Focus, agility, strength, strategy and raw talent are all traits of a well-rounded athlete. Wait…we forgot one trait. SPEED! Living in a society where we want everything now can be a bit overwhelming at times. They say things worth having are worth waiting for. Well, this does not apply when it comes to money/crypto. In the new digital economy speed is king.
Let’s take a look at some transaction speeds when it comes to crypto vs traditional banking. With traditional banking, a transaction can take anywhere from a few days to a few weeks! This is unacceptable for those needing their funds right away. Crypto is virtually instant. There still is a waiting time for your crypto to hit your wallet, (from an instant to 2.5 hours) but it is processed immediately. It also depends on which crypto you are using and network conditions.
What if transactions per second were practically unlimited? Yes, UNLIMITED! Intercoin is the next step in the evolution of money. It enables communities around the world to issue and manage their own currency-as-a-service (CaaS), to circulate among their local population. With traditional currencies being hosted on global networks that require a global consensus, they also have major drawbacks. Speed is one of them. Intercoin allows communities to transact within the community without the need to sort transactions from different local communities.
Consensus comes at a serious cost. It is slow and requires knowledge of all participants and transactions: any time a group of participants achieves a consensus, it may be overturned when they later learn of a larger group of participants that achieved a conflicting consensus, invalidating previous payments. Secondly, the process can completely break down when more than ⅓ of the participants are dishonest, allowing them to prevent any further progress in the system indefinitely. The DLT (Distributed Ledger Technology) Intercoin is building, is completely decentralized and can scale to communities of any size that wants to run their own payment network.
Speed is just one of the incredible traits Intercoin has to offer. It’s about time communities get what they need not now, but right now!