DISCUSSING SOME CRYPTOCURRENCIES WITH FEWER SCALABILITY ISSUES
While we are operating in cryptocurrency, we have a technology that all crypto investors must be familiar with, that is blockchain technology. Blockchain technology is a mechanism that offers a transparent and immutable history of the transactions that are taking place between the parties to a transaction. Although the transaction history is transparent and accessible even though it is secured and the data that has been provided becomes difficult to hack by the use of cryptography. The technology is just not limited to the cryptocurrency domain but is also leaving its footprints in all the spheres of technology that might use it for their betterment. If you want to know more about bitcoin you can read this review article.
The technology came into the financial world as an accident although it had been found much earlier. This was a result of the failure of a known financial institution that led to the origin of cryptocurrency in the financial world. One of the primary factors in this technology is the speed per transaction. As a result, if it has a higher speed of transaction, it will have higher power as to the data transfer amongst the parties to the transaction for its confirmation. Certain reasons that might enhance the speed are dependent on various factors such as the size of the block, the time per block, the volume of transactions and fees associated with transactions. Talk about the most famous currencies that have the highest speed per transaction.
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Ethereum was the foundation of Vitalik Buterin who worked earlier for Bitcoin. He proposed making such a currency in 2013 but it was launched in 2015. It also has blockchain technology that is moving behind the curtain to enable other functions. Further, it also provides for a distributed computing system with another feature of smart contracts in it. It has been known as the “second-largest cryptocurrency” and is also called a “second-generation cryptocurrency” as per the market cap. If we talk about the speed per transaction, it can process around 20 transactions with a confirmation time of around 5 minutes.
The second cryptocurrency mentioned here is Ripple. It was launched in 2012. It is considered as one of the best currencies in terms of global payments and as mentioned on its official website also, it strives to make people explore more with better experiences in the payments and also providing better opportunities in the economic aspects. Talking about the transaction limit per second, it can process around 1500 transactions per second with an approval time of about 3 to 5 seconds.
Like most other cryptocurrencies NEO is an “open-source” cryptocurrency that is publicly available to everyone and trusts and works through a blockchain mechanism. It was introduced to the crypto industry in 2014. It strives to work for an economy that is smart by its very nature. As per its speculations, it is said that in the coming years it is going to be one of the most accepted and used currencies. Talking about speed per transaction, it has the potential of processing 1000 transactions per second with a confirmation time of 15 seconds.
The last one on the list is Bitcoin which is also known as the “first-generation cryptocurrency” in terms of its market cap. Talking about its transaction time, it can process around 7 transactions within a second with a confirmation time of around 10 minutes.
Hence, the topic has given a list of cryptocurrencies that have high transaction speed. I hope the article gave the desired information about the cryptocurrency time consumption per transaction.