The future of P2P digital transactions should be practical, feasible, and sustainable.
First generation Blockchain had shown us the way
The Blockchain idea has made possible & started the age of genuinely direct– permissionless– P2P transactions for the digital world. However, its first generation implementation – using the Blockchain itself as cryptocurrency – the Virtual-Currency model enabled by the "Mining" – the Proof-of-Work method that is required – and the consensus based Distributed Ledger model – has proven to be unpractical, unfeasible, and unsustainable for real-world scale application as a useful currency.
- Limited supply (21 million) is not enough for everybody to use as a currency. The world population already projected to exceed 7.6 billion since 2018.
- The highly volatile value is just not suitable as a currency. Pricing goods would be almost impossible.
- The Mining, Proof-of-Work, consensus DL are low performance and bad efficiency, unlikely to be able to support real world scenario & transaction volume.
- Energy consumption of the leading cryptocurrency network (the present generation virtual-currency model type of systems) was higher than the entire state of Ireland. (See this article.)
Next generation P2P medium of exchange should be practical, feasible, and sustainable.
- No reason supply should be limited by design.
- A currency should not have high volatility & unstable value.
- The future P2P digital money should be as good as the cash today – even to match the ease of use and the high privacy.
- Performance efficient and capable to support real world scale transaction volume & traffics.
- A cellphone battery should be good for least million transactions, not the other way round.
News & announcement2017.4.5 We are very pleased to win the e27 sponsorship to pitch at the Seamless 2017 April 19-20. See you there!
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