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There's nothing about cryptocurrencies that mandates irreversible transactions. A decentralized buffer/escrow system is quite possible, it wouldn't surprise me
by klabb3 4y ago
There's nothing about cryptocurrencies that mandates irreversible transactions. A decentralized buffer/escrow system is quite possible, it wouldn't surprise me if it already exists.
- kube-system 4y agoTrue, but then you need someone to manage the escrow payouts. And doing that requires a trusted third party to do work, and so they charge fees to finance that. So, basically reinventing a credit card company, but on a blockchain. And these services do exist and are in use on some tor network marketplaces.
- klabb3 4y ago> So, basically reinventing a credit card company, but on a blockchain. I don't expect fees to be much lower for a third party human-in-the-loop escrow system. And there's nothing wrong with "re-inventing" either. I think it's critical however that you can have strong censorship resistance and opportunity for innovation. So personally I'm more interested in the unknown unknowns, rather than recreating exactly the same.