Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Technical Discussion => Topic started by: examplens on May 20, 2024, 09:20:49 PM
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CoinGecko made a study of the fastest blockchains, it is about daily average transactions per second (TPS)
Solana reached a record high of 1,504 on 6th April.
Interestingly, Bitcoin is only on the 20th place
(https://talkimg.com/images/2024/05/20/14E23.jpeg)
Source: https://www.coingecko.com/research/publications/fastest-blockchains?utm_campaign=Data%2BVisualization&utm_medium=social
What do you think, how important is speed and what does it mean for the future of each blockchain?
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It is no surprise that Bitcoin is 20th, it is designed to confirm transactions every 10 minutes on average while some of the other networks do it within seconds.
how important is speed and what does it mean for the future of each blockchain?
Speed is important for mass adoption, not everyone has the time to wait around for payment to be made and while it is easy to use, not everyone wants to use an off-chain solution.
But it still is a worthy trade off. Check how many times many of the other chains above Bitcoin have been exploited. Security is the all important factor any asset should have.
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Initially i thought you're talking about confirmation time (how fast transaction included in a block), but i was wrong. Anyway, i'm surprised that Bitcoin doing good in terms of TPS when there are so many altcoin which promise high TPS or block size.
What do you think, how important is speed and what does it mean for the future of each blockchain?
Some blockchain definitely benefit from higher TPS capacity, especially ones which various usage (e.g. token/NFT creation). Although we shouldn't forget many coin have L2 or sidechain network, where we could keep using "same" coin.
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Anyway, i'm surprised that Bitcoin doing good in terms of TPS when there are so many altcoin which promise high TPS or block size.
It's 20 out of 25.
The top 30 blockchains were selected based on total value locked (TVL) ranking on DefiLlama on May 15, 2024.but 5 chains excluded due to insufficient data
My first thought was to see where doge is ranked and since it isn't there there was obviously something wrong, no litecoin, no cardano, and weird enough no xrp either.
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Visa Beats them all. 24k tps
(https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcQWhtz50vXBsxvthXGoYEz-WSgA-gRVBbeqplEqCDSJo4lmlS5agYtzY1E&s=10)
Visa already did 24ktps when bitcoin was created.
Bitcoin isn't supposed to be faster than visa or any other altcoin.
It is supposed to be censorship resistant, borderless, free. You shouldn't ask anyone to trander your money, even if it takes 10 minutes.
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I think that these networks must be tested before we can say that they are the fastest. If the block size is large and each block is mined after about 3 seconds, the blockchain will be the fastest, but in terms of security, you need more than one confirmation to say that your transaction is safe.
Therefore, the term "fastest" must take into account the block size, network congestion, and the number of confirmations necessary to say that a transaction is secure.
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Litecoin and Dogecoin not even making the list is madness. Particularly Dogecoin. Aren't these coins using a much lower PoW block generation time?
And where is Bitcoin Cash in all this? I thought that was supposed to be the one with bigger block size and thus more throughput. Did everyone just turn off their BCH mining machines all of a sudden?
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Visa already did 24ktps when bitcoin was created.
I don't know, if it is comparing apples with oranges. Because in Bitcoin, after 10 minutes, you have a single confirmation, which is hard to revert. However, if you use VISA, then finalizing your transaction in a similar way can take, I don't remember, 180 days? (I mean, the time to make it irreversible, and to block all chargebacks).
Also, another thing is hashrate. If you take for example BCH, and say, that their speed is 60 transactions per second, then you should also consider, how reversible their blockchain is. Because reaching a single confirmation on BTC, will probably be equal to a lot of confirmations on BCH. According to coin.dance, BCH has 0.56% of double SHA-256 hashrate. Which means, that the same hashrate, which can reverse a single BTC block, can be used to mine around 200 BCH blocks (and for that reason, they consider the chain as final, if something has 10 confirmations, and that change is also their double-edged sword, because by having something like 5-6% of BTC hashrate, you can finalize things on BCH).
When you use many services, like exchanges, then note that they can credit your BTCs after a single confirmation, or something up to six confirmations. It is rock solid. However, if you have some CPU-mineable altcoin, then guess what: it is very common, to have a chain with one minute block time, and see, that you need 100 or 120 confirmations, to get it accepted. Which means, that the total time of waiting in many altcoins is similar or worse than in BTC, because you have to wait for more than a single confirmation anyway.
I guess if people want to compare Bitcoin to VISA, then Lightning Network is a better comparison. Or maybe even some sidechains. Because in that case, you have a weaker security model, so you can have faster confirmation time, and process more transactions per second. And also, there is more room for chargebacks, if things are not immediately confirmed on-chain, and those kinds of payments are queued, and published later (when you close your LN channel, or when you peg-out, and leave some sidechain, then you can compare that time of "getting things on-chain", with those 180 days to "get things irreversible" in VISA).
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Litecoin and Dogecoin not even making the list is madness. Particularly Dogecoin. Aren't these coins using a much lower PoW block generation time?
Litecoin has a 2.5 minutes blocktime.
While dogecoin has a 1 minute blocktime.
Those coins has faster blocktimes, but this is just a design decision, just a different parameter in the code. Which has pros and cons.
They are faster , but they do not have superior technology compared to bitcoin
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Bitcoin isn't supposed to be faster than visa or any other altcoin.
It is supposed to be censorship resistant, borderless, free. You shouldn't ask anyone to trander your money, even if it takes 10 minutes.
The part about free is not true, it was never free to move bitcoins, far worse than that it's the only payment method where you have to pay twice or thrice because you pay with three bills instead of one. But for the rest, yeah the actual advantage is in those things.
I don't know, if it is comparing apples with oranges. Because in Bitcoin, after 10 minutes, you have a single confirmation, which is hard to revert. However, if you use VISA, then finalizing your transaction in a similar way can take, I don't remember, 180 days? (I mean, the time to make it irreversible, and to block all chargebacks).
It's no longer 1999.
My business takes cards payments, the sum from the sale is immediately credited to your account and I can use that next minute to pay for my suppliers with it, I don't have to wait weeks or days to use that money, if a chargeback happens it gets taken from the sum but it's not like they are holding your money hostage.
Also not being able to receive a chargeback is not a true 100% advantage.
Shoppers love chargebacks, and sellers hate it, there are thousands of cases on BTT in the hundreds of scams where a chargeback option would have been great, of curse it would have triggered probably the same number of abuses, but you can't view it as a definitely positive.
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Bitcoin isn't supposed to be faster than visa or any other altcoin.
It is supposed to be censorship resistant, borderless, free. You shouldn't ask anyone to trander your money, even if it takes 10 minutes.
The part about free is not true, it was never free to move bitcoins, far worse than that it's the only payment method where you have to pay twice or thrice because you pay with three bills instead of one. But for the rest, yeah the actual advantage is in those things.
I was not saying about moving bitcoin for free, but the freedom to move them as you wish, without asking for permition. I should have used the word permitionless, or freedom...
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I think that these networks must be tested before we can say that they are the fastest. If the block size is large and each block is mined after about 3 seconds, the blockchain will be the fastest, but in terms of security, you need more than one confirmation to say that your transaction is safe.
Therefore, the term "fastest" must take into account the block size, network congestion, and the number of confirmations necessary to say that a transaction is secure.
You have spoken well, I was surprised to this ranking because the last time when I was trying to use Solana the network was congested and that lasted for about 3-4 months and here a network that was congested for all those months is the number one in the list. And I also made research on the fastest Blockchain and the op is right. I will not dispute about the fact on bitcoin because bitcoin network is not fast. And the position with Ethereum is good. I think this can also make the developers of bitcoin to sit up and clean up their blockchain so that the network will fast. We have to test the network as users so we can know which one is the fastest. +karma.
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I go by practical experience and judge solely on that, never cared for stats, I use Hive frequently, transactions are instant and fee-less, no matter how high the amount you transact. Yes, you have to stake few Hive to get this free transactions, but this is one blockchain which I would rate the highest amongst all I have used and believe me I have used plenty (including most of mentioned in the list).
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I go by practical experience and judge solely on that, never cared for stats, I use Hive frequently, transactions are instant and fee-less, no matter how high the amount you transact. Yes, you have to stake few Hive to get this free transactions, but this is one blockchain which I would rate the highest amongst all I have used and believe me I have used plenty (including most of mentioned in the list).
The problem with staking altcoins is that their value may go down very quickly . And you may lose a lot of money..
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I go by practical experience and judge solely on that, never cared for stats, I use Hive frequently, transactions are instant and fee-less, no matter how high the amount you transact. Yes, you have to stake few Hive to get this free transactions, but this is one blockchain which I would rate the highest amongst all I have used and believe me I have used plenty (including most of mentioned in the list).
The problem with staking altcoins is that their value may go down very quickly . And you may lose a lot of money..
For some time I was involved in staking and masternodes. It was a profit game only for coin creators and early birds (which were always the coin team).
The value of staking rewards is always in constant decline, most often due to the decline in the value of the coin. Later, everything boils down to the fact that reinvesting staking rewards leads to the promised profit, at least at that moment. In the end, you will be happy if you manage to get back 50% of the investment.
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For some time I was involved in staking and masternodes. It was a profit game only for coin creators and early birds (which were always the coin team).
The value of staking rewards is always in constant decline, most often due to the decline in the value of the coin. Later, everything boils down to the fact that reinvesting staking rewards leads to the promised profit, at least at that moment. In the end, you will be happy if you manage to get back 50% of the investment.
The problem with those shit coins is that they may explode in price if you get in early. If not, you will be losing your money....
Too many ponzi schemes.
I am trying to make some money in DOG and PENDLE rightnot, but I will try to get out quick and convert them back to BTC
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It's pretty important IMO. The speed is important because many of us want to have it right away. With everything that has been developed, it's mostly like people want instant gratification for something. It's just how it is now. SOL has definitely made a lot of people rich in a way that is not so much expected like memes but it's because it's fast and reliable (if there's no black out)
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It's pretty important IMO. The speed is important because many of us want to have it right away. With everything that has been developed, it's mostly like people want instant gratification for something. It's just how it is now. SOL has definitely made a lot of people rich in a way that is not so much expected like memes but it's because it's fast and reliable (if there's no black out)
I wouldn't say SOL is reliable. I have seen some transactions of mine just fail, and I got no message about it and had to make another one again...
It is more centralized than ethereum.. I don't think that will stay in the top in the long run. But that is just my opinion. I decided to stay out of it.
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SOL has definitely made a lot of people rich in a way that is not so much expected like memes but it's because it's fast and reliable (if there's no black out)
Neah, it's not the actual speed of transactions that has made those people rich is the hype around the speed.
Your average Joe won't be interested in confirmation of 10 seconds or 30 seconds when sending money, when paying for something online the times in seconds become quite irrelevant if you don't go to extreme like waiting for 20 minutes, and if we talk about purchasing in real life store....which store accepts solana?
The price right now is more because of the Bitcoin hype and the hype of what could be next for SOL, less on the actual capabilities and usage.
Cardano rode the same wave and then it was left with no wind in its sails.
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The price right now is more because of the Bitcoin hype and the hype of what could be next for SOL, less on the actual capabilities and usage.
Cardano rode the same wave and then it was left with no wind in its sails.
I think the price right now is basically because bitcoin proved itself as a very successful store of value, a hedge against inflation caused by irresponsible governments.
When buying something online, 10 minutes or even 30 minutes is quite fast. You could even wait hours when buying soimething in amazon.
Only when you are face to face with a merchant that a really fast transaction (<1minute) is useful
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If people want super fast speed for transactions they should not expect to have any real decentralization in this process.
Using altcoins like solana is no better than using any centralized way of sending money, and there is a good chance solana will break again.
Fastest ranking coin also have the biggest failure of all coins, that tells you something, fast is not always the best :P
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Interestingly, Bitcoin is only on the 20th place
(https://talkimg.com/images/2024/05/20/14E23.jpeg)
I'm not surprised to see bitcoin there. Infact out dear Bitcoin has tried despite the release of many altcoins with bogus promises.
I expected to see the XRP ledger, why was it not captured here. Has anything changed?
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If people want super fast speed for transactions they should not expect to have any real decentralization in this process.
Using altcoins like solana is no better than using any centralized way of sending money, and there is a good chance solana will break again.
Fastest ranking coin also have the biggest failure of all coins, that tells you something, fast is not always the best :P
If a person wants to make a quick transfer in a cost-efficient way, I'm sure they would choose altcoin over Bitcoin, and I'm sure normal folk could care about decentralization.
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Interestingly, Bitcoin is only on the 20th place
(https://talkimg.com/images/2024/05/20/14E23.jpeg)
I'm not surprised to see bitcoin there. Infact out dear Bitcoin has tried despite the release of many altcoins with bogus promises.
I expected to see the XRP ledger, why was it not captured here. Has anything changed?
I am missing Litecoin and Doge as well. Ltc and doge amazing for a quick transfer between exchanges. They are cheap and fast.
I see many unknown alrcoins, but missing important ones in this chart.
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Cryptocurrency capacity and transaction speed are really important. If cryptocurrencies are going to compete directly with payment services, transaction speed and capacity should at least match their competitors. I do not come directly to any particular project however. During a successful live streamed stress test, the TON blockchain proved that it is the world's fastest and most scalable public blockchain. I think the fastest term should be block size, network congestion, and adequate security rules for your translation.
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Cryptocurrency capacity and transaction speed are really important. If cryptocurrencies are going to compete directly with payment services, transaction speed and capacity should at least match their competitors.
I don't think they should compete with payment services. At least not bitcoin.
If you don't need decentralization neither censorship resistance, or borderless and permitionless transactions, just use visa.
Visa is faster and cheaper than any of those altcoins
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Cryptocurrency capacity and transaction speed are really important. If cryptocurrencies are going to compete directly with payment services, transaction speed and capacity should at least match their competitors. I do not come directly to any particular project however. During a successful live streamed stress test, the TON blockchain proved that it is the world's fastest and most scalable public blockchain. I think the fastest term should be block size, network congestion, and adequate security rules for your translation.
You can't have super fast transaction speed and real decentralization with anything, so something needs to be sacrificed for this to work.
Solana and other crap like that have proven many times how they are fast to stop working, and they are totally centralized and controlled from one source.
There is zero value in speed if you can shut down the whole network that easy.
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Interestingly, Bitcoin is only on the 20th place
nothing much interesting as i did not really expect bitcoin to be anywhere higher than top 10 bitcoin not being the fastest does not mean it is not the one i trust the most there are other considerations in terms of security and/or privacy which can make a blockchain more preferable for an individual
What do you think, how important is speed and what does it mean for the future of each blockchain?
like i said i do not think it is nor it should be the standard of what is the best blockchain however since we are aiming to have crypto mass adapted speed of transaction is definitely one of the priorities
i am sure that someday we will see a secure and at the same time, fast blockchain
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i am sure that someday we will see a secure and at the same time, fast blockchain
There are some already.
Like litecoin , monero, and even ethereum (fast but expensive).
The problem is that the performance of those coins is very poor compared to btc, so it is not worth holding them
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i am sure that someday we will see a secure and at the same time, fast blockchain
There are some already.
Like litecoin , monero, and even ethereum (fast but expensive).
The problem is that the performance of those coins is very poor compared to btc, so it is not worth holding them
True, it terms of price action and how it goes up in the bull run or the support of the community, definitely, I will take Bitcoin anytime of the day. Nevertheless altcoin has it uses as well.
It might have been that some of us have used it when the transaction fees of Bitcoin is so very high late and early of this year.
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I think that these networks must be tested before we can say that they are the fastest. If the block size is large and each block is mined after about 3 seconds, the blockchain will be the fastest, but in terms of security, you need more than one confirmation to say that your transaction is safe.
Therefore, the term "fastest" must take into account the block size, network congestion, and the number of confirmations necessary to say that a transaction is secure.
You have spoken well, I was surprised to this ranking because the last time when I was trying to use Solana the network was congested and that lasted for about 3-4 months and here a network that was congested for all those months is the number one in the list. And I also made research on the fastest Blockchain and the op is right. I will not dispute about the fact on bitcoin because bitcoin network is not fast. And the position with Ethereum is good. I think this can also make the developers of bitcoin to sit up and clean up their blockchain so that the network will fast. We have to test the network as users so we can know which one is the fastest. +karma.
Your observations are correct. Blockchain performance and speed can be affected in various ways, such as by network congestion, transaction numbers, and scalability solutions. As Solana claims a high speed, network congestion can hinder its performance. As for the Bitcoin network, it is limited in terms of processing speed, as it mainly focuses on security and stability. Ethereum itself is adopting various updates and scalability solutions to reduce transaction speed and fees. By testing the networks and monitoring their performance in real time, you can more Understand well which one is best according to your requirements. Primarily, it depends on the users' experience, and each blockchain has its own advantages and limitations.
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Your observations are correct. Blockchain performance and speed can be affected in various ways, such as by network congestion, transaction numbers, and scalability solutions. As Solana claims a high speed, network congestion can hinder its performance. As for the Bitcoin network, it is limited in terms of processing speed, as it mainly focuses on security and stability. Ethereum itself is adopting various updates and scalability solutions to reduce transaction speed and fees. By testing the networks and monitoring their performance in real time, you can more Understand well which one is best according to your requirements. Primarily, it depends on the users' experience, and each blockchain has its own advantages and limitations.
As it is I only know of Bitcoin as the most fastest and cheapest blockchain in the cryptocurrency space. I made a transaction in bitcoin blockchain with 3 sat/vb and the transaction fee was (0.83). TON which was free for transaction in exchanges now charges $1 though TON network is fast but, but as Bitcoin for now. As for the Ethereum and Solana since their networks were messed up, I abandoned them so I don't know their latest transaction speed and fees.
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Your observations are correct. Blockchain performance and speed can be affected in various ways, such as by network congestion, transaction numbers, and scalability solutions. As Solana claims a high speed, network congestion can hinder its performance. As for the Bitcoin network, it is limited in terms of processing speed, as it mainly focuses on security and stability. Ethereum itself is adopting various updates and scalability solutions to reduce transaction speed and fees. By testing the networks and monitoring their performance in real time, you can more Understand well which one is best according to your requirements. Primarily, it depends on the users' experience, and each blockchain has its own advantages and limitations.
As it is I only know of Bitcoin as the most fastest and cheapest blockchain in the cryptocurrency space. I made a transaction in bitcoin blockchain with 3 sat/vb and the transaction fee was (0.83). TON which was free for transaction in exchanges now charges $1 though TON network is fast but, but as Bitcoin for now. As for the Ethereum and Solana since their networks were messed up, I abandoned them so I don't know their latest transaction speed and fees.
If you remember vividly, Solana network which some people feel is the fastest network and scalability solution blockchain network has experience down time(system crash) unfortunately, many users were stranded.for hours. I think the whole issue of fastest transactions blockchain networks depends on the number of users at any point, when is influs of huge crowds of users at certain point, the system may be unable to function properly and could result in system brake down.
In my opinion, Speed, scalability, and other transactions features depends mainly on the number of users.
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If you remember vividly, Solana network which some people feel is the fastest network and scalability solution blockchain network has experience down time(system crash) unfortunately, many users were stranded.for hours. I think the whole issue of fastest transactions blockchain networks depends on the number of users at any point, when is influs of huge crowds of users at certain point, the system may be unable to function properly and could result in system brake down.
In my opinion, Speed, scalability, and other transactions features depends mainly on the number of users.
I also had bad experiences with solana.
I made some transactions which simple didn't go through. I had to make them again.
This never happened with bitcoin or ethereum for example.
I don't think solana is "the" solution for this problem...
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If you remember vividly, Solana network which some people feel is the fastest network and scalability solution blockchain network has experience down time(system crash) unfortunately, many users were stranded.for hours. I think the whole issue of fastest transactions blockchain networks depends on the number of users at any point, when is influs of huge crowds of users at certain point, the system may be unable to function properly and could result in system brake down.
In my opinion, Speed, scalability, and other transactions features depends mainly on the number of users.
I also had bad experiences with solana.
I made some transactions which simple didn't go through. I had to make them again.
I haven't used Solana, is that really true?
How the hell did it even become so popular if it's an unstable network
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I haven't used Solana, is that really true?
How the hell did it even become so popular if it's an unstable network
Yeah, just google about it and you will see:
https://coinmarketcap.com/academy/article/solana-network-faces-high-failure-rate-in-transactions-amid-memecoin-mania
The Solana network is grappling with a significant failure rate in its transactions, with approximately 75% of non-vote transactions failing, according to Dune Analytics.
And more here
https://m.theblockbeats.info/en/news/52835
It is popular because it is fast and cheap, and it hosts lots of memecoins which are popular ....
I don't see much future in it. I don't hold it in my portfolio
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I haven't used Solana, is that really true?
How the hell did it even become so popular if it's an unstable network
With lots of money you can make even shit popular.
Always remember that ex FTX owner S(c)am Bankman was the main guy who was behind Solana...
It's interesting that he donated a bunch of money to Biden campaign, and I wouldn't be surprised if many charges against him get dropped.
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If you remember vividly, Solana network which some people feel is the fastest network and scalability solution blockchain network has experience down time(system crash) unfortunately, many users were stranded.for hours. I think the whole issue of fastest transactions blockchain networks depends on the number of users at any point, when is influs of huge crowds of users at certain point, the system may be unable to function properly and could result in system brake down.
In my opinion, Speed, scalability, and other transactions features depends mainly on the number of users.
I also had bad experiences with solana.
I made some transactions which simple didn't go through. I had to make them again.
I haven't used Solana, is that really true?
How the hell did it even become so popular if it's an unstable network
So far i dont have dropped transactions on SOL network and cant really be able to deny that this is indeed the fastest and also cheapest i must say. Im not really that updated whether
there are new coins who do surpasses out SOL on the top spot but its really that good to see that there are indeed chains that having that fast TPS and also cheap.
This is one of the reasons too on why i do have a bag with SOL and of course ETH despite of high gas fees. :)
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I think that these networks must be tested before we can say that they are the fastest. If the block size is large and each block is mined after about 3 seconds, the blockchain will be the fastest, but in terms of security, you need more than one confirmation to say that your transaction is safe.
Therefore, the term "fastest" must take into account the block size, network congestion, and the number of confirmations necessary to say that a transaction is secure.
You have spoken well, I was surprised to this ranking because the last time when I was trying to use Solana the network was congested and that lasted for about 3-4 months and here a network that was congested for all those months is the number one in the list. And I also made research on the fastest Blockchain and the op is right. I will not dispute about the fact on bitcoin because bitcoin network is not fast. And the position with Ethereum is good. I think this can also make the developers of bitcoin to sit up and clean up their blockchain so that the network will fast. We have to test the network as users so we can know which one is the fastest. +karma.
Your observations are correct. Blockchain performance and speed can be affected in various ways, such as by network congestion, transaction numbers, and scalability solutions. As Solana claims a high speed, network congestion can hinder its performance. As for the Bitcoin network, it is limited in terms of processing speed, as it mainly focuses on security and stability. Ethereum itself is adopting various updates and scalability solutions to reduce transaction speed and fees. By testing the networks and monitoring their performance in real time, you can more Understand well which one is best according to your requirements. Primarily, it depends on the users' experience, and each blockchain has its own advantages and limitations.
I think you are right that blockchain speed and performance can be affected by many things like network congestion.. number of transactions and scalability solutions. Solana says it is fast but congestion can still slow it down. Bitcoin prioritizes security and stability over speed while Ethereum is working to improve its speed and fees.
It is important to try out networks and see how they work in real time to find best one for your needs. Choice depends on what each user wants and needs. Each blockchain has good and bad points and understanding these is good for making smart decisions. By knowing what each network can and can not do users can make most of blockchain technology.
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As it is I only know of Bitcoin as the most fastest and cheapest blockchain in the cryptocurrency space. I made a transaction in bitcoin blockchain with 3 sat/vb and the transaction fee was (0.83). TON which was free for transaction in exchanges now charges $1 though TON network is fast but, but as Bitcoin for now. As for the Ethereum and Solana since their networks were messed up, I abandoned them so I don't know their latest transaction speed and fees.
Bitcoin transactions are fast like really fast but the problem is we hardly make use of high fees. Bitcoin is decentralised and gives bitcoiners the opportunity to adjust the fees to their preferences and that is one key thing almost all altcoins lack. Take a network like Ethereum for example. Their confirmations come in in no time at the deetriment of you paying a very high fee. Same thing with many altcoins. Their fees are way too big and you can't adjust many of them like you can with bitcoin that's why it seems like they are faster.
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Bitcoin transactions are fast like really fast but the problem is we hardly make use of high fees. Bitcoin is decentralised and gives bitcoiners the opportunity to adjust the fees to their preferences and that is one key thing almost all altcoins lack.
i don’t think it’s the users that don’t want to make use or take advantage of the high fees but it’s more of that they can’t i mean who wants to be paying such high fees if you are just going to send a few satoshis or bitcoin anyway? however bitcoin is definitely one of the trusted blockchains out there that even if the transaction time is usually not the fastest it is still the most sought out
and besides bitcoin transactions are way faster than of centralized banks and etc
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As it is I only know of Bitcoin as the most fastest and cheapest blockchain in the cryptocurrency space. I made a transaction in bitcoin blockchain with 3 sat/vb and the transaction fee was (0.83). TON which was free for transaction in exchanges now charges $1 though TON network is fast but, but as Bitcoin for now. As for the Ethereum and Solana since their networks were messed up, I abandoned them so I don't know their latest transaction speed and fees.
Bitcoin transactions are fast like really fast but the problem is we hardly make use of high fees. Bitcoin is decentralised and gives bitcoiners the opportunity to adjust the fees to their preferences and that is one key thing almost all altcoins lack. Take a network like Ethereum for example. Their confirmations come in in no time at the deetriment of you paying a very high fee. Same thing with many altcoins. Their fees are way too big and you can't adjust many of them like you can with bitcoin that's why it seems like they are faster.
Using ETH isn't best example, since currently https://etherscan.io/gastracker (https://etherscan.io/gastracker) suggest 3.47 gwei or about $0.18 for high priority when sending ETH. And the fact you can't adjust fee on those altcoin usually is due crappy wallet which doesn't let you choose fee priority or adjust fee rate manually.
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I also had bad experiences with solana.
I made some transactions which simple didn't go through. I had to make them again.
This never happened with bitcoin or ethereum for example.
I don't think solana is "the" solution for this problem...
That's even worse than e.g. an Ethereum transaction for a smart contract failing because "not enough gas"!
I wonder if this is a common occurrence in the Solana community.
Anyway, speed of a blockchain is pretty much meaningless if there are not even enough meaningful transactions (i.e. from individuals) to justify the speed capacity. It simply means there is not enough demand for it.
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That's even worse than e.g. an Ethereum transaction for a smart contract failing because "not enough gas"!
I wonder if this is a common occurrence in the Solana community.
It is common, and this is much worse than not enough gas.
I made the transaction and saw a message "waiting for confirmation ". It looked OK for me and I closed the computer.
A few hours later the transaction simple vanished. Nowhere to be found.
Wierd bug! No wonder why solana price was nearly zero a few months ago
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Litecoin and Dogecoin not even making the list is madness. Particularly Dogecoin. Aren't these coins using a much lower PoW block generation time?
Litecoin has a 2.5 minutes blocktime.
While dogecoin has a 1 minute blocktime.
Those coins has faster blocktimes, but this is just a design decision, just a different parameter in the code. Which has pros and cons.
They are faster , but they do not have superior technology compared to bitcoin
yeah 12.5 blocks to 1 block is not superior.
gaslighting at its best bro.
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If you remember vividly, Solana network which some people feel is the fastest network and scalability solution blockchain network has experience down time(system crash) unfortunately, many users were stranded.for hours. I think the whole issue of fastest transactions blockchain networks depends on the number of users at any point, when is influs of huge crowds of users at certain point, the system may be unable to function properly and could result in system brake down.
In my opinion, Speed, scalability, and other transactions features depends mainly on the number of users.
I also had bad experiences with solana.
I made some transactions which simple didn't go through. I had to make them again.
This never happened with bitcoin or ethereum for example.
I don't think solana is "the" solution for this problem...
Downtime issue is big but on your transaction failure — did you pay transaction fee and yet transaction was not processed? If it's so, it's a problem, otherwise relatively less of a trouble, especially if you were able to complete it soon after.
I remember years back, made a transaction on Ethereum, transaction didn't went through and I paid 15 USD for it. I was pissed. This has been solved now though.
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Downtime issue is big but on your transaction failure — did you pay transaction fee and yet transaction was not processed? If it's so, it's a problem, otherwise relatively less of a trouble, especially if you were able to complete it soon after.
I remember years back, made a transaction on Ethereum, transaction didn't went through and I paid 15 USD for it. I was pissed. This has been solved now though.
This is different.
I paid the fees. The transaction was in queue for a quick confirmation. But it just disappeared. Gone, nothing in the blockchain and nothing im history.
Very weird. It happened 2 times using phantom wallet . I had to make another transaction.
Later on, I discovered this is somewhat common in solana.
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Downtime issue is big but on your transaction failure — did you pay transaction fee and yet transaction was not processed? If it's so, it's a problem, otherwise relatively less of a trouble, especially if you were able to complete it soon after.
I remember years back, made a transaction on Ethereum, transaction didn't went through and I paid 15 USD for it. I was pissed. This has been solved now though.
This is different.
I paid the fees. The transaction was in queue for a quick confirmation. But it just disappeared. Gone, nothing in the blockchain and nothing im history.
Very weird. It happened 2 times using phantom wallet . I had to make another transaction.
Later on, I discovered this is somewhat common in solana.
Weird! If you can't see your transaction on blockchain, how did you pay transaction fees? Also, it could be a wallet issue as well, try using Solflare, if you find same happening there.
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Downtime issue is big but on your transaction failure — did you pay transaction fee and yet transaction was not processed? If it's so, it's a problem, otherwise relatively less of a trouble, especially if you were able to complete it soon after.
I remember years back, made a transaction on Ethereum, transaction didn't went through and I paid 15 USD for it. I was pissed. This has been solved now though.
This is different.
I paid the fees. The transaction was in queue for a quick confirmation. But it just disappeared. Gone, nothing in the blockchain and nothing im history.
Very weird. It happened 2 times using phantom wallet . I had to make another transaction.
Later on, I discovered this is somewhat common in solana.
Weird! If you can't see your transaction on blockchain, how did you pay transaction fees? Also, it could be a wallet issue as well, try using Solflare, if you find same happening there.
I paid the fees before it disappeared
Then, ofc when the transaction disappeared my balance became the same again. The fees were spend within the transaction...
I have seen similar reports elsewhere:
https://www.reddit.com/r/solana/comments/1bvwf3l/transaction_disappearing/
Looks to be something related to congested network
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Very weird. It happened 2 times using phantom wallet . I had to make another transaction.
Later on, I discovered this is somewhat common in solana.
It sounds like that fake blockchain is worse piece of sh1t than I initially thought it was.
With so many blockchain stops and breaks, it's probably one of the ''top'' blockchains with most downtime in history of all blockchains.
Meanwhile, bitcoin uptime remains at 99.98% since 2009, that is more than 15 years!
https://bitcoinuptime.com
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Meanwhile, bitcoin uptime remains at 99.98% since 2009, that is more than 15 years!
https://bitcoinuptime.com
More important than being fast is being stable and reliable
Bitcoin is really unique. Who would think of solana or eth or any other coin for long term holding? For hedge against inflation or store of value?
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More important than being fast is being stable and reliable. Bitcoin is really unique. Who would think of Solana or Eth or any other coin for long term holding? For hedge against inflation or store of value?
Yes, that is so true...we all want a fast blockchain but we must not sacrifice reliability and stability because what's the use of fast if a transaction will eventually be problematic, that would be worthless. While many people are looking at Bitcoin as really not so fast, we can be sure of its security above all else. And that is why when we are talking of HODLING for the long-term and what blockchain is getting the top spot as a store of value, Bitcoin is the name and nothing else, not even Solana and Ethereum for that matter though they can be good for investing too.
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The only network I often use when I have a transaction is BSC, Trx, and Solana. I rarely use it, but it is also fast compared to BSC and Trx, according to my observation.
But as far as I know, Solana is also often experiencing congestion in the network, followed by Ton, and sometimes it's BSC, but it also rarely happens.
In the bitcoin network, it's not fast, although sometimes there are times when it's fast. but usually not really.
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In the bitcoin network, it's not fast, although sometimes there are times when it's fast. but usually not really.
Isn't 10 minutes fast enough for 90% of the situations in a daily life?
When you buy stuff in the internet or in apps (which are very common nowadays)..
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More important than being fast is being stable and reliable
Some things need to be faster.
You can't have slow working phone calls with delay, or slow delay internet, slow response when you type something on your computer.
But for decentralized blockchains you usually have to sacrifice something to have very fast trasanctions.
Bitcoin is really unique. Who would think of solana or eth or any other coin for long term holding? For hedge against inflation or store of value?
I would never hold s0lana for anything, ethreum is still better, but I am not sure about anything as long term hedge against inflation.
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What do you think, how important is speed and what does it mean for the future of each blockchain?
I think speed is important. For altcoins, the faster the blockchain is, the more people love to use that. I have a feeling and I personally believe that Binance Smart Chain got popularity because of it's faster and more efficient than ETH mainnet. There was a lot of hype for the ETH project because of the capabilities of smart contracts. But as soon as more and more projects were launching on the ETH net, it was becoming slower and more expensive.
The Binance smart chain provided more efficiency for the projects, and then the projects started to migrate to the Binance smart chain. It's happened because it was faster and cheaper. A lot has happened since then. But when it comes to Bitcoin blockchain, I guess it has a different purpose. Bitcoiners know that each transaction will take 10 minutes on average, and the community still loves it.
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The Binance smart chain provided more efficiency for the projects, and then the projects started to migrate to the Binance smart chain. It's happened because it was faster and cheaper. A lot has happened since then. But when it comes to Bitcoin blockchain, I guess it has a different purpose. Bitcoiners know that each transaction will take 10 minutes on average, and the community still loves it.
The point is that congested blockchains are more expensive.
Until 2019 it was basically free to move eth anywhere. Then, the network just became congested.
Binance chain doesn't have this problem because it is less congested and more centralized
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The point is that congested blockchains are more expensive.
Until 2019 it was basically free to move eth anywhere. Then, the network just became congested.
Binance chain doesn't have this problem because it is less congested and more centralized
What was the reason for that congestion? I guess it happened because there were a lot of projects launching on the ETH mainnet which was causing the congestion. A similar thing happened to the Bitcoin network when BRC-20 tokens and NFTs were launched on Bitcoin networks. Tokens like 1000sats and some others created hype, and these token transactions affected the Bitcoin network. I am afraid that a similar thing will happen with the Bitcoin network again. As time passes by, the number of transactions will increase, which will consume more space on each block, and this congestion will increase the transaction fees again. 1 sat/vb was a standard fee at some time, and it will increase day by day.
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The point is that congested blockchains are more expensive.
Until 2019 it was basically free to move eth anywhere. Then, the network just became congested.
Binance chain doesn't have this problem because it is less congested and more centralized
What was the reason for that congestion? I guess it happened because there were a lot of projects launching on the ETH mainnet which was causing the congestion.
Smartcontracts become much more complex after some time.
DEX and NFTs processing power is much bigger and occupies a lot of space in a block compared to old smartcontracts... and also there are much more people doing much more transactions than before.
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The only network I often use when I have a transaction is BSC, Trx, and Solana. I rarely use it, but it is also fast compared to BSC and Trx, according to my observation.
But as far as I know, Solana is also often experiencing congestion in the network, followed by Ton, and sometimes it's BSC, but it also rarely happens.
In the bitcoin network, it's not fast, although sometimes there are times when it's fast. but usually not really.
I have used the BSC, TRX and TON network really well and the one I can see to be very fast is the BSC network especially when sending out USDT stable coin through the network. I have used others I mentioned also in several occasions but my top pick is the BSC network. Congestions may happen time to time in the network but I haven’t been stuck in a network congestion that is not allowing my transaction to pass through quickly. According to Coigecko statistics, Solana seems to take the first position but since I’ve not used that network as much as I can remember, I can’t say confidently that it is very fast like the rest that I’ve used.
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CoinGecko made a study of the fastest blockchains, it is about daily average transactions per second (TPS)
Solana reached a record high of 1,504 on 6th April.
Interestingly, Bitcoin is only on the 20th place
(https://talkimg.com/images/2024/05/20/14E23.jpeg)
Source: https://www.coingecko.com/research/publications/fastest-blockchains?utm_campaign=Data%2BVisualization&utm_medium=social
What do you think, how important is speed and what does it mean for the future of each blockchain?
It is no doubt that Solana still takes the lead amongst the fastest blockchain in the world of blockchains although it has encountered a bug that made its network to freeze on one or two occasions (https://www.binance.com/en-NG/square/post/250616), it has remained the fastest chain so far.
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CoinGecko made a study of the fastest blockchains, it is about daily average transactions per second (TPS)
Solana reached a record high of 1,504 on 6th April.
Interestingly, Bitcoin is only on the 20th place
(https://talkimg.com/images/2024/05/20/14E23.jpeg)
Source: https://www.coingecko.com/research/publications/fastest-blockchains?utm_campaign=Data%2BVisualization&utm_medium=social
What do you think, how important is speed and what does it mean for the future of each blockchain?
It is no doubt that Solana still takes the lead amongst the fastest blockchain in the world of blockchains although it has encountered a bug that made its network to freeze on one or two occasions (https://www.binance.com/en-NG/square/post/250616), it has remained the fastest chain so far.
Solana..but maybe klaytyn would flip it or probably solana
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I have used the BSC, TRX and TON network really well and the one I can see to be very fast is the BSC network especially when sending out USDT stable coin through the network. I have used others I mentioned also in several occasions but my top pick is the BSC network. Congestions may happen time to time in the network but I haven’t been stuck in a network congestion that is not allowing my transaction to pass through quickly. According to Coigecko statistics, Solana seems to take the first position but since I’ve not used that network as much as I can remember, I can’t say confidently that it is very fast like the rest that I’ve used.
As far as I thought that Ton network is the fastest network because among the ones I have done transactions on so far, TON network transactions seemed to me to be the fastest. Is this just my opinion or is it true that at that time I got the fastest transactions on any network congested issue reasons, I can't say.
However, I think that transaction speed is a big matter for altcoins. If we talk about bitcoin, it is already successful in terms of security and trust, but altcoins are its alternative. In this case, since security and trust are already present in bitcoin, improving other aspects such as transaction speed to gain market share for altcoins will definitely be a plus point for them.