Fastest transactions for an altcoin

[Letssmart]

So a few altcoins here have fast or instant confirmation times, I'll name them.


1) Ripple - 5 seconds per block

2) Bitshares - 10 seconds per block

3) Worldcoin - 40 seconds per block

4) Digitalcoin - 30 seconds per block

5) Supercoin - 3 confirmations every 30 seconds

6) Quarck - 30 seconds per block

(I'm excluding Darkcoin/Dash from here because it's a instamined shit/scamcoin)


So, which out of those coin do you think is the best to use security wise, dont the fast confirmations bring in orphans and the like?

[1714147593]

1714147593

[Daedelus]

Depends on how decentralised or otherwise you like your crypto and the security you're willing to accept I guess.

More centralised forms will have fewer orphaned blocks as the network only has to 'talk' to fewer nodes and it isn't as messy to reconcile. Also check if x seconds if a confirmation by all the network to gain consensus or just reliant on a small percentage (marketers like to create a fog about this when questioned   ).  

[Momimaus]

So a few altcoins here have fast or instant confirmation times, I'll name them.


1) Ripple - 5 seconds per block

2) Bitshares - 10 seconds per block

3) Worldcoin - 40 seconds per block

4) Digitalcoin - 30 seconds per block

5) Supercoin - 3 confirmations every 30 seconds

6) Quarck - 30 seconds per block

(I'm excluding Darkcoin/Dash from here because it's a instamined shit/scamcoin)
Then please delete Ripple also


So, which out of those coin do you think is the best to use security wise, dont the fast confirmations bring in orphans and the like?

Node has instant transactions.
Ethereum aims 12 seconds.

And I believe bitshares doesn´t have 10 secs.

[Djinou94]

We still need a 1 second per block coin...

Emunie?

[bitwho]

isn't Node instant?

[patmast3r]

So far all instant-tx implementations I know of always introduce some form of centralization. That's not necessarily a huge problem but everyone has to decide for himself if instant-tx are worth abandoning complete decetranlization. Personally I feel like if the centralization is kept to a minimum it's alright.
With that in mind I guess any DPOS should be relatively secure. Ripple should also be fine but since there are afaik very few validators I'm not sure how much I'd be willing to trust it.
NODE appears to have instant tx but sofar there is no whitepaper that actually explains how it's going to be achieved and honestly the thing just isn't finished yet (tx not always getting through, POA had to be disabled, ...). It's worth keeping an eye on though.

[testz]

...
And I believe bitshares doesn´t have 10 secs.

Try or check here:
https://bitsharesblocks.com

[Guido]

fastcoin is the fastest I believe

[patmast3r]

Ideal Reserve @ 500ms for full confirmation globally.

That's gotta be bullshit, centralized or doesn't scale at all. It should take more than 500ms for tx to even propagate though the network.
Is there a whitepaper or anything on how they plan to achieve that ?

[claycoins]

Ideal Reserve @ 500ms for full confirmation globally.

That's gotta be bullshit, centralized or doesn't scale at all. It should take more than 500ms for tx to even propagate though the network.
Is there a whitepaper or anything on how they plan to achieve that ?

according to the website it uses "clearing houses" which sound centralized.

[patmast3r]

Ideal Reserve @ 500ms for full confirmation globally.

That's gotta be bullshit, centralized or doesn't scale at all. It should take more than 500ms for tx to even propagate though the network.
Is there a whitepaper or anything on how they plan to achieve that ?

according to the website it uses "clearing houses" which sound centralized.

Clearing houses...sounds...i dunno....sketchy ?
Sounds similar to masternodes (where clearing houses are the masternodes) but 500ms still sound impossible. Unless a single clearing house can guarantee right of the bet that a tx will be confirmed.

[carlbrabant]

very interesting,thanks about info:)

[patmast3r]

When the Ideal Reserve says "instantaneous", for the first time in the cryptocurrency industry, it's true.

Anyone can operate a Clearinghouse, and each Clearinghouse is almost as equal as any other.  Helps to be closest to the transferor.  There is no hub-and-spokes time consuming nonsense.  It is client-server since no one uses heavy clients anymore.

Since the entire world comes to agreement in 500ms even with full competition across all continents, all performant Clearinghouses sit idle for about a second at BTC's transaction rate.  Currently, the minimum requirements are a 64-bit single core from about a decade ago with 500MB RAM.  You doing that with your proof-of-waste coins?

Anyone means anyone.  No investment in MØ required.  Still waiting on your proof-of-stagnate twopence?

If you don't like the word "clearinghouse", better isolate yourself from the entire financial system.  Just put everything you have into this instead:

...

No details on the Clotho-Hydra or Argus-Nemesis until both the accountholders and Clearinghouses agree to give them out for someone else to steal.  Good luck convincing them.

Is there a whitepaper or at least technical overview of how those clearinghouses work ? Is there anything decentralized about them ? Does this thing even use a blockchain ?

Also isolating ourself from the current financial system is kinda the point of the excercise.

[balu2]

I was pretty amazed how fast joulecoin confirmes. It's a forgotten gem. 

[Melbustus]

So a few altcoins here have fast or instant confirmation times, I'll name them.


1) Ripple - 5 seconds per block

2) Bitshares - 10 seconds per block

3) Worldcoin - 40 seconds per block

4) Digitalcoin - 30 seconds per block

5) Supercoin - 3 confirmations every 30 seconds

6) Quarck - 30 seconds per block

(I'm excluding Darkcoin/Dash from here because it's a instamined shit/scamcoin)


So, which out of those coin do you think is the best to use security wise, dont the fast confirmations bring in orphans and the like?

Keep in mind you're necessarily trading decentralization and/or security for faster confs.

[brekyrself]

So a few altcoins here have fast or instant confirmation times, I'll name them.


1) Ripple - 5 seconds per block

2) Bitshares - 10 seconds per block

3) Worldcoin - 40 seconds per block

4) Digitalcoin - 30 seconds per block

5) Supercoin - 3 confirmations every 30 seconds

6) Quarck - 30 seconds per block

(I'm excluding Darkcoin/Dash from here because it's a instamined shit/scamcoin)


So, which out of those coin do you think is the best to use security wise, dont the fast confirmations bring in orphans and the like?

Keep in mind you're necessarily trading decentralization and/or security for faster confs.

That may be true for PoW coins however it does not exactly apply to PoS coins.

http://bytemaster.bitshares.org/article/2015/01/09/How-to-Measure-the-Decentralization-of-Bitcoin/

[Melbustus]

So a few altcoins here have fast or instant confirmation times, I'll name them.


1) Ripple - 5 seconds per block

2) Bitshares - 10 seconds per block

3) Worldcoin - 40 seconds per block

4) Digitalcoin - 30 seconds per block

5) Supercoin - 3 confirmations every 30 seconds

6) Quarck - 30 seconds per block

(I'm excluding Darkcoin/Dash from here because it's a instamined shit/scamcoin)


So, which out of those coin do you think is the best to use security wise, dont the fast confirmations bring in orphans and the like?

Keep in mind you're necessarily trading decentralization and/or security for faster confs.

That may be true for PoW coins however it does not exactly apply to PoS coins.

http://bytemaster.bitshares.org/article/2015/01/09/How-to-Measure-the-Decentralization-of-Bitcoin/

PoS has other tradeoffs.

This all fundamentally gets back to the "Fischer Lynch Paterson impossibility" and other research from the early-mid 1980s. You're always trading one thing for another in these sorts of distributed systems.

[lucasjkr]

With equal sized networks, security should be equivalent if you base it on compute time rather than number of confirmations.

Ie a Bitcoin transaction with 6 confirms (1hour work) should be just as secure as a a transaction with 60 confirmations from an aktcoin with 1 minute blocks.

People will say what's the point, but I think the shorter block time would be helpful just so That seller could get more immediate confirmation that the transaction had valid inputs and likely wasn't a double spend attempt. To be equally sure as a Bitcoin transaction with 6 confirmations, they'ed need to wait an hour, not just 6 confirmations.

[razen489]

Fast POW is irrelevant, as far as fast block time.. i would lean on to XRP

[clout]

We still need a 1 second per block coin...

Bitshare's DPOS has been tested with 2 second block production.