iEthereum Value Proposition #10

When we go to a coffee shop to spend our BTC, Ethereum or other cryptocurrency; we expect a fast and speedy transaction. If it were not quick we would look to the experience as being inconvenient.

This may be the spoiled American mindset. Yet whether healthy or not, it is the expectation of our modern society. We do not want to wait longer than needed for our cup of coffee. Everyone has there own expectation when they go into a the venue for food, drink or to shop.

The personal expectation may even vary amongst the consumers. Two friends walk into a coffee shop. both receive their coffee and walk out the door. One friend may have enjoyed the expedited service and the other is slightly negative on the cold coffee. It took to long.

As a former Maitre’D on luxury cruise ships, we would have that experience every week. One table, same broccoli and yet one enjoys their broccoli softer and the other enjoys it more al dente. It is one of those situations that you can not please everybody; at least not on the first night.

I would train wait staff to remember the details like utilizing the bread crumber after removing course base plates from the table. The guest would most likely not notice if the crumber was not used. However, the customer would notice if the crumber was used. Hence a more positive experience for the diner, and most likely an increased tip for the staff at the end of the week for paying attention to the details.

How does this pertain to fast and speedy transactions of iEthereum? It doesn’t. I just wanted to tell the story.

The lesson here is you can not make everyone happy. But, “To anticipate and exceed our guest expectations is the steamboatin’ way!” This is congruent with any business or product.

If I am going to go spend my iEthereum on a cup of coffee. I want to know that it is fast, quick, speedy. At the very least I am not looking for a timing inconvenience as I am going to work. I do not want to sit at the cash register waiting for my BTC to receive “x” amount of confirmations. This could take unknown amount of time from minutes to hours to days.

At present time, iEthereum is as fast as any other crypto that boasts fast transactions. Its fast enough for examples of small business use. I do not know the techs and specs comparatively to other crypto networks. But I do know from personal experience that transferring iEthereum from one wallet to another is very quick.

What sort of non dollar term value do we put on the speed for digital asset use such as iEthereum?

The speed of transactions for digital assets holds significant value and can impact various aspects of the adoption and functionality of a blockchain or cryptocurrency. Here are some key points highlighting the value of transaction speed:

1. User Experience: Faster transaction speeds contribute to a better user experience. Users, whether individuals or businesses, appreciate quick and efficient transactions. This is especially important in scenarios where speed is crucial, such as retail transactions or time-sensitive financial activities.

2. Scalability: Transaction speed is closely tied to a blockchain's scalability. A blockchain that can handle a higher throughput of transactions per second is better equipped to scale and accommodate a growing user base. Scalability is crucial for preventing congestion during periods of high demand.

3. Microtransactions and High-Frequency Trading: For use cases involving microtransactions or high-frequency trading, such as in decentralized finance (DeFi) applications, low-latency and fast transaction speeds are critical. Participants in these ecosystems often require quick confirmation times to capitalize on market opportunities or execute automated trading strategies.

4. Cross-Border Transactions: In the context of cross-border transactions, fast transaction speeds are advantageous. Users conducting international transactions, especially for remittances, benefit from reduced settlement times, avoiding the delays associated with traditional banking systems.

5. Blockchain Adoption: Faster transaction speeds can contribute to the broader adoption of blockchain technology. As more users and businesses experience the efficiency of quick and secure transactions, they are more likely to adopt digital assets and blockchain-based solutions for various use cases.

6. Smart Contracts and DApps: Decentralized applications (DApps) and smart contracts often rely on rapid transaction confirmation times. Applications such as decentralized exchanges, gaming platforms, and various financial services benefit from quick execution of smart contracts to provide a seamless user experience.

7. Reduced Volatility Risk: In cryptocurrency markets, faster transaction speeds can help mitigate volatility risks. Quick confirmation times reduce the exposure of users and traders to market fluctuations during the time it takes for transactions to be processed.

8. Competitive Advantage: Cryptocurrencies and blockchain networks that offer faster transaction speeds may gain a competitive advantage in the market. Projects that prioritize speed and low latency are more likely to attract users and developers looking for efficient and responsive blockchain solutions.

It's important to note that transaction speed should be considered alongside other factors, such as security, decentralization, and cost-effectiveness. Striking a balance between speed and the overall integrity of the blockchain network is crucial to ensuring a robust and reliable system that meets the diverse needs of users and applications. Different blockchain networks may prioritize different aspects of the trade-off between speed and other considerations based on their specific use cases and objectives. iEthereum seems to have created a well balanced user experienced value transfer technology.

iEther Way, We See Value!

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