Kirsch: Blockchain consensus is inappropriate for low-latency financial systems
Steve Kirsch · 763: He's Raised $18.5m To Help Banks Use Open API's, Makes Money From # of API Calls · Aug 26, 2017 · at 5:21
Steve Kirsch, founder of open banking platform Token, explains why Token avoids Byzantine fault-tolerant blockchain consensus for instant payments.
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“There's no real need for that in a lot of financial applications and for something that needs to perform really quickly meaning super low latency and very high throughput. The technology for blockchain is just not appropriate because you just don't have the time to get consensus.”
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