Negosentro.com | Does speed matter when dealing with digital currency? How fast your cryptocurrency technology is will affect, in a big way, how fast you can make successful transactions. That, in turn, translates to how often you can make transactions and, ultimately, how much you can do with your chosen digital currency type.
That largely depends on the architecture of your cryptocurrency’s blockchain—an encryption-based ledger system recording transactions that are accepted by a consensus of decentralized asset managers or peers on a network.
The Bitcoin Slow-jam
Over time, Bitcoin Blockchain, the preemptive cryptocurrency, has been a lag. While the blockchain technology processes transactions in an average 10 minutes, recent transaction times have taken up to several hours to go through.
That is excruciatingly painful—whether you just needed to make a cupcake purchase or pay for an important software to save your business.
So, which cryptocurrencies offer the fastest block times around and is DasCoin it?
5 Digital Currencies with the Fastest Block Times
On average, it takes LiteCoin users 150 seconds to have their transactions processed successfully. Compared to the 10-minute wait Bitcoin users have to wait on edge to confirm. This is a marked upgrade.
While Bitcoin’s blockchain is understandably more complex and larger, Litecoin offers massively similar features to Bitcoin, and then some. So the latter might be a good option if you are tired of the long queuing.
Considered a much faster version of Bitcoin, Monero takes just 120 seconds to record transactions on itsblockchain.
Interestingly, in its initial days, Monero used to take half the time it takes now. According to Statista, about 579 Monero transactions were transacted daily during Q1 of 2016. That number more than quadrupled to an average of 2,611 transactions in Q1 of 2017. Does it mean Monero’s blockchain speeds could falter further as their network takes on more active users?
That will be interesting to follow.
There is a lot to say and do with Ethereum.
One thing is for certain: Ethereum, the world’s most popular cryptocurrency (and most widely used), is remarkably fast.
As far as block-generation speed goes, its 14-second sprint completely blows Bitcoin, Litecoin,and Monero out of the water.
DasCoin might be taking a different route compared to most altcoins, but their transaction speeds are alluring at the very least. Transactions take a mere six seconds to complete. That means users can spend less time waiting and more time getting things done on DasNet.
In fact, DasCoin has reported that their blockchain has the capacity to process about 100,000 transactions per second.
Perhaps it is because DasNet, the network where the cryptocurrency runs, does not require a lengthy Proof of Work process. Their permissioned blockchain also doesn’t support full anonymity—at leastnot in the same way as Bitcoin and Monero.
The blockchain technology and target market Ripple seeks to appease is similar to that of DasCoin. Both are aiming to integrate and work with financial institutions across the globe. At the heart of that mission, is the need to have authenticated members on either network.
But Ripple has excelled at its play and allows its users to record new blocks on its blockchain every 3.5 seconds.
So DasCoin may not be the fastest blockchain to process transactions, but its unique approach to the cryptocurrency industry makes it a good contender.