Meet Tera: probably the fastest blockchain out there
Tera is a greenhorn in the highly competitive field of crypto space, yet it’s fast and has a growing interest from developers. It also has implemented some tech designs to ensure high speed and availability. Started in 2018, here are the main tech specs:
- consensus algo: pow
- smart contract lang: js
- platform — nodejs
- max supply of tokens: 1 billion
In this article I will briefly show how sending tokens and creating a wallet is much faster and user-friendly with Tera. Despite its ‘1 year baby age’, Tera has one prominent feature: a structured grid of nodes and each node participates in the transaction processing. This gives unprecedented transaction speed! It can do at least 1000 transaction-per-second using standard proof-of-work consensus algorithm. That’s unusually fast for any network using PoW.But Tera levels up the standard for those.
To create a wallet on Tera, go to tera foundation and click on new account:
Choose a name for it:
The wallet will be created instantly, and id will be displayed in the first column.
Now click on “send” tab above. In the “pay to” insert the id of the wallet, click “send” button below.
And that’s it! Sending tera tokens btw 2 wallets takes ~6–7 seconds to confirm. This high speed will be intact even when the total number of transactions processed is orders of magnitude higher(100–1000x)
To compare, opening a real EOS wallet required more hassle, there is a fee:
- 5$ via credit card
- 2.5$ via eos
For test purposes I created a new wallet and deposited 2 eos from binance. It took me 8 minutes to create a new wallet and send money. Actual transaction confirmation and deposit time was 5 minutes.
Pay fee to deposit to your EOS account
After you will see this message
Then issues started crippling in.
Average non-tech user will have hard time doing simple operations on eos platform. With EOS, I wasted an entire hour trying to figure out how to do simple transfer between 2 wallets. I created 2 real ones, then 2 demo ones! Tons of tutorials were outdated! It’s due to the fragmented and convoluted ecosystem of EOS and the pace of the development, simple “how-to do in 7 steps” tutorials are outdated!
I got stuck at step 3 or 4 to figure out the website or an app at step 3 is no longer working or deprecated!
I jumped between eostoolkit, myetherwallet, simpleos to discover that a standard testnet is not supported or myetherwallet does not support most basic ETH→EOS exchange.
Finally, one eos client allowed me to play around and send some tokens, but it was still sluggish and took 6 min to confirm a single transaction.
I have no doubts tech visionaries behind EOS, Ethereum and other major platforms are brainstorming how to hold their position as first-movers.
But ETH and its ecosystem also carries the first-mover disadvantage. Along with BTC, it can be dubbed as “blockchain 1.0” similar to the “Web 1.0”. HTML, CSS, JS have evolved big time since the 90s.
Next, EOS has taken into account some ethereum design decision. It’s one of the many platforms coming from the 2nd wave — “blockchain 2.0”. Still, it has inherited some sluggish execution speed.
On the other hand, Tera dev team is carefully assessing technical performance of EOS ecosystem and is improving upon it. Now, Tera can be named ‘blockchain 3.0’! It’s young and relatively unknown, but check back where ethereum and the whole cryptoindustry was only 5 years ago!…
As we can see from the sample transaction above, Tera is blazingly fast! Again, only time can tell which team will roll out better solution and take the lead. But for now my eyes are on Tera. I have done transfer on both eos and Tera 10 times. Each time Tera network did not make me wait more than 20 seconds.
The UI, block explorer and visual look&feel are still something to work on yet. Better front-end client, android and iOS app must be built. But Tera has made giant leaps forward in just 1 year!
Tera is a young but promising project. It has a well defined roadmap, strong team and clear vision yet small online presence. The idea for a devteam is to pay close attention to the drawbacks, tech flaws, conduct some tech assessment — and build a better solution to decentralization, scalability and security on a new platform.