Definition of "Instant Payment"


#1

I just send an amount of ETN from the app to a person logged in on their webwallet. It’s gone by 10 minutes now and the transaction still says “pending” and neither of our wallets have been updated.
I don’t like pissing on ETN, I truely believe in the project but it’s important to bring up issues like this.
Shouldn’t the process take just a few seconds? What is causing the delay?


#2

Just to clarify for you…

Instant means…

1. A period of time so short as to be almost imperceptible.

2. A particular or precise time: at the instant of combustion.

3. Abbr. inst. The current month: your letter of the 15th instant.

4. A food or beverage designed for quick preparation.

adj.

1. Occurring at once; immediate: instant gratification.

2. Imperative; urgent: an instant need.

3. Now under consideration; present.

4.

a. Commercially prepared or processed for quick and easy final preparation: an instant cake mix.

b. Appearing, done, or taking place with great quickness and ease :joy:

End sarcasm…

Yeah…lol

Blockchain must be busy , lots of people not received coins from offline paper wallets , or miner running slow so something must be up…

Hope it gets sorted soon , I’m sure the teams working on a new update to fix the little niggles before we moon .


#3

But the instant payment system doesn’t go through the blockchain at least not as first?
Can some ETN team member respond to this?


#4

@BegaMutex @MSystem … Help request


#5

Here’s some info while your waiting…

The role they will play in the transaction works like this:

Once the buyer transfers ETN to the seller, Electroneum confirms the transactions in real-time to both parties. Behind the scenes, Electroneum “reserves” the funds in the buyer’s wallet so that it can’t be spent again, and proceeds to transfer the reserved ETN to the seller’s wallet via the ETN blockchain.


#6

You’ve misunderstood.

It’s an ‘Instant NOTIFICATION of payment’
Ie, the new system almost Instantly tells you that the payment is coming, it’s on its way. Guaranteed.
So an online (or physical) sale can be processed asap.

The actual coins can take 20 minutes to reflect in your spendable balance.


#7

The instant payment system is only wallet to wallet and it only sends a notification to the recipient that the funds are on the way and ring fences the sender’s balance so they cannot double spend. This means that the funds can’t “bounce back” to the sender’s wallet if the transaction fails the first time, so there is some sort of mechanism that ETN has implemented to account for that.


#8

In which way is it then different from Bitcoin? As soon as I see the transaction on the blockchain I know that the coins are on their way.


#9

Lol be patient let give electroneum officials time to put things together


#10

Because the app / webpage does it for you.

It’s customer based, the customer clicks 'pay.
Scan a a barcode, gets given a receipt a millisecond later.

On the other end, the order is instantly confirmed and can be selected, boxed and shipped, without the seller mucking about on block explorer every 5 minutes.

Automatic vs manual


#11

But will it only work like that for everyone or only for vendors?


#12

Just think of it as a confirmation. I sell fiat to etn top ups to my users. As soon as I send that payment, we both receive a instant notification aka confirmation that the coins are going to be delivered to the wallet they are sent. this means my customers can check their wallet and sit back and relax, knowing that their ETN is 100% on the way.

I’m also setting up a ETN Cashout system, the users simply pays through the instant payments service the correct amount of Electroneum, The checkout then confirms that the transaction is valid and I receive an instant “confirmation” that the coins have been sent. Then I can release the fiat funds to the supplied paypal account.

Imagine you had thousands of orders and you had to manually check each transaction. Would be a total nightmare.


#13

But the amount is not instantly spendable? Let’s say A has 100 ETN and B has 0 ETN. If A send B 20 ETN, can B then use them directly or do everything have to settle on the blockchain?


#14

Yes we have to wait for everything to confirm on the blockchain. I understand what you’re saying, it’s not really an Instant Payment, but then it is called an Instant payment notification. rather than just an Instant payment. I would imagine you’ve seen it referred to as just instant payments, which I understand could probably cause this confusion.


#15

Then XRP is still faster than ETN unfortunately.


#16

It is actually an instant notification, not an instant payment. It is important that you can see the registered transaction instantaneously. When it is processed, it depends on the blockchain. But the sender can’t cancel the transaction, so I believe you can call it instant payment with no risk.

XRP’s technology is faster than everything else in the crypto world, that is not a novelty, but people lost confidence in them when they announced they will work hand in hand with the banks.

Ripple exists since 2013, but not until 2017 they made a working product. So ETN is zillion miles ahead everyone.


#17

If the sender can’t use the funds immediately on notification, it shouldn’t be advertised as an instant payment system tbh. https://electroneum101.com/electroneum-instant-payments/
Let’s say a stupid example:
"You are standing in line for a club at night, the club just started accepting payment in ETN. You open your wallet as you get closer but realize the ETN price has dropped so it won’t cover your expenses. You quickly call your friend and tell him to borrow you some. Friends send over money and you recieve notification. Nice, you think. You head up in order to pay but realise to your surprise that there’s no ETN available. “WTF, the system was instant they said”. You leave the line and stand in the rain waiting for the transaction to go through.


#18

Maybe is not yet fully functional.


#19

Nice hypothetical! I maintain that we are in the infancy of Electroneum’s technology. The instant payment system is in BETA and the technology can only improve. Also, I would bet the house that Electroneum will continue to optimize their actual blockchain to make transactions get processed faster. Richard Ells has alluded to this when talking about the number of transactions that would occur in a mass adoption scenario.


#20

Yes, I believe that to be true. I’ve never found the wait to be a problem. For example, with existing payment gateways, you’re waiting a lot longer than an hour for your payments. For a business, I don’t think this would be a problem. I suppose both projects are different. From a user perspective, Ripple may be a better choice if you really need your funds immediately. That’s what’s great about crypto, there are many choices for your specific needs.