Transaction Speed Combined with Instant Currency Conversions and Confirmations

Transaction Speed Combined with Instant Currency Conversions and Confirmations

The Optherium Ecosystem provides an array of private blockchain networks which allow instant on-chain and cross-chain transactions at more than 100,000 transactions per second, as well as peer-to-peer roles and permissions to protect sensitive information. Optherium achieves such high transaction rates by using blockchain channels in a unique way. Each blockchain channel consists of five nodes and can reach approximately 3,500 transactions per second. Optherium combines many of these channels to form a platform layer, and many layers to facilitate multi-decentralization and maximum security.

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.

Those who are actively involved in the cryptocurrency space are not shocked to see Dash, Bitcoin, and Ethereum bringing up the rear. Crypto traders are consistently hit with transaction delays when they go to transfer their Ether or Bitcoin, as their growing popularity outpaces their network’s processing capabilities.

Here is a breakdown of the chart, which includes each network’s transaction speed capabilities:

Visa: 24,000 transactions
Ripple: 1,500 transactions
PayPal: 193 transactions
Bitcoin Cash: 60 transactions
Litecoin: 56 transactions
Dash: 48 transactions
Ethereum: 20 transactions
Bitcoin: 7 transactions

Overall, Visa continues to have one of the fastest transactions speeds across several different payment networks. Keep in mind that cryptocurrency and blockchain technology is still in the very early stages. Visa was founded in 1958 and has had 60 years to improve and grow its payment network capabilities. Imagine if we give Ripple, Bitcoin Cash, Litecoin, and other cryptocurrencies 60 years to develop their networks, the data may not be so skewed in Visa’s favor. For now, cryptocurrency pioneers continue deeper into uncharted territory in search of faster speeds, improved network stability, and user adoption.

Optherium can have one set of peers that write transactions and a second set of peers that only verify transactions. In this scenario, transactions that occur between two users registered in the same region will occur on multiple ledgers in the same region. These transactions can be written by one set of users (peers), and confirmed by a second set of users (peers), thereby decreasing the time it takes to confirm the transaction. Optherium leverages multiple blockchain channels simultaneously to achieve a transaction throughput that is unheard of in today’s blockchain industry.

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Best regards,
Optherium Team