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Transactions Per Second Ethereum

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 >>

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 >>

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 >>

Ethereum Will Match Visa In Scale In A Couple Of Years Says Founder

Ethereum Will Match Visa In Scale In A Couple Of Years Says Founder

Ethereum will match Visa in scale in a couple of years says founder Vitalik Buterin explains Ethereum in his own words at Disrupt SF The mind behind Ethereum, Vitalik Buterin , is matter-of-fact about the crypto. In short, he believes what interviewer Naval Ravikant called brain virus is the true future of security and economics and, with the right incentives, Ethereum can replace things like credit card networks and even gaming servers. Buterin separates the world into two kinds of people. Theres the average person whos already heard of bitcoin and the average person who hasnt, he said. His project itself builds upon that notion by adding more utility to the blockchain, thereby creating something everyone will want to hear about. Where Ethereum comes from is basically you take the idea of crypto economics and the kinds of economic incentives that keeps things like bitcoin going to create decentralized networks with memory for a whole bunch of applications, he said. A good blockchain application is something that needs decentralization and some kind of shared memory. Thats what hes building and hopes others will build on the Ethereum network. Vitalik Buterin (Ethereum Foundation) and Naval Ravikant at TechCrunch Disrupt SF 2017 Right now the network is a bit too slow for most mainstream applications. Bitcoin is processing a bit less than 3 transactions per second, he said. Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa. Buterin doesnt think everything should run on the blockchain but many things can. As the technology expands it can grow to replace many services that require parallelization that is programs that should run at the same time. You could run StarCraft on the blockchain. Those 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 >>

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 >>

Vitalik Buterin: Ethereum Will Have Visa-scale Transaction Capacity In 2 Years

Vitalik Buterin: Ethereum Will Have Visa-scale Transaction Capacity In 2 Years

Vitalik Buterin: Ethereum Will Have Visa-Scale Transaction Capacity in 2 Years The Ethereum inventor also indicates that Blockchain technology will likely provide platforms for gaming and other data-intensive applications. Bitcoin , Ethereum and other high-profile cryptocurrencies are embroiled in debate these days, as companies and individuals seek other sources for transactions outside of simple fiat currency. Ethereum, the Blockchain technology-based application platform, has gained increasing popularity with developers and individuals alike. The platform is being utilized especially heavily with the ICO boom that has occurred in recent months. Vitalik Buterin, speaking at TechCrunch Disrupt 2017, indicated that the platform has the capacity to change much of what is known about data and security. His comments included a strong indication that Ethereum will have the transactional power to equal Visa in the next two years. Buterin said: Bitcoin is processing a bit less than three transactions per second. Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the Blockchain to replace Visa. The Ethereum inventor also indicated that Blockchain technology will likely provide platforms for gaming and other data-intensive applications in the future, where security is an important aspect. 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. Continue reading >>

Transaction Per Second Casper : Ethereum

Transaction Per Second Casper : Ethereum

Welcome to r/Ethereum , the front page of the Web 3. No inappropriate behavior. This includes, but is not limited to: personal attacks, threats of violence, gossip, slurs of any kind, posting people's private information. Keep price discussion and market talk, memes & exchanges to subreddits such as /r/ethtrader Keep plain ICO advertisements to subreddits such as r/ethinvestor . Keep mining discussion to subreddits such as /r/EtherMining . No creating multiple accounts to get around Reddit rules. English language only. Please provide accurate translations where appropriate. Posts and comments must be made from an account at least 10 days old with a minimum of 20 comment karma. Exceptions may be made on a discretionary basis. 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 >>

Scaling Ethereum - Blockchainhub

Scaling Ethereum - Blockchainhub

Public Permissionless Blockchains like Bitcoin and Ethereum that use proof-of-work consensus mechanism currently lack scalability. The consensus mechanisms make sure that their networks are safe (attack and collusion resistant), but slow. Depending on the type of transactions, the Ethereum Network can currently handle only around 5-20 transactions per second. If Ethereum wants to reach global adoption, it would need to scale, meaning that it will need to be able to handle 100k transactions per second to be a feasible network for mass market smart contract adoption. Ethereum developers have therefore come up with different proposals addressing this issue. Submitted by Jason Teutsch and Christian Reitwiener in March 2017 Truebit is a proposal to scaling the smart contract computation on the Ethereum network because Ethereum smart contracts have very limited computation capacity. There is a gas limit in Ethereum which limits the number of computations one could perform.The main idea behind TrueBit, therefore, is to outsource the most difficult smart contract computations to a handful of specialized nodes instead leaving it to the miners. These specialized nodes will receive compensations for their work in the form of tokens. A notable advantage of using Truebit instead of traditional cloud services is that each time one performs a computation he or she has to submit a proof of that calculation. After the proof gets checked the computation gets approved. Truebit could serve as: 0x was founded by Will Warren and Amir Bandeali in October 2016. Even though not focusing directly on Ethereum scalability 0x has the potential to enable decentralized token exchange trading without third parties at a scale. 0x is an off-chain asset exchange protocol with an on-chain settlement. The Continue reading >>

Ethereum Will Have Transaction Chops Of Visa In 'a Couple Of Years', Founder Claims

Ethereum Will Have Transaction Chops Of Visa In 'a Couple Of Years', Founder Claims

Ethereum will have transaction chops of Visa in 'a couple of years', founder claims Starcraft on the blockchain? What a time to be alive Blockchains might be a bit slow today, but one of Ethereum's founders predicts that in "a couple of years" the popular network will have the same transaction capacity scale as Visa. Speaking at TechCrunch's Disrupt San Francisco on Monday, Vitalik Buterin said Bitcoin can process less than three transactions per second, Ethereum five and Uber 12, but in a "couple of years" his brainchild will match Visa's speed. Clarifying, he said Ethereum could complement Visa for certain applications that would benefit from decentralisation and a shared memory. He gave the example of running StarCraft one day. Jacob Eberhardt, a computer science PhD student studying the scalability of blockchains at the Technical University of Berlin, told The Register that the likelihood of scaling was much worse last year, but progress on new projects since, indeed makes it seem possible... some day. "I just don't know when it will happen," he said. Imagine that you want to make ten 10 transfers to a second party. The problem with Ethereum is that when two parties make a transaction on the network, all the other nodes have to validate it. Depending on the number of nodes, that process can be really, really slow. There are ongoing initiatives such as zk-SNARK , Plasma and Raiden Network that are making strides tackling scalability, Eberhardt said. The "off-chain" payment channel Raiden Network, for example, launched a testnet and developer preview last week. Instead of all nodes validating every single transaction on Ethereum, nodes would only have to validate two transactions, as the Raiden Network could handle the rest of the work. Users would lock funds into Et 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 >>

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 >>

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 >>

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