Q: Different people tell me and write to me, that they have recently read about some new wonder blockchain. Would we be able to win the competition?
We are not the developers of a blockchain, and we are using an already existing one.
Having done a fairly thorough research, we chose the Bitcoin's blockchain as it is the most suitable solution for our core transaction system implementation. And this should come as no surprise, as it was originally developed for payment services.
Bitcoin's blockchain has been in the market for over eight years and it was tested by a great number of people. Bitcoin is supported by an expert team of developers, and they have brought their blockchain to the right level.
But we did have to make some improvements. Bitcoin can process 5-7 transactions per second. For a serious payment system this is extremely slow. This is why we had to upgrade it, and we have improved the blockchain speed more than hundredfold.
Bitcoin processes transactions in 10-30 minutes. Sometimes it takes much longer. Due to these upgrades our system operates in physical online mode.
We are not following the new wonder-blockchains. As they are still quite raw and are not well-tested. And we do not see much sense in spending our resources for testing them.
So, let's assume, that there finally is a new cutting-edge well-tested blockchain - what would we do in this case? We would just replace the blockchain we recently use with a new one, and our system will have another core.