Tolar showing what its prototype can do
A very written piece by SooHan (Hans) Ryou @soohan124 about Tolar. And what the folks over at Tolar has to say
The transaction process
There are four parties to each transaction in addition to Mastercard/VISA — a cardholder, a merchant, an issuer and an acquirer.
Step 1: The customer pays with Mastercard/VISA The customer purchases goods/services from a merchant.
Step 2: The payment is authenticated The merchant point-of-sale system captures the customer’s account information and securely sends it to the acquirer.
Step 3: The transaction is submitted The merchant acquirer asks Mastercard/VISA to get an authorization from the customer’s issuing bank.
Step 4: Authorization is requested Mastercard/VISA submits the transaction to the issuer for authorization.
Step 5: Authorization response The issuing bank authorizes the transaction and routes the response back to the merchant.
Step 6: Merchant payment The issuing bank routes the payment to the merchant’s acquirer, who deposits the payment into the merchant’s account.
We all know what Mastercard/VISA TPS is so i wont repeat that here.
Above is the standard operation for 150 currency with 210 countries and territories.
I assume tolar hard coded the seeds nodes with just one currency and 12 different locations. To get those results which is very good when compare against other crypto. I feel the tps will drop when more nodes are added which have not been hard coded. As it will take time for all nodes to get the data before the network could move on as the chain cannot have different values at any given time. It like dropping a stone into the pool and watching the ripple effect. As the network grows the tps will degrade. The real question is will the merchants and payment gateways adopt this tech. What will tolar provide to out do xrp. besides being fast, and will tolar require banks and merchants or end user to burn tolar for usage. A small bet is in order