Quote from: SkillRoad on March 03, 2014, 07:15:42 PM

4) PPS Module: Payment processing module in USD and EUR - this module will be centralized through a payment gateway. (In progress)

Exp:
Youve created an account using a secret phrase: 13612210224060154205;

You automatically get 3 accounts, every account works with a separate module:
a) 13612210224060154205 - NXTL & Genesiss Block decentralized module;
b) 13612210224060154205USD - centralized module through a payment gateway;
c) 13612210224060154205EUR - centralized module through a payment gateway;

All the transactions are saved in its blockchain;

Exp:
You got your new account 13612210224060154205USD, now you can: add USD to it trough a secured payment gateway, send/receive USD to/from another XXXXXXXXXXXXXXXXUSD account for instance your friends, family, etc. or withdraw them through a convenient payment gateway.

Can you explain how this could ever work? Who and what will be a "trusted gateway" and how will the network behave if a gateway goes down (think GOX). Is NXTL-to-USD fractional reserve at that point (last one out loses) or do NXTL-USD become worth less than real USD when you redeem at a gateway (everyone loses)?

magnebit

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