I admit, I knew that Open Transactions could allow off-blockchain high speed Peercoin micro-transactions, but I had never really researched it fully. Last night I started watching some of the videos by Chris Odom, one of the founders and he recommended reading an article called Lex Cryptographia. I pulled this article up and read it and it blew me away. I never realized until now what OT was really capable of, and this is just one feature somebody is working on implementing. I can only imagine what else can be built around this technology. Check out the article. It’s long, but I think it’s worth it…
Thanks sentinelrv, good stuff for reading. Very informative.
I think we really need to develop OT, to me it appears that NuBits addresses the currency role of crypto currencies. OT develops the very important contract/usability part. I think OT (or similar) will be crucial for the survival of Peercoin in the long term. Once it is clear what needs to be done first (see some other discussion threads), we should start fundraising and attracting one or more developers to work on this.
I agree. I would add to this that all these coins that have very high block rate generation, wouldn’t be able to compete with Peercoin even in this regard if Peercoin have OT. These coins will eventually have very large blockchains, people will still have to wait a long time for many confirmations (so it isn’t really faster, its just falsy perceived that way) and Peercoin+OT addresses both these issues. A lot of you dear readers already know this, but its worth pointing out I think for those new to OT.
[quote=“Sentinelrv, post:3, topic:2720”]In his speech there, he also mentioned another article called Voting Pools. I haven’t read this one yet, but from what I’ve heard, it’s what prevents exchanges from stealing your coins…
Can somebody explain this to me? Why is this better for Peercoin than it is for Bitcoin? It has something to do with the transaction fee right?[/quote]
IMO, the OT off chain transaction gives no fee to miners when BTC reward is low in future , and this strengths the tragedy of commons.
But if OT gets popular, the transaction fee may be raised to high level so than BTC block chain is only suitable for large transactions. What is the hash rate for BTC under this circumstance ? I don’t know.