5 ms·

Still has 21 minute transaction time: https://www.monero.how/how-long-do-monero-transactions-take https://www.monero.how/how-long-do-monero-transactions-take

benkaiser 5y ago
10 confirmations is a pretty high bar. Normally a single confirmation gives very high confidence in a transaction.
- price112 5y ago
  Yeah, we can still consider the transaction to be safely received after 1 confirmation and provide goods&service. XMR.to even used 0-conf back in the days https://twitter.com/xmr_to/status/955364047679049728 https://twitter.com/xmr_to/status/955364047679049728 (for hundreds of $) easily. thought, I agree it may be inconvenient.
tylercubell 5y ago
In contrast, "Algorand delivers the fastest finality possible thanks to its Pure Proof of Stake (PPoS) algorithm invented by MIT Professor Silvio Micali. The consensus mechanism doesn’t admit forks at all, which reduces the risk of micro forks to zero. The block creation time on Algorand is less than 5 seconds, and all transactions reach immediate finality." [0] And although Algorand doesn't include some of the more "controversial" privacy features, it's still RTBF-compliant. [1] [0]: https://www.algorand.com/resources/blog/role-of-transaction-finality-speed-in-nft-minting https://www.algorand.com/resources/blog/role-of-transaction-... [1]: https://www.algorand.com/resources/blog/right-to-be-forgotten https://www.algorand.com/resources/blog/right-to-be-forgotte...
- olah_1 5y ago
  Algorand is the exact opposite ethos from Monero. They are partnered with the World Economic Forum and being used for things like vaccine passport haha
Expez 5y ago
The block time is 2 minutes. You can choose to wait for 0 blocks or 100. The longer you wait the better the security of your transaction, because there's more PoW behind it. All crypto work like this. You also get more security behind your tx by waiting in a PoS system. If you're buying a coffee the vendor is likely to let you leave the shop after no confirmations (as soon as their node hears about the transaction) but if you're buying a car the same is unlikely to be true.
- pcthrowaway 5y ago
  > but if you're buying a car the same is unlikely to be true. I don't see why not, it's not like you can buy a car anonymously. If anything there's more security there than with the coffee, and no one is going to attack the Monero network to create a double spend for the price of a car.
  - just_a_guy_tm 5y ago
    >I don't see why not, it's not like you can buy a car anonymously. You can buy a car with cash. Monero is digital cash.
    - pcthrowaway 5y ago
      I think you're agreeing with me.
  - Expez 5y ago
    This is a good point. In practice people (e.g. exchanges, that know who you are after KYC) still opt to wait a little because if something does go wrong it's a hassle to actually get paid. For the same reason, we are likely to check some of the bills in a large cash payment for authenticity, even though we have effective recourse through the police and the judicial system.

benkaiser 5y ago

10 confirmations is a pretty high bar. Normally a single confirmation gives very high confidence in a transaction.

price112 5y ago
Yeah, we can still consider the transaction to be safely received after 1 confirmation and provide goods&service. XMR.to even used 0-conf back in the days https://twitter.com/xmr_to/status/955364047679049728 https://twitter.com/xmr_to/status/955364047679049728 (for hundreds of $) easily. thought, I agree it may be inconvenient.

tylercubell 5y ago

In contrast, "Algorand delivers the fastest finality possible thanks to its Pure Proof of Stake (PPoS) algorithm invented by MIT Professor Silvio Micali. The consensus mechanism doesn’t admit forks at all, which reduces the risk of micro forks to zero. The block creation time on Algorand is less than 5 seconds, and all transactions reach immediate finality." [0] And although Algorand doesn't include some of the more "controversial" privacy features, it's still RTBF-compliant. [1] [0]: https://www.algorand.com/resources/blog/role-of-transaction-finality-speed-in-nft-minting https://www.algorand.com/resources/blog/role-of-transaction-... [1]: https://www.algorand.com/resources/blog/right-to-be-forgotten https://www.algorand.com/resources/blog/right-to-be-forgotte...

olah_1 5y ago
Algorand is the exact opposite ethos from Monero. They are partnered with the World Economic Forum and being used for things like vaccine passport haha

Expez 5y ago

The block time is 2 minutes. You can choose to wait for 0 blocks or 100. The longer you wait the better the security of your transaction, because there's more PoW behind it. All crypto work like this. You also get more security behind your tx by waiting in a PoS system. If you're buying a coffee the vendor is likely to let you leave the shop after no confirmations (as soon as their node hears about the transaction) but if you're buying a car the same is unlikely to be true.

pcthrowaway 5y ago
> but if you're buying a car the same is unlikely to be true. I don't see why not, it's not like you can buy a car anonymously. If anything there's more security there than with the coffee, and no one is going to attack the Monero network to create a double spend for the price of a car.
- just_a_guy_tm 5y ago
  >I don't see why not, it's not like you can buy a car anonymously. You can buy a car with cash. Monero is digital cash.
  - pcthrowaway 5y ago
    I think you're agreeing with me.
- Expez 5y ago
  This is a good point. In practice people (e.g. exchanges, that know who you are after KYC) still opt to wait a little because if something does go wrong it's a hassle to actually get paid. For the same reason, we are likely to check some of the bills in a large cash payment for authenticity, even though we have effective recourse through the police and the judicial system.