3 ms·

Someone wake me up when there's an audited, redeemable stable coin with several second transaction times and double digit cent transaction fees.

nailer 4y ago
Here’s me using Solana: https://twitter.com/portalpayments/status/1622286467136462850 https://twitter.com/portalpayments/status/162228646713646285... Solana transaction fees are fractions of a cent as you can see. Portal, which my cofounder snd I wrote, supports Solana’s transaction priority fees (which still costs less than a cent), which gets transactions into blocks faster, so less than a second as you saw in the video. The transaction fees are based on compute rather than amount which you probably know, so it could have been a million USDC and the price would be flat. USDC is considered the best capitalised stablecoin and Portal defaults to it (or EUROC in future) because we care about payments more than speculation.
- deleted 4y ago
  [deleted]
- alangibson 4y ago
  I've flirted with USDC as a solution, but AFAIK it's only received attestations not audits. In that case it might as well beonopoly money.
  - nailer 4y ago
    Moody’s just announced that it intends to rate stablecoins which may help (if you more ratings agencies) but yes totally agreed around audits or proof of reserves.
siftrics 4y ago
USDC on Solana has sub-second transaction times and 6 digits of precision.
- alangibson 4y ago
  USDC is not audited to the best of my knowledge.
nobaddays 4y ago
Yeah, it’s called Visa lol In all seriousness, USDC comes pretty close to that i think or something built on algorand
- alangibson 4y ago
  Indeed. BUT 2.9% transaction fees and the right to disconnect make it suboptimal IMHO.
  - nobaddays 4y ago
    I think eventually someone like Block, paypal, apple or google will make their own USD-backed stablecoin with low or zero fees and tie it into their existing nfc/payment ecosystem and it will be “trusted” since its from a recognizable tech brand and not some obscure crypto group that only gives product updates on telegram lol

nailer 4y ago

Here’s me using Solana: https://twitter.com/portalpayments/status/1622286467136462850 https://twitter.com/portalpayments/status/162228646713646285... Solana transaction fees are fractions of a cent as you can see. Portal, which my cofounder snd I wrote, supports Solana’s transaction priority fees (which still costs less than a cent), which gets transactions into blocks faster, so less than a second as you saw in the video. The transaction fees are based on compute rather than amount which you probably know, so it could have been a million USDC and the price would be flat. USDC is considered the best capitalised stablecoin and Portal defaults to it (or EUROC in future) because we care about payments more than speculation.

deleted 4y ago
[deleted]
alangibson 4y ago
I've flirted with USDC as a solution, but AFAIK it's only received attestations not audits. In that case it might as well beonopoly money.
- nailer 4y ago
  Moody’s just announced that it intends to rate stablecoins which may help (if you more ratings agencies) but yes totally agreed around audits or proof of reserves.

siftrics 4y ago

USDC on Solana has sub-second transaction times and 6 digits of precision.

alangibson 4y ago
USDC is not audited to the best of my knowledge.

nobaddays 4y ago

Yeah, it’s called Visa lol In all seriousness, USDC comes pretty close to that i think or something built on algorand

alangibson 4y ago
Indeed. BUT 2.9% transaction fees and the right to disconnect make it suboptimal IMHO.
- nobaddays 4y ago
  I think eventually someone like Block, paypal, apple or google will make their own USD-backed stablecoin with low or zero fees and tie it into their existing nfc/payment ecosystem and it will be “trusted” since its from a recognizable tech brand and not some obscure crypto group that only gives product updates on telegram lol