ofcourse NO? It will take ages to upload a video of 1080p quality having 2 hours duration. Thus having a higher TPS is required in today’s era.
But one must never compromise between the decentralization and speed aspects. That’s why I guess Futurepia offers really good solution for being highly decentralized and having 300,000 TPS which is, you will agree, more than enough for any active DApp.
These are my 2 cents. What would you say?
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jossiel
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February 12, 2019, 01:25:01 PM |
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I have only few words to say about this and isn't technical with it. Vitalik is just putting a flame to the gap they had with Justin Sun. Remember that Sun claimed this as a kind of achievement and look on how Vitalik replied.
It's about the competition that these two leaders made with their coins. In other words, they don't want to get left behind and no matter what happens they'll look for each others bad side. I'm not with anyone on this gap.
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mindrust
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February 12, 2019, 01:28:14 PM |
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Vitalik is afraid.
Ethereum doesn't perform as good as he imagined and the public interest is shifting from Eth. He desperately wants to collect attention by saying stupid shit like that.
He will eventually shut the fuck up, I hope.
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prestigio74
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February 12, 2019, 01:31:47 PM |
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I often watch what Buterin says, and every time I’m convinced that he knows what he is talking about!
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lichuan
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February 12, 2019, 02:19:01 PM |
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Yes, vitalik is right, I'm the Askcoin's author, Truly open decentralized system, its TPS will not be too high, because of the need to consider security, considering the p2p network transmission and the requirement to not separate the network, At present, Askcoin can only support a maximum of 8 million transactions per day because it is completely decentralized, Low TPS is also the inevitable cost of decentralization, welcome to mine ASK, here is the ANN url: https://bitcointalk.org/index.php?topic=5104959 |
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publicjud
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twet.ch/inv/62d7ae96
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February 12, 2019, 02:47:17 PM |
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In one of the latest videos that has gone viral among the blockchain and crypto communities was about Vitalik addressing at Blockchain Connect Conference in January about Casper CBC and Ethereum 2.0.
During his address he was asked whether CBC Casper was being designed with any transaction throughput goals in mind? Apparently the guy asking question wanted to talk about the proof-of-work’s notoriously slow speed of transactions.
And that's how Vitalik replied,
“There are a lot of horrible misconceptions inside of that because the purpose of a consensus algorithm is not to make a blockchain fast. The purpose of a consensus algorithm is to keep a blockchain safe. A lot of the time, when a blockchain project claims: ‘we can do 3,500 TPS (transactions per second) because we have a different algorithm,’ what we really mean is we are a centralized pile of trash that only works because we have seven nodes running the entire thing.”
What would you say about it?
Sorry if the topic has been discussed before but I couldn't find a concrete discussion.
Well, it was kinda trash speech, but let's admit that Vitalik was extremely frank with the audience. At this war of smart contract platforms I bet on Vitalik without any hesitation because he is the most far sighted specialist in the blockchain area at all. |
Join Twetch twet.ch/inv/62d7ae96 |
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Febo
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February 12, 2019, 02:52:24 PM |
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“There are a lot of horrible misconceptions inside of that because the purpose of a consensus algorithm is not to make a blockchain fast. The purpose of a consensus algorithm is to keep a blockchain safe. A lot of the time, when a blockchain project claims: ‘we can do 3,500 TPS (transactions per second) because we have a different algorithm,’ what we really mean is we are a centralized pile of trash that only works because we have seven nodes running the entire thing.”
What would you say about it?
There is nothing to say. It is long time known fact. Cryptocurency should first be decentralized. If it is not then it can be easily taken down and is not really a cryptocurency. There is lots of coins that are not decentralized. And from unknown reason people like and buy them and believes they are cryptocurencies. |
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ralle14
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Metawin.com
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February 12, 2019, 05:08:20 PM |
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There's a similar discussion on bitcoin discussion about the cryptocurrencies and their transactions per second. Thus having a higher TPS is required in today’s era.
A blockchain having high TPS might be good but it's not a requirement at least for now. We still see Bitcoin and other altcoins with low TPS performing better against thousands of altcoins that claims to be decentralized at the same time capable of millions of TPS. But let’s be honest. TPS is not the OLNY but still, it definitely is one of the most important characteristics of any blockchain.
It's important if there's a need for it but let's not forget there are cons to having hgh tps. |
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fudster
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February 12, 2019, 05:25:05 PM
Last edit: February 12, 2019, 06:03:19 PM by fudster |
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Lots of projects claimed they can send more than 10K transaction per second this includes his fellow Russian Sasha of WAVES. But then he also have point in emphasizing security over fast and tons of transactions per second. If a network can perform millions of transactions per second, can it guarantee adoption?
Can anyone give me the link about this, maybe the youtube video?
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