Function X! Aiming for X10!!
10X for speed
Visa can run 7,000–20,000 transactions-per-second (“TPS”). Any blockchain that offers small multiples of speed improvement is unlikely to displaced a tried-and-tested system like Visa. A 10X increase means 200,000 TPS has to be achieved for any company to revamp a legacy system into blockchain. There are several blockchains out there that are trying to do this; in fact, many claim a significant improvement. Many blockchains are claiming a 10X improvement over Visa, at least on paper.
If we launch a blockchain, we have to make sure we are comparable if not faster, at 10X it is at least 200,000 TPS, not just on paper, but in real application!
10X for scalability
Scalability in a restaurant means how fast can you serve your meals, the faster you can scale, the more business you can have. Therefore, companies like McDonald’s spend a lot of effort shortening the time between ordering and checkout to serve its customers. Scalability in blockchain is similar: it depends on the code (how fast can the burgers be flipped) and also nodes (how many cashiers can confirm the order). So whose code is the best? We will only know when proven. And what about nodes? The blockchain with the largest nodes will prevail.
With our plan to roll out 100,000 XPOS in three years, we will be able to scale up transaction numbers significantly as the number of XPOS devices increases.
X10 Consensus
A consensus process cannot always be in the select hands of a few. Of all the 100,000 XPOS we have in City of Z, we will randomly choose, say, 1% of the nodes: a set of random XPOS agree on the two-third consensus. Very importantly, the consensus process has to break geographic boundaries!
With a diverse area of large volume of nodes, it will create speed with real decentralization.