So this was announced earlier this summer:
Intercoin began with a vision to build a crypto-currency platform that’s architected more like the Internet. So one of the problems it fixes is scalability.
It turns out that, without this scalability, there won’t be mainstream adoption for payments. It may be useful for large and infrequent money transfers (like international settlements such as this bank is supposed to handle) but not everyday payments. That’s why, after so many years, crypto payments are still not mainstream. Meanwhile, social networks have launched peer to peer payments, and some (like WeChat) have lots of merchants accepting them.
Lightning Network isn’t really going to solve the problem, because it is just for people who have long-standing accounts between one another. Merchants who accept payments from hundreds of random people every day will still need to post every single payment to the main ledger. So a new architecture is needed.
What are your thoughts?