At the end of 2017, the head of the investment company True Link Financial Kai Stinchokomb published an article in which he rigidly walked through all the shortcomings of the blockchain, noting that "after several years of tireless attempts and billions of investments, no one has come up with the use of blockchain- not counting currency speculation and illegal monetary transactions." This material caused a resonance in both narrow and wide geek communities and raised the question of the effectiveness of the technology again.
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What is not customary to say out loud about the innovative digital system?
First, the speed and efficiency of monetary operations. Things the blockchain offers, Visa, Mastercard, and PayPal are already doing many times faster today. Bitcoin transaction processing time takes from 20 minutes to one hour on average. The process of checking each block in the chain to confirm the reliability of the transfer, makes users wait and hope that their money is all right. Nexty excludes these worries as the transactions pass immediately.
Whether the blockchain will be able to serve a large number of users in the future depends on how the system will be improved. In the meantime, this technology handles up to 10 transactions per second, while Visa for the same time copes with the number of 600 thousand transactions.
In addition, transfers in the blockchain are irreversible and have no confirmations. If a second after the transaction in PayPal, Visa or MasterCard, we are used to receiving an email or SMS-notification about the success of the operation and the current balance, then here you will need to frantically update your wallet within 10-20 minutes to check whether the money is gone/has come.
Second: tracking user transactions on the public blockchain. The open blockchain offers to make available the history of money transfers of each user. The idea is quite democratic, but if we are talking about the introduction of this technology at the mass level, how appropriate it will be? Given that cryptocurrencies will be used not only by individuals but also by large companies, will their owners want to share when and what they spent their money on? Again, we need improvements, which Nexty system brings. This is gonna be an ultimate platform with exclusive blockchain.
Third: the growth of the blockchain digital volume. In order to independently use the technology, and not to trust the servers of often bankrupt exchanges, users are forced to store the data of all transactions on their computers. In Bitcoin, these data occupy more than 150 gigabytes, and the main jump took place in the last two years when the number of monetary transactions in this cryptocurrency has increased rapidly.
What can Nexty do with the current blockchain?
Nexty is a completely new system that can radically change the approach to blockchain and cryptocurrencies. You no longer need to check the account while waiting for the transaction to arrive - it passes instantly. No longer need to take into account the commission when paying-it is just absent from the system! Miners who include the transaction in a block receive a fixed amount each month from Nexty, so they are not interested in skipping any transactions ahead of others for an additional fee.
Jelly_Bean
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