I follow this family policy also with Bitcoin. For both Bitcoin and Grin I have the hope and expectation they will provide a real and long lasting alternative to the governament controlled fiat currencies. I do however expect to use some Grin as real money far befor my children grow up. Mobile wallets and posibly attomic swap are all that is needed to start using Grin. Should be douable to achieve both within a year, so I am optimistic about Grins future.
Nope I don’t think it would endure it since Grin supports around 15 or 20 tx per second.
We are far from bloating the blockchain, and if one day we do, then we would need second layer solution such as Lightning network or a brand new invention that we have not invented yet.
I mean, how many sec need to 1 transaction if GRIN used 10% on global market.
if 15 to 20 in sec and that is true, i have a ansver for my secund question.
Yes, transactions per second. But it’s a poor metric because any blockchain can increase its tx/s capacity simply by increasing the block size limit. But that potentially results in a larger chain size and harder verification. Nevertheless, I do think grin could be defined as 3-4x more scalable than Bitcoin, yet it’s important to keep in mind that it achieves this even while keeping amounts hidden (which requires a lot of data, i.e. rangeproofs).
I don’t know about the global market, but visa does about 150m transactions a day, which is 1700 tx/s. So you can use this to roughly estimate.
Basically yes Grin can once they implement Lightning Transactions. Even Bitcoin can in theory handle all transactions in the world if everyone starts using LN transactions. And indeed there are other solutions as well that can solve the scaling issue, such as sharding mentioned by @GrinDarkNetBank, plasma and its more evolved forms.
Since Grin already implemented relative time locks needed for LN, LN is the most straightforward and logical way to scale up IMO.
Yes don’t loose time implement LN implementation that already exist in btc to the Grin. Developers have money to pay them to LN developers, we dont need to invent bike again.
True, scaling is not an issue right now. It still is wise to be LN compatible before the last official hard fork but it is not the most important thing to focus on right now. Most important is usability improvement, for which the funding of the two mobile wallet Apps is an important step.
I believe a coin with only volunteers will never beat a coin with a paid team. The reason for that is because if a volunteer will have 8 hours less per day (due to having to work in some other job to earn money) and thinking you can be twice as effective as everyone else is too optimistic imo. So i would actually see everyone here who’s really good to quit their job and start working for grin full-time
@senator: lets just hope you didn’t invest all your life-savings
Don’t underestimate open source projects. Commercial projects with paid developers may bankrupt or change direction completely. They tend to get results faster than open source projects because the devs are under pressure to reach goals defined by the management in a given time, so open source projects lack the speed but they make this usually up with endurance.
One of the many real life examples that come to my mind is XNA from Microsoft. That was a C#-Game-Development-Framework created by Microsoft. It was great until Microsoft decided to shut it down for the lulz (C++/DirectX was suddenly seen as more approriate for Game Development to be more specific). That was in 2010. All competing open source libraries for the same task are still around.
