Block Time: 1 minute
Seems like a step backward to me. Why 1-minute block times when other existing PoS chains already have 3-second or less block times? What’s the point of making things 20x slower (or more) than your competitors?
That’s a small swing and a huge miss in my book.
If by other PoS chains you mean chains like STEEM, it's a different game imo. You have known 20 witnesses with STEEM who produce the majority of the blocks, and so it's not as decentralized as the POS here which was originally designed by Peercoin. I believe blockchains like STEEM are known as DPOS or delegated proof of stake as opposed to POS or proof of stake since witnesses are picked by votes. Not saying it's a bad thing. Each can have their own pros and cons. And it's simply not advisable to do lesser block times with POS due to how you can get orphan blocks unless you're DPOS like STEEM. Having said that, that's why Masternodes exist. Masternodes give six instant confirmations to transactions that are sent via SwiftTX. They basically lock the transaction in memory instantly and make sure they're mined and included in the blockchain.
PoS, DPoS...doesn't make a difference, in my opinion. If you're building blockchains that are 20x slower (or more) than existing ones, it's not moving things in the right direction.
These are blockchains with tokens to be used as currency. It's kind of hard to have a viable currency when any moderate to relatively high volume of transacting isn't possible. Not that anyone actually wants to use crypto tokens as currencies anyway, as most just want to "get rich" by cashing them out for fiat. So maybe 1-minute block times will be sufficient. I just don't see that as innovative at all.
But you're not factoring in the use of masternodes and instant payments. When you can have transactions confirmed instantly, block time won't be that important and 1 minute is more than enough imo. Dash was the first blockchain with masternodes and instant payments and their block time is 2.5 minutes. And I agree most people who get into crypto just wanna get rich quick. I also don't think a single blockchain can ever meet the demand of everyone in the world if crypto was ever adopted by masses. It's like expecting one bank to meet the needs of the whole world and every new bank to have something new or innovative otherwise people won't save their money there. I don't think so... I believe any blockchain even if it's a complete copykat, can turn into a store of value if it's not a scam setup by dodgy founders.
Ha! That’s like 99% of cryptos!