[Cryptography] What is total world transaction volume?

[Patrick]

James A. Donald wrote on 02/07/2017 07:35 PM:
...
> Node P "waiting for notification from all my pals that the global
> consensus agrees we are up one."
> 
> Node P "OK, I and all my pals are up one."
> 
> Node P  "and my pals agree that I am up one, transaction finalized."
> 
> This scales up a lot further than bitcoin, at the cost of failure modes
> that may be difficult for end users to understand, but it is not
> entirely obvious that it will scale up to ten thousand transactions per
> second.

Could this be implemented as individuals issuing their own currencies,
in the form of liabilities to pay bitcoins on demand?  If combined with
a trading exchange floor to extinguish mutually canceling liabilities,
it would keep a lot of activity off the main bitcoin blockchain.

Then you could move on from there to support individually issued
liabilities to pay assets other than bitcoin.

The trick would be to implement this without central servers -- or
rather, with "everyone a server".  Then you'd need to address secure
backup, with recovery by the master key which governs issuance capability.

This of course would imply the ability of an individual to issue more
liabilities than he can redeem -- i.e., fraud through inflation -- but
presumably the pricing mechanism on the exchange would disseminate that
information fairly quickly.


-- Patrick