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by Aurornis
328 days ago
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Bitcoin wasn’t designed for high throughput. I’m referring to projects like the Helium network, which rewards people for running network nodes: https://www.helium.com/ It doesn’t work as well as they wanted and it has been subject to various exploits over the years from people figuring out how to fake the participation to extract rewards. |
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>>Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions
From the bitcoin white paper.
>I’m referring to projects like the Helium network, which rewards people for running network nodes
OK, what's the clearance rate for helium?
Visa clears 35,000 a second.