Comment on Please bro
Knock_Knock_Lemmy_In@lemmy.world 23 hours agoLightning can, in theory, do one million transactions per second. But Bitcoin networks aren’t really a drop in replacement for Swift.
Banks like J.P. Morgan prefer chains like Canton that are privacy enabled and have no upper limit on transaction.
Mika@sopuli.xyz 22 hours ago
First time hearing about Canton. Is it properly decentralised?
Knock_Knock_Lemmy_In@lemmy.world 21 hours ago
You’ve not heard of it because it is banking focused. It’s the newer option made to compete with Quorum and Corda.
It is decentralized, but it is not open write access. It a public permissioned network of private ledgers.
You and I could validate that the network is cryptographicly consistent, but we don’t have decentralized permission to interact.
Mika@sopuli.xyz 21 hours ago
So, not decentralised in it’s original sense, if a pack of people decide which operations are allowed. Decentralised as in “not a single bank”.
See, this is what I mean when I say they all have flaws.
Knock_Knock_Lemmy_In@lemmy.world 21 hours ago
There is no central entity, so it is decentralized in the original definition. I gave Canton as the example because it could be immediately substituted for Swift. It’s permissioned access by design, because banks don’t want to risk their monopoly position.
For speed and cheapest, go for solana.
For reliability go for Ethereum. For reliability, speed and cheapness choose an L2 on Ethereum.
For illegal stuff use monero.
There are trade offs between them, but I wouldn’t call them flaws. Blockchain as a technology definitely “works”.