What is Transaction per Second (TpS)?
In blockchain terminology, Transactions per Second (TpS) is referred to the number of transactions that a network is capable of processing each second. It can be calculated based on how many transactions are executed over a certain duration of a test period and then calculate it per second.
To calculating Transactions per Second (TpS), we have to know the target block time, the average transaction size and the maximum block size. For example, a block size of 1 MB, an average tx size of 1 Kb, and a block time of 30 seconds would equate to a theoretical TPS of 33 ((1000/1)/30=33). By using this formula, the maximum TPS of any blockchains can be calculated.
The technology research that increase the transaction rate of blockchains has been an important area of research over the last years. The decentralized networks pose completely new challenges in terms of their ability to scale in case of increased demand. Hence, many newer cryptocurrencies nowadays have attempted to create their own blockchains to become faster and cheaper.
While other blockchains have low Transactions per Second (TpS), ECOChain can provides high transactions speed for 560 TpS and a short block creation time of 32 seconds. Accordingly, it offers lightning-fast processing times and inexpensive transaction fees as ECOChain realizes that the scalability is one of the cryptocurrencies main issues.
Stay tuned for more information about #ECOC #ECOChain
