Bitcoin will get faster, but probably not as much as you’d like. Segwit is already a thing that would double the speed, but is waiting for wallets and exchanges to adopt it. Meanwhile, the Bitcoin development community rejected the Segwit2x change that would have provided another doubling.
So, what’s going on?
They don’t want it to get much faster.
It’s not a technical issue.
So what do you think is going on?
It’ll not work. Even R3 is trying to ride the blockchain bandwagon with the same non technical issue. That being the nodes are all hosted in house. So the eyeball metric that is the basic of the blockchain giving absolute trust is missing.
They would have to allow the common man to install the node. And verify the data, like the Bitcoin blockchain. Even accountants should be able to install the node, like Bitcoin.
PayPal was riding the FinTech train even devoid of this issue. So completely useless intellectually. Just the same old “trust us we’re new but just like them” mantra.
They have to open login all servers. In addition to blockchaining it as per aforementioned.
The basic building blocks are thus:
Cash
Currency
Forex
International Trade
Retail transactions
Salaries
A fake stock price does nothing for society. Nothing at all.
ASX is well positioned to put everything on the blockchain.
One must remember though that blockchain transaction verification has scalability issues. So they’re well advised to go straight to Atomic swaps and Atomic Async databases a la Google Spanner ( they would have to commission them to make that distributed too ). So that the thousand home based nodes can do everything.
AND IT IS VERY VERY IMPORTANT FOR THE MINIMUM TIME FOR ALL THESE TRANSACTION VERIFICATIONS TO BE NOT LESS THAN ONE HOUR ELSE IT WILL EAT UP THE TRANSACTION PROCESSING LIKE HEISENBERG!
AND TRANSACTIONS NOT LESS THAN THE TICK 15 SECOND STANDARD. WRITTEN INTO THE ARCHITECTURE.
THE PRICE and ORDER VALUES SHOULD BE SIGNED BY THE ASX and provided free as Async broadcast to all nodes a la NSE BSE.
They would need a Gridcoin client because BOINC is the only standardised way to do distributed computing. And GPU accelerated BOINC clients offer 10x speedups.
The commons node would have to also do distributed fingerprint daemon and distributed identity daemon and distributed digital certificate verification daemon to actually verify that the price values are from ASX. Alas when digital certificates are hacked it should not be the end of the world’s stock market, the encryption itself should be modular and downloadable. Again verified of course, of course!
A million Australian commons NBN nodes could thus do the identity daemon for the whole world. And it’ll pay for itself by empowerment of the common man on a highly intellectual basis. Without onerous and expensive treasury style modelling concerns.
I still fear the first day of H.F.T. transactions will commit all blockchain slots for the next year of generation.
A basic rule of thumb is a system undergoes collapse as soon as its base load increases to the point where a standard-day-less-minimum-downtimes worth of transactions takes more than 24 hours to process.
Million node processors operated by a disparate body of untrained operators? How long will that (keep) working? How long before there is 100 trusted nodes still operating and 999900 of them with unpatched security vulnerabilities? Or hacked, or offline due to some idiot exchange router screwup? (A new form of insider trading: if you take your node offline for half an hour we can share the dividends…?)
And don’t even think of the Oz government stepping in with their technological reputation as it currently stands.
Both the Blockchain and BOINC provide safeguards against node down. Including ASYNC databases and transactions. That’s what they do.
Bitcoin client would have to be rewritten as it doesn’t share rewards.
Also important is the sorting machinery. Only NSA and Vocus etc ( with milk creds ) have the real-time machinery to create sorting machines. Including quality etc.
They can create the loom too, for on demand $10/- Australian bamboo fiber anti allergenic T shirts. Orders placed online.
The biggest issue with the ASX is delivery. People just speculating and not taking the material on the 11th hour. They need double signed boxes to long term store commodities.
It’s a training issue for the common man to buy only > 1 year old stores and < 10 year old stores. Almost assuredly skip the entire supply chain horror that is fresh food.
They would also need to create a) automation and b) mobile phone sized general anaerobic respiration testing machine to see how the food is doing for every can.
Ego is not welcome, neither are paranoid mothers.
At the outset they would need to create the BTC/AUD, AUD/BTC, ETH/AUD, AUD/ETH, GRID/AUD, and AUD/GRID, RIPPLE/AUD, AUD/RIPPLE financial instruments only accepting five significant digits. They would have to be the market makers themselves in the architecture so that all these instruments are like the Forex variants, completely verifiable as random curves with max standard deviation as 1 per month.
They may choose to skip the faulty definition of randomness that has been used to steal 100 trillion dollars from Australia in the last 100 years.
All one needs to do is to create a purely random set of digits around the smooth normal curve. In which case standard deviation won’t apply, it’ll just be a dotted blob around the perfect 1/X curve. Area of blob and weight of blob being important so too the centre of gravity.
Again verifiable on the Blockchain, refer Pandom, and Meresine Twister 600 dimension random numbers.
And slowly withdraw their market making still pseudo random but actual orders till the real market takes it over verifiably, always filling it in if there’s a glitch. The architecture needs to be similarly hosted in ten nations, so too the material.
The ten nations chosen by the Australia Post cash passport are thus: