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Ethereum Transaction Per Second

Bitcoin And Ethereum Vs Visa And Paypal Transactions Per Second

Bitcoin And Ethereum Vs Visa And Paypal Transactions Per Second

Bitcoin and Ethereum vs Visa and PayPal Transactions per second One of the big debates happening in the Bitcoin community is over the specification of block sizes, which limits the maximum number of transactions that may be processed per second. Luno, a Bitcoin exchange and wallet provider, recently explained that transacting in Bitcoin has become painfully slow. It is also much more expensive than it was a few years ago. Atheoretical maximum speed for Bitcoin that has been circulating online is seven transactions per second. However, in reality the Bitcoin network is achieving maximums of 3 to 4 transactions per second. This seems low, and raises the question: How does Bitcoins maximum transaction capacity compare to the likes of Visa, PayPal, and cryptocurrency Ethereum? A few solutions have been proposed for the Bitcoin block size issue. One is Bitcoin Unlimited, which proposes removing the block size limit. Another is Segregated Witness, which proposes doubling the block size. There is no consensus in the Bitcoin community on which direction to take as yet, with support for Bitcoin Unlimited at around 36% and support for SegWit at around 27%. Support is measured as a percentage of the total Bitcoin mined over a specific period, with several miners not indicating explicit support for either of the two proposals. Towards the end of 2016, ETHNews reported that Ethereum had an estimated speed limit of around 20 transactions per second. A system called Raiden is in development that will use Ethereum smart contracts to increase the maximum speed to as high as one million transactions per second. The first version of Raiden was due out by the end of March , butthere have been no newupdates from the team since February. PayPal 193 transactions per second average PayPal han Continue reading >>

Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa Or Paypal?

Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa Or Paypal?

Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa or PayPal? Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa or PayPal? Cryptocurrency bag holders often boast that their network transaction speeds are faster than mainstream payment methods, such as Visa or Paypal. As cryptocurrencies continue to rise in popularity, it will be important to determine which blockchain payment networks could eventually become the new Visa. While both sides continue to debate their arguments, we jumped through the hard data and created a unique visual to highlight transaction speeds across several different payment networks. We chose to compare the transaction speeds of some of the largest cryptocurrencies by market-cap relative to Visa and PayPal. Each payment network is ranked largest-to-smallest based on the size of their balloon, which equates to the number of transactions per second. The larger the balloon, the more transactions their payment network can process per second. This allows for a clear and concise visual to show once and for all how some of the most popular crytpocurrencies stack up to more traditional payment methods. Ripple Shows Potential, But Visa is Still the King of Speed As you can see, Visa still has the fastest transaction speeds over any other payment networks measured, with 24,000 transactions per second. It was surprising to see Ripple come in second and beat out PayPal by a whopping 1,307 transactions per second. This shows that Ripple may have the capability to be a viable payment solution on a much larger scale. PayPal had 218 million active users during the third quarter of 2017. PayPal is still among the most popular and well-known digital peer-to-peer platforms out there, but Ripples transaction speed dominance could be the key to Continue reading >>

Ethereum Price Hits All Time High Of $750 Following Speed Boost

Ethereum Price Hits All Time High Of $750 Following Speed Boost

Ethereum Price Hits All Time High of $750 Following Speed Boost Ethereums price crossed $700 after normalisation of processing fees and transaction speed. Ethereum's price surge continued into today as the digital currency topped $700 to reach a high of $750 according to coinmarketcap.com. This brought Ethereums market capitalization to an astonishing $72.5 bln. However, as Bitcoin mounted a comeback, returning to near-record highs, Ethereum slipped. At press time, Ethereum was trading for $640. The network's transaction speed and fee normalisation seem to have influenced the prince increase. Co-founder Vitalik Buterin posted on Twitter Wednesday that the Ethereum network surpassed 10 transactions per second for an entire day on Tuesday. Good news: we just surpassed 10 tx/sec for an entire day yesterday. pic.twitter.com/xQBA2s1XOh Continue reading >>

Scaling Ethereum To Billions Ofusers

Scaling Ethereum To Billions Ofusers

Previously co-founder @Coinbase, trader @GoldmanSachs, computer science @DukeU. Tokens are selling at valuations which imply theyll have millions of users. But can the blockchain support it? If not, how far away are we? Requirements to building scaled decentralized applications (dApps) There are two requirements to building scaled dApps: Having all of the necessary parts of the dApp developer stack . Id say we are 70% to a shaky first version of each. 2. Scalability of these components. I think this will be the main limiting factor and what will be discussed in this post. Lets do the math on running something like Facebook. Facebook handles about 175k requests per second (900k users on the site in any given minute, assume an action is taken every 5 seconds). And this probably doesnt include API requests, which are a better analogue and probably 34x higher . First, a note: I am not an Ethereum maximalist, but I think Ethereum is the furthest along and best suited for thinking about scalability right now. At the moment, Ethereum can handle about 13 transactions per second, which cuts in half to about 7 transactions per second for tokens (4.7m gas limit, 21k avg gas price for standard txn = ~220 standard txns every block, current avg block time 17s = 13 txns/sec, gas requirement roughly doubles for token transactions ). And this doesnt include more expensive smart contract execution. By this estimate were roughly 250x off being able to run a 10m user app and 25,000x off being able to run Facebook on chain. And since these systems are open rather than proprietary, well see applications bigger than Facebook. This estimate isnt perfect because the dApp stack functions differently in places than the current Web 2.0 stack. But I believe its in the right ballpark. This is why I Continue reading >>

The Beginners Guide To Ethereums Roadmap

The Beginners Guide To Ethereums Roadmap

The Beginners Guide to Ethereums Roadmap Ethereums mission is to become a decentralized world computer that replaces server farms. Think of it as a single computer that the whole world can use. It cant be shut down or turned off. As an overview, heres a beginners guide to Ethereum and an explanation of how it technically works . If Ethereum is a computer, then each one of these updates can be looked at as an operating system (OS). Similar to Google launching Android Oreo or Apple launching iOS 10, Ethereum is launching in four stages. Each stage adds new features and improves the user friendliness and security of the platform, while allowing Ethereum to scale. Frontier (July 2015) First live release of the Ethereum network. It allowed developers to experiment, mine Ether, and begin building dApps and tools. Homestead (March 2016) First production release of Ethereum that brought many protocol improvements which lay the foundations to future upgrades and for speeding up transactions. Metropolis (Oct 2017) Lighter, faster and more secure Ethereum broken down into two releases: Byzantium (Oct 2017) and Constantinople (TBA) Serenity (TBA) Will bring us the long-awaited Proof of Stake using the Casper consensus algorithm. All of these updates will help Ethereum scale, which means faster transaction times and lower fees for everyone. As you can see, the Ethereum team has done a great job of scaling transactions. Metropolis promises to be a lighter, faster and more secure version of Etherem. It will also provide greater flexibility to smart contract developers. Metropolis will be split into two core releases: Byzantium and Constantinople. The first hard fork (Byzantium) took place in October . The second hard fork (Constantinople) does not have a set date yet but is expected Continue reading >>

Ethereum Will Soon Test Sharding Tech To Fix Scaling Issues, Vitalik Buterin Hints

Ethereum Will Soon Test Sharding Tech To Fix Scaling Issues, Vitalik Buterin Hints

Vitalik Buterin has made it clear that designing more efficient scaling solutions is one of the biggest challenges for the Ethereum blockchain and it seems the company is gearing up take on this hurdle head-on. Buterin has indicated the company will soon begin testing its new scaling tech better known as sharding . Talking about the cryptocurrency scam epidemic on Twitter, the young co-founder strongly hinted that Ethereum is close to launching its sharding testnet. While Buterin did not offer a clear timeline, he said that Leeroy a decentralized Twitter rival will be a suitable candidate for the experiment. I hope they can participate in the sharding testnet soon when its ready, the founder responded to a comment asking about a verified Twitter on the blockchain. Buterin has since purged the tweet, but you can still see the full response here: Buterin and lead developer Nick Johnson have often stressed the central role sharding could play in Ethereums plan to move from proof-of-work to proof-of-stake system for verifying transactions on its network. During a talk in Taipei in November last year, Buterin laid out the companys intention to reach Visa levels of scalability within the next three to five years, as reported by Trustnodes. Sharding was painted as a crucial part towards accomplishing this goal. For context, Visa processes upward of 1,500 transactions per second, while Ethereum roughly handles between 10 and 30. The way Ethereum is currently setup requires that a transaction is verified by every single validator on the blockchain, which makes the network inherently more secure but also significantly slower. Sharding basically splits the network into small partitions known as shards, with each piece containing its own independent state and transaction history. Continue reading >>

Raiden Network - Ethereum's Path To 1 Million Transactions Per Second

Raiden Network - Ethereum's Path To 1 Million Transactions Per Second

Ethereum's solution to scaling is worth mentioning since I do cover EOS a great deal. Ethereum is developing the Raiden Network. To understand the Raiden Network, it is easiest to just understand the Lightning Network. The Raiden Network is a system of payment channels between established, regular payment arrangements. Using encryption and the methodology of the lightning network idea, two parties can create a payment channel to handle their peer to peer transaction off-chain. This off-chain arrangement reduces fees, and reconciliation to the blockchain can occur afterward or periodically through their agreed arrangement. In my view payment channels only works for businesses, and in most cases, B2B (business-to-business). The only business-to-consumer model I have seen for the lighting network design is micro payments for video streaming, but once such a video stream were reconciled to the blockchain, it would still cost the standard network fee, making the whole thing impractical today. If in the future, the only way to receive reasonable fees for Bitcoin and Ethereum will be to have your funds stored on a business website, willing to setup payment channels with others in the industry. We then have to conclude this will economically force people to keep more funds on 3rd party websites. In a space where everyone has been advised to store funds on personal wallets, and have control of your private keys, every month that passes, this becomes less economical. Payment channel fee reductions will just further incentive this behavior of keeping funds on 3rd party websites, rather than in private wallets. Bittrex could create a payment channel with Coinbase, and both would experience drastically reduced fees, and once daily or even multiple times a day, they could settle the Continue reading >>

Scalability - How Many Transactions Can The Network Handle? - Ethereum Stack Exchange

Scalability - How Many Transactions Can The Network Handle? - Ethereum Stack Exchange

How many transactions can the network handle? The voting on ethereum analysis by Dominik Schiener calculated that it would take 40 days to hold the UK general elections on the ethereum blockchain due to the transaction and gas limits. I redid his math with some more current figures, here is what I calculated: transaction costs 21,000 gas (let's assume nothing else is attached) The result is the network allows for this use cas only 741560.9 votes (transactions) per day. But what if we require a volume of let's say 10x or 100x the transaction rate? How does the ethereum network scale? How fast can gas limits be adjusted? How many transactions can the network handle? Although your calculation is mostly correct, it did not take into consideration the network's capability to slowly increase the block gas limit. If a block becomes full with transactions, miners are allowed to bump the limit of the next block by a certain amount (for details please see Yellow paper , page 6, equations 40-42 + surrounding context). Based on the above rationale, there is no theoretical limit to the number of transactions that can be squished into a block, just needs a bit of time to adjust. Practically you need to get those transactions to the miners, they have to process it, distribute the results etc, so based on how optimal the implementations are, there's an upper limit. What that is with the current network, nobody can really say. We did extensive spam tests on the Olympic test network where we actually rewarded people to keep pushing junk into the network, and reached a transaction throughput of about 25 tx/sec. Since then a huge amount of work went into the implementations, so they would probably be able to handle even more. However, calculating with this 3/4 year old experimental result Continue reading >>

Ethereum Network Leads In Transactions

Ethereum Network Leads In Transactions

The Ethereum network, due to token and smart contract load, is working through more transactions than all other cryptocurrencies. Toward the end of 2017, the competition is on between cryptocurrencies to provide a number of transactions that could indeed install them as "the internet of tomorrow". For now, most transactions in Bitcoin and some altcoins are related to payment systems. But Ethereum goes a step further and handles more connections and transactions than all other major cryptocurrencies, recent research shows. At the moment, just a few test decentralized products offer an extremely high number of transactions per second- IOTA, and possibly EOS, though still only in theory. Older coins, such as Litecoin, Decred and Vertcoin seek an additional layer for handling a larger influx of transactions. The standard for cryptocurrency networks is to achieve results comparable to the VISA system, which works through 2000 and up to 24,000 transactions per second. At themoment, Bitcoin can in theory handle up to 7 transactions per second, but in reality the rate is between 2 and 4 transactions per second. Ethereum works through between 10-30 transactions per second in its current proof-of-work stage, but expects to increase capability by adopting proof-of-stake and an approach called sharding, where validation happens in clusters, without clogging the whole network. The number of transactions reflects the different nature of Ethereum's network. The coin is made to move actively, while other digital assets have lower activity or are rarely moved. Ethereum has indeed shown it can attract massive interest, as developers still flock mostly to the Ethereum blockchain to develop decentralized projects. As the network load grows, the importance of Ethereum as an asset to pay fo Continue reading >>

How Scales Ethereum In Comparison To Bitcoin In Number Of Possible Transactions?

How Scales Ethereum In Comparison To Bitcoin In Number Of Possible Transactions?

Blockchain at its core has a limit of about 7 transactions per second. You can change the variables here to try to find a more optimal combo or block size, creation rate and other factors, but the truth is that even the 100% optimal solution likely won't move too dramatically from 7 transactions a second. This is why networks like Raiden and Lightning are so important, because they can support hundreds of thousands to millions of transactions a second. Once those are in production, we will begin to see a dramatic increase in how people can use blockchain. Continue reading >>

Ethereum - The Challenger | Crypto Briefing

Ethereum - The Challenger | Crypto Briefing

Ethereum has remained a staunch competitor to Bitcoin since launching in 2014. The brainchild of Russian-Canadian programming mastermind Vitalik Buterin, Ethereum dramatically broadened the scope of what was considered to be possible with blockchain technology. Unlike Bitcoin, Ethereum is far more than a cryptocurrency. Instead, Ethereum is a blockchain-based distributed computing platform a complete operating system that presents an extremely diverse range of use cases. The Ethereum blockchain is referred to as a Turing complete system and uses its own programming language called Solidity, which makes it possible to create distributed applications that run on top of the Ethereum blockchain. Buterin has commented on the flexibility of the Ethereum blockchain, stating that distributed apps can be used to replace many services that require parallelization: You could run StarCraft on the blockchain. Those kinds of things are possible. High level of security and scalability allows all these various other things to be built on top. Ethereum is a secure base layer that doesnt have too many features. The programmable nature of ETH also makes it possible to create crypto tokens on top of the Ethereum blockchain. Tokens created on the ETH blockchain are governed by the Ethereum ERC20 token standard , which is a protocol that allows newly-created Ethereum-based tokens to be quickly and easily traded on exchanges or stored in ERC20 token compatible wallets. The relative ease with which ERC20 tokens can be created is at least partially responsible for the explosion in initial coin offerings , or ICOs, over the last year. 2017 saw the launch of multiple initial coin offerings that generated hundreds of millions of dollars, most of which were based on the ERC20 standard. As a result Continue reading >>

How Will Ethereum Scale?

How Will Ethereum Scale?

Like other public blockchains, ethereumintends to support as many users as it can. The problem is that, today, we don't really know the limits of theplatform. Because of a hard-coded limit on computation per block, the ethereum blockchain currently supports roughly 15 transactions per second compared to, say, the 45,000 processed by Visa. This limitation of ethereum and other blockchain systems has long been the subject of discussion by developers and academics. While ethereum developers might like to highlight how the flexible smart contract platform differs from bitcoin, for example, it isn't unique in regards to scalability. As disappointing as that might sound, there's hope in proposed solutions that havent made it into the official software yet. Ethereum and bitcoin use a combination of technical tricks and incentives to ensure that they accurately record who owns what without a central authority. The problem is, its tricky to preserve this balance while also growing the number of users (especially to the point where average people can use the system to purchase coffee or run applications). That's because ethereum depends on a network of 'nodes', each of which stores the entire ethereum transaction history and the current 'state'of account balances, contracts and storage. This is obviously a cumbersome task, especially since the total number of transactions is increasing approximately every 1012 seconds with each new block. The worry is that, if developers raise the size of each block to fit more transactions, the data that a node will need to store will grow larger effectively kicking people off the network. If each node grows large enough, only a few large companies will have the resources to run them. Despite the inconvenience, running a full node is the best w Continue reading >>

Shopin Partners With Iexec To Bring Over 1 Million Transactions Per Second To Ethereum Dapps

Shopin Partners With Iexec To Bring Over 1 Million Transactions Per Second To Ethereum Dapps

Shopin Partners with iExec to Bring Over 1 Million Transactions Per Second to Ethereum DApps NEW YORK, Jan. 11, 2018 /PRNewswire/ --Shopin, the first universal shopper profile that delivers the most personal shopping experience on retailers' websites using blockchain and A.I technology, today announced a strategic partnership with iExec, a leading blockchain-powered, cloud computing platform. Through collaboration with iExec, Shopin will run as a decentralized application on a private blockchain that interfaces with the Ethereum blockchain using atomic swaps. The partnership enables Shopin to scale its application to enterprise-level needs for millions of shoppers and retailers, enhance the benefits of the Ethereum blockchain without restrictions, and democratize shopper data by giving consumers full ownership and control over how, when, and where they use their preferences and purchase history data. In partnering with iExec, Shopin will bring highly cost-effective, secure blockchain solutions that increase revenue for many retailers that need a better understanding of their customers in today's hypercompetitive marketplace. It also makes Shopin one of the first companies to deliver a tangible token economy for mainstream consumers. "Our partnership shows how innovative companies can power core products and services on Ethereum, use cryptocurrency in their token economies off the Ethereum blockchain, and have those same tokens publicly traded on exchanges," said Shopin CEO Eran Eyal, a serial entrepreneur with three exits as a founder and more than a decade of experience in retail and ecommerce. "Our partnership with iExec will help us bring retail to the blockchain at massive scale and give shoppers the fastest and most secure way to interact with the brands they love Continue reading >>

3 Cryptocurrencies Processing 1,500 (or More) Transactions Per Second

3 Cryptocurrencies Processing 1,500 (or More) Transactions Per Second

3 Cryptocurrencies Processing 1,500 (or More) Transactions Per Second These digital currencies have a need for speed when it comes to processing and settling transactions. Over the past year and change, there simply hasn't been a more impressive asset class than cryptocurrencies. In just over one year's time, the aggregate value of every single virtual currency added up catapulted from less than $18 billion to $835 billion. Yes, this includes new coins that entered the market, but it also demonstrates just how rapidly cryptocurrency valuations exploded higher. With nearly 1,500 cryptocurrencies now listed, the market is getting crowded. What's more, the proprietary blockchain technology that's fueled this rally in alt-coins is getting tougher to differentiate. For those unfamiliar, blockchain is the digital, distributed, and decentralized ledger that underpins virtual currencies and is responsible for logging all transactions without the need for a financial intermediary, which is often a bank. These cryptocurrencies are among the quickest at processing transactions Though there are a lot of factors that should be taken into account when differentiating one proprietary blockchain from another, transaction speed per second certainly comes into play. Understandably, transactions per second isn't an all-encompassing measure, since few, if any, sources have examined hundreds of cryptocurrencies side by side under similar stress simulations. In addition, transactions per second fails to take into account block resolution times, which do matter. Nevertheless, a fast processing time is bound to turn heads for investors and potential enterprise customers. Surprisingly, the two most popular networks are notoriously slow, all things considered. According to a recent analysis fro Continue reading >>

A Blockchain That Handles Millions Of Transactions Per Second?

A Blockchain That Handles Millions Of Transactions Per Second?

A Blockchain that Handles Millions of Transactions per Second? December 22, 2017, 10:12:31 AM EDT By David Floyd Anyone who tried to send some bitcoin over the past few days and found themselves paying a fee of $20 or moreonly to wait hours for the transaction to confirmknows about blockchains' scalability issues. Bitcoin cash was forked from the main chain to try to speed things up a bit, but the 30-something transactions per second the new cryptocurrency could reasonably process pale in comparison to Visa's 50-something thousand. Which is why, if Kochava founder and CEO Charles Manning is right, the product his company is building could attract a lot of attention in blockchainland. He expects XCHNG, a smart contract platform Kochava hopes will disrupt the digital advertising industry, to process millions of transactions per second. "Yeah, millions, exactly," Manning told me on a phone call last week, in response to an incredulous request that he repeat the number. "That's what's amazing to me, is that financial services folks often point to their transaction volumes and say, well it really needs to beef up. If you want an example of a very difficult, high-volume ecosystem, it's adtech. Think of every impression as a trade." Processing a transaction in 45 or 50 milliseconds is nothing new for the industry or for Kochava, a six-year old company that, until around two-and-a-half years ago, had nothing to do with blockchain. Maintaining that kind of speed when moving from a centralized model to a decentralized one, though, has so far defied solution. To be sure, XCHNGwhich Manning expects to go live at the beginning of 2019does not rely on proof of work, which would probably preclude even speeds a few orders of magnitude slower than Kochava aims for. XCHNG is its own ani Continue reading >>

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