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"hope it will be able to process as many as 10,000 transactions per second, which far surpasses Visa’s capability to process around 1,700"

I think somebody got bad info about VISA's capabilities. 1700/tps is probably their average tps over a day...solely based on needs/demands...not what it could do. Not the peak, and not the edge of their performance envelope. It's likely they can already handle much more than the proposed 10k/sec of this sharded block chain.

Edit: Yep...pretty sure someone started with "Visa does roughly 150M transactions a day"[1] then did 150,000,000 / 24 / 60 / 60 = ~ 1736

[1] https://mybroadband.co.za/news/security/190348-visanet-handl...

StacyC - @StacyC 1 day ago

“The mainstream public is aware that these networks don’t scale.”

The mainstream public is barely aware that these networks exist.

deweller - @deweller 1 day ago

I applaud this effort as an academic project. Hopefully it will help move forward the state of the art. But I reject the idea that a new cryptocurrency will "fix the bitcoin problem" by just being faster.

But there are already several blockchains that promise high transactions per second such as Neo, Eos, Nano, etc. And Ripple, which has been around significantly longer than these, claims to be able to handle 50k transactions per second.

Cryptocurrencies need a lot of adoption and real world use to be successful. Beware of premature optimization.

g45y45 - @g45y45 1 day ago

Prediction, sharded blockchains will never take off. With newer blockchain protocols like MimbleWimble, you do not need to store the full transaction details for all time. Too many things to go wrong, too brittle...

This is a much better scalability technique on a single blockchain -- taking advantage of zk-proofs and EC point encoding. If you want distributed computation also, ala Eth/EOS, you could combine a zk-proof of computation with the MW tx encoding with no loss of generality.

blunte - @blunte 1 day ago

I guess my unpleasant exposure to this domain has affected my brain, because I first read "shady blockchain"... Aren't most of them? Whoops!

deckar01 - @deckar01 1 day ago

This article does not explain why sharding the history reduces the time it takes for a transaction to end up in a block. It also does not mention that this delay is exacerbated by the standard practice of waiting for several blocks to be mined on top of a transaction to reduce the chances of a fork that renders it invalid.

justin66 - @justin66 1 day ago

Cryptocurrency's reputation being what it is, they will hopefully come up with a descriptor that is less similar to "shady."

deckar01 - @deckar01 1 day ago

This article is less informative than the one it is citing.

https://www.bloomberg.com/news/articles/2019-01-17/mit-stanf...

exrook - @exrook 1 day ago

For anyone interested in more information, I found the research paper[0] and website for the currency named "Unit-e"[1]. The paper seems to be quite extensive at 168 pages long and covers a lot more than the blockchain design.

[0] https://dtr.org/wp-content/uploads/2019/01/2019-01-16-Decent... [1] https://dtr.org/unit-e/

_-___________-_ - @_-___________-_ 1 day ago

Is Visa’s network not fast enough? I’ve never had problems with the amount of time the transaction takes when paying for something with my Visa cards.

RcouF1uZ4gsC - @RcouF1uZ4gsC 1 day ago

>it will be able to process as many as 10,000 transactions per second, which far surpasses Visa’s capability to process around 1,700.

According to Visa

VisaNet handles an average of 150 million transactions every day and is capable of handling more than 24,000 transactions per second. (https://usa.visa.com/run-your-business/small-business-tools/...)

loomstate - @loomstate 1 day ago

Projects like Zilliqa have a massive head start

sonnyblarney - @sonnyblarney 1 day ago

Blockchain solves yet another non-problem!

Next up: "Blockhain makes it easier to press the button on your blender"

gammateam - @gammateam 1 day ago

ITT: my favorite blockchain that my favorite youtube guru happened to expose me to first is the best solution, and all others are scams because I was exposed to them second

so basically religion.

Show all comments on Hackernews

18 16

SauZie 2 hs ago

Is it Bitcoin exclusively or other coins such as Ether and XRP too?

freedombit 9 hs ago

They must know the importance of larger blocks.

steepleton Yesterday

Scratch cards celebrate sudden, comparative, legitimacy as investment platform

autotldr Yesterday

This is the best tl;dr I could make, original reduced by 74%. (I'm a bot)

"Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks, and Coinme's innovative delivery mechanism along with Coinstar's flexible platform makes it possible for consumers to easily purchase Bitcoin with cash," Coinstar CEO Jim Gaherity said in the announcement, first reported by GeekWire.

With 20,000 machines around the world, Coinstar operates a pretty huge network that could be enabled to dispense digital currency.

The Coinstar Bitcoin locator tool wouldn't point us to any local kiosks when we tried, but if you can track one down, buying Bitcoin from the updated machines sounds pretty easy.

Extended Summary | FAQ | Feedback | Top keywords: Coinstar^#1 Bitcoin^#2 kiosk^#3 Coinme^#4 machines^#5

autotldr Yesterday

This is the best tl;dr I could make, original reduced by 74%. (I'm a bot)

"Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks, and Coinme's innovative delivery mechanism along with Coinstar's flexible platform makes it possible for consumers to easily purchase Bitcoin with cash," Coinstar CEO Jim Gaherity said in the announcement, first reported by GeekWire.

With 20,000 machines around the world, Coinstar operates a pretty huge network that could be enabled to dispense digital currency.

The Coinstar Bitcoin locator tool wouldn't point us to any local kiosks when we tried, but if you can track one down, buying Bitcoin from the updated machines sounds pretty easy.

Extended Summary | FAQ | Feedback | Top keywords: Coinstar^#1 Bitcoin^#2 kiosk^#3 Coinme^#4 machines^#5

cryptnonospot Yesterday

Funny, because over the last year bitcoin has turned my hard earned cash into pocket change.

NagevegaN Yesterday

FYI: It gives you a code, then you enter the code at their website where it asks for your name, E-mail, phone number, images of your ID card and a selfie... then, after verification, you get your bitcoin.

ShadyBirdJohnson Yesterday

Do they still take their 20% cut?

pale_blue_dots Yesterday

I don't know. It's probably something close to that when adding the fee that was already there. ~Ten percent for each, maybe?

cryptnonospot Yesterday

They take 0% if you turn your change into Amazon gift cards or something similiar.

bditmer Yesterday

This is a great fit/application of these machines

sledhockeyjock Yesterday

I love the application since these things are everywhere but 4% is a bit much. I guess that's the price of convenience.

Blixx87 Yesterday

I wanna dump bags of change in it and get BTC back that would be so sickkk

Rakhom Yesterday

Ok, but does the grocery store accept BTC? :p

veritas103108 Redditor for less than 60 days Yesterday

Sorry fellas it's not called Shitstar, Bcash will not be sold here.

knight222 Yesterday

Too bad the Bcore network can't even handle any significant raise in transaction volumes. How many new people in the space will be left with a bad taste during the next congestion period? You people must be proud of Core.

maliciousgnome Yesterday

I think coinstar & BTC are a good match

chore35 Yesterday

So is this every coin star, or only a select few?

brianddk Yesterday

The FAQ

Currently, our wallets support only Bitcoin and Uptoken. Please do not send any other cryptocurrencies, including Bitcoin Cash, to your Coinme wallet, as we will not be able to retrieve them, and they may be permanently lost.

youcallthatabigblock Redditor for less than 60 days Yesterday

when dogecoin?

Moixiam Redditor for less than 2 weeks Yesterday

Well, coin star is currently charging about 10% to paper your fiat coins, I wonder what percentage, rate and fees would apply. I sure hope it will be fair and not a ripoff

freedombit 9 hs ago

If 10% is gouging, it looks like there is a good business opportunity for you!

zlomsocz Yesterday

There is also concern of how decentralized this will be what info is needed to create the wallet?

BCH-Withdrawal-Prob Yesterday

Bitcoin (BTC) is the ripoff

ABitcoinAllBot 1 day ago

Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: newsybitcoin

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kid_cisco 4 hs ago

Anybody who falls for this and gives these guys their money is dumb as hell.

nawlrus 11 hs ago

Not again. Will not be burnt by these guys ever again. Good luck.

hamb0n3z 1 day ago

I hope people don't fall for this shit again!

goofboi 1 day ago

Are you going to pay out the partial refunds you have already promised your current customers?

Where are you at on that?

dcatt47 1 day ago

It's interesting that they're having presales for a new ASIC while they're facing many significant expenses. Notably, the partial refunds and five lawsuits.

MorrisMustang 1 day ago

Wow, look at all the hedging in order for Obelisk to avoid having to deliver on time. I would stay as far away from their miner presales....excuse me...voucher exchangeable for a miner presale as possible.

Fiach_Dubh 1 day ago

if they enable me to buy a voucher with multiple coupons that would be great...so far I can only use one coupon for each voucher, so I'll likely sit this one out, especially considering their track record of delivering behind schedule. also, this feels like a desperate attempt to raise cash, possibly in an attempt to fund their defense of multiple lawsuits.

ecafyelims 1 day ago

Is this a joke?

Available today: $3k for a voucher
March: Machine sale begins
- GRN1 miners are $6k each
- Vouchers can be exchanged for one machine
- Vouchers can be partially refunded for $2k, but only during the first two weeks of the full sale
October: Machines will be shipped (lol)
- This ship date is tentative because our chips haven't been verified yet or even finished design layout.
- We don't even have commitments from our suppliers
- Also, our specifications that we're currently advertising are purely speculative.

LPlantarum 1 day ago

What a shit show, I wish sia never made asics and just focused on peer to peer incentivized file sharing, they might actually have something to show for the last two years of Sia's existence. like the dream always was. Oh well, this is what a failing project looks like I suppose. Anyone thinking of purchasing should rethink their decision. Nebulous does not own the Grin blockchain, so if these miners are squashed by innosilicon and Bitmain like the sc1 were, then there is no way to fork away the competition. That should make everyone very scared that they end up buying bricks. Be careful with your money guys.

Dasary 1 day ago

What coin will the GRN1 be able to mine?

LPlantarum 1 day ago

Grin coin, it's cuckatoo31 algorithm

Rocketmanak 1 day ago

So it's sc1 and dcr all over again?

Dasary 1 day ago

What coin will the GRN1 be able to mine?

dcatt47 1 day ago

With a significant amount of VC money focusing on Grin, what guarantee is there that Obelisk won't be beaten to market yet again?

https://www.coindesk.com/grin-launch-crypto-interest-from-deep-pocketed-investors

palegirlshnnng Yesterday

This is the main concern. Obelisk has never built a competitive miner in terms of specs. If this miner is 28nm too which I wouldn't put past Obelisk then all hope is lost. They seem to think that they can compete against people with an order of magnitude more money, even going as far to claim they could make a competitive SHA256 asic. Puhleeze

dcatt47 1 day ago

This company has been defending against five lawsuits related to their previous miners. Please keep that in mind. Case info can be found here:

https://www.reddit.com/r/CryptoCurrency/comments/afooy8/update_siacoin_parent_company_nebulous_inc_and/

Edit: Most notably, Bitmain and Inno were able to launch ASICs before them (flooding the market), they delivered all previous miners late, and they delivered them below previously stated specs.

Fosforus 1 day ago

They have had setbacks, and a lot of cranky customers, but they are still getting things done. They're worth a look.

dcatt47 1 day ago

What would particularly worry me is that Bitmain and Inno beat their past miners to market. There's a ton of VC money apparently interested in Grin, so isn't it entirely likely Bitmain and/or Inno are looking at making Grin ASICs too? The ASICs that earn the most are the ones released first.

Fosforus 1 day ago

For sure. Bitmain seems like pretty much a dumpster fire these days, but I don't know anything about Inno.

LPlantarum 1 day ago

Your absolutely right, they will be beaten to market and will be absolutely spanked by Innosilicon. There's no way to hardfork the chains algo like they did to Siacoin to keep their sc1 profitable. So unless anyone feels like having a $6000 useless brick in their display cabinet, then I would heavily advice against purchasing this box of empty promises.

InfoFront 11 hs ago

The developers of Grin are very welcoming of ASICs, from what I understand.

LPlantarum 9 hs ago

Yes of course. I'm merely stating that the siacoin developers had made an obelisk asic for sia that got beaten to market by bitmain with their a3 asic. The Sia devs solution was to Hard fork the chain to a new algo that only their asics could mine on. Bricking bitmains asics... I'm worried they'll be beaten to market again by innosilicon or someone else who can make asics for grin that are 10x better than the obelisk being advertised now, and this time because they are not in control of the mining algorithm, the Grin devs are, I believe they could sell off these asics and they could effectively be worthless at mining because competitors are much better manufacturers.

crazy-modder 1 day ago

Ya 2080ti gets well above 2gps lol... my rx 580 mines grin at 2gps.

Perazim1 1 day ago

how do you get 2gps on your rx580? What settings do u use?

crazy-modder Yesterday

One click bios mod, change to compute mode and then i increased mem to 2100 and increased core by 3%. I get a steady 1.98, i just rounded to 2 lol f2pool shows 2gps.

Perazim1 Yesterday

are u mining on windows and with GrindGoldMiner?

crazy-modder Yesterday

Im on windows 10

bortkasta 1 day ago

That's because you're mining on the 8GB GPU compatible Cuckaroo29 algo. This ASIC is for mining on the ASIC/11GB+ GPU compatible Cuckatoo31 algo. https://github.com/mimblewimble/docs/wiki/GPU-Mining-Stats

crazy-modder 1 day ago

I get that. The 2080ti mines on cuckaroo29 correct?

bortkasta 1 day ago

If you configure it to do so, then yes. But then it wouldn't compete with this ASIC anyway, and their hashrate comparison wouldn't make sense anymore? I'm mining with a 2080ti on cuckatoo31 right now, getting 1.7 gps.

DirtyDee702 1 day ago

What miner are you using to mine 31? Are you on Windows or Linux? Trying to find a miner that I can run 31for windows. Thanks.

bortkasta 1 day ago

Not possible on Windows so far, had to go for headless Linux and grin-miner to do it.

DirtyDee702 1 day ago

Thanks

crazy-modder 1 day ago

What are the perks of using a gpu on cuckatoo31? You’re competing with asics right?

bortkasta 1 day ago

I believe that's because (as far as I know) ASICs don't exist yet? "Eventually we expect C31 ASICs to show up and tip the balance in hashpower." More details from the algo dev: https://www.grin-forum.org/t/what-to-mine-choosing-between-cuckatoo31-and-cuckaroo29/1732

crazy-modder 1 day ago

Ahhh ok duh. Im sure bitmain will ruin grin for us at somepoint lol

crazy-modder 1 day ago

Im confused as to why they are comparing that asic to a 2080ti then if they are mining on separate algorithms. Either way, im sure it will be a damn good miner but not $6k good

bortkasta 1 day ago

With a 2080ti you can mine on both c29 (gpu) and c31 (gpu/asic). They're comparing them because 2080ti cards are being used to mine on the ASIC algo right now. When these ASICs come online, that won't be economical anymore.

whatcoindo 1 day ago

"This can be compared to the current leading graphics card, the NVIDIA RTX 2080 Ti, which performs less than 2 graphs per second.."

if they can't even get that right, why would you trust them with thousands of dollars and making a chip 3 times as complex as a S9, or believe their wild projections of GPS,... we can all see what a 2080ti is getting, and what a 1070 is getting.

anyone who's mined at all would know those numbers are bullshit, or false facts placed to create bias for their yet-to-be product.

good luck.

bortkasta 1 day ago

It's actually completely correct, not sure what you're talking about? Remember this is on the ASIC algo Cuckatoo31 where hash rates are lower. I'm mining with a 2080ti right now and getting exactly the same GPS as mentioned here: https://github.com/mimblewimble/docs/wiki/GPU-Mining-Stats Edit: https://www.grin-forum.org/t/what-to-mine-choosing-between-cuckatoo31-and-cuckaroo29/1732

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