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binarization of an image is n^2.
blob detection is possibly n^2.
computation of image moments is also n^2.
feature extraction is also n^2.
clssification takes a long time given that our backpropagation
has 32-100-4 input, hidden and output units respectivelty.

is it even possible for us to solve a real-time character recognition
problem in less than 10 frames per second?
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You would be surprised to know what a (recent) computer can do in a little time.

If your images are not too big and all your algorithms "only" n^2, then go on.

In my job I personnaly handle 1000*750 images (16 bits per pixel) at a rate > 40 frames/second. I am doing a few processes for each frame, saving data on disk on the fly and so on...
 
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