Author Topic: "Mercury - The world's first trustless cryptocurrency exchange"? Not yet!  (Read 3298 times)

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Offline bitmarley

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Re: "Mercury - The world's first trustless cryptocurrency exchange"? Not yet!
« Reply #15 on: February 28, 2015, 11:51:23 pm »

With the current setup of Bitcoin, you would need to wait just above 100 confirmations to do secure ACCT (Atomic Cross Chain Trading). This would be 1 full round of all delegates for DPOS (about 15-20 minutes atm). These intervals don't make sense for trading. For ACCT to become viable for any chain (without waiting too much) you need a PBFT or PBFT-like real-time Consensus and Ordering Protocol (COP) on top of the main blockchain to make ACCT viable.

That, or the light client trading server does Paypal-like fraud detection and compensates counterparty risk accordingly with pretty high trading fees (anywhere from 0.5-4% of each transaction).

I presume you mean "with the current setup of Bitshares" not bitcoin.

Waiting 15-20 minutes for 1 full round of all delegates for DPOS is much better than depending upon a centralized exchange. Sure they don't make sense for day traders but no-one else has produced ACCT services yet so Bitshares with ACCT would today still win first mover status.