Definition of "Instant Payment"

My head just blew up thinking about the promise blockchain that this would create.

IOU coin was just born.

ETN is based on monero. So transaction speeds are also based on moneros blockchain. Which is a couple of minutes for a transaction.

Instant payments is still amazing since it allows vendors to immediately accept ETN. It makes it possible to spend it in everyday situations. Its also possible that ETN will be updated to allow for an instant spending of funds that are still processing on the blockchain, that is all dependend on the backend and could be updated.

Thats the great thing about the hybrid model. ETN can always change their blockchain or upgrade when monero becomes technically faster. In theory they could even switch to another blockchain.

If you want a really technically fast blockchain try nano. Transatctions go through verified in under 3 seconds.

ETN would benefit from such speeds but doesnt need this to be a success.

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Lol xD. If you aim to be a mass adopted currency used in everyday lives of people it has to be a priority to make the currency fast and accessible though.

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I just want to say though that I get what your saying. I remember before mobile banking getting payments was a pain. Now with things like faster payments and mobile app banking you can pretty much get your money instantly and that’s a big advantage.

Perhaps if the amounts were ring fenced anyway they could just be transferred by the instant payment system and the transaction could process in the background. I’m not sure though, I have no idea how their system works or what problems that could cause.

100% agree. We are in the infant stage of a company and technology that are getting ready to take their first steps. There will be falls, and occasionally blood. However, lessons will be learned and soon, young ETN will be running and growing stronger.

In that hypothetical situation just send your partner the QR Pay code to do the payment for you :wink:

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Electroneum’s blockchain speed will someday rival that of all the fastest blockchains. Whether by Monero update, complete overhaul of it’s current Monero clone, or moving to a different blockchain altogether, the speeds will become VERY fast. Mass adoption will require this to happen.

As @CryptoMatt specified above, being a fork of Monero, ETN’s transaction times can’t be as fast as XRP, for example. An XMR transaction takes about 30 minutes, same as BTC. So ETN is already way faster with its instant payments. But it is still at the beginning, it will get better with time.

Can somebody tell me what makes ETN different to DASH? DASH has also instant payment with the phone. It is also AML and KYC compliant. And it is on rank 13. So what makes ETN better?
Don’t get me wrong. I would also like to see ETN on the top but sice i heard about DASH I’m not so sure anymore

Why do you think we have over 2000 coins in the market? I tell you why. 99% of them are scams or bad projects, just wanting to make a quick buck and never create a real product.
ETN is the only currency with an app. Which works as a wallet and soon as an exchange. Even DASH only has a wallet and needs a third party app to make the payments.
ETN has an all-in-one product.
It’s like comparing an all-in-one iMac with a 30 year old computer.
You can’t beat that.

And DASH had a lot of years to create something good. They still didn’t do it.
ETN is less than a year old and has blown away its competition in terms of functionalities.

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Mobile Miner, Contracts with mobile phone companies, Api integrations for vendors, amazing community, fast growing userbase, great marketing team and so on.

Remember ETN is going for people who never heard about crypto and that is the 99%.

Other than that you can just invest in both if you like both :slight_smile:

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I think it also has to do with the unit themselves. Paying with many coins is just more natural to us humans than it is using fractions of a coin.

I think Richard had mentioned before that they are working on scaling solution. I would have a guess that we would eventually migrate onto a different blockchain all together as frankly speaking despite my love for etn I can’t say monero blockchain is best suited to what we are doing.

Well Explained…!! Couldn’t agree more…!!

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It’s too slow , instant payment …

24hrs still not in my wallet yet miner payout was pretty much instant.

That’s what we need , to be lightning fast.
There ya go paid .and. recieved … Now that’s what future tech should be