Stellar Tops Crypto Transactions By Volumes; Bitcoin Fourth, Ethereum Third: Report
Stellar (XLM), which has the highest number of transactions per second among crypto currencies, is 83.26 per sec. With 222,930 transactions per hour or 2.58 transactions per sec, Bitcoin (BTC) is at fourth place. These findings are part of a new study from Forexsuggest.com (a US-based platform that supports stock and forex traders).
According to the Stellar report, it is not a bank or a business. It is a decentralised open network which aims to connect individuals, banks and payment systems with fast and secure transfers. The digital ledger blockchain is used to store and transmit Bitcoin, which is both secure and easily accessible.
Technically speaking, high transaction speeds mean that more transactions can be processed at once. This is important, especially when there are more transactions than usual. However, slow transaction speeds can cause the currency network to become overwhelmed if it processes too many transactions simultaneously, which could lead to delays for users.
Ripple (XRP), which has 25.7k transactions per second, is second in the same report. Ripple (XRP) was designed for enterprise use. It aims to be an efficient, fast and cost-effective cryptocurrency that focuses on cross-border payments.
This report was based upon a survey of 100 cryptocurrency markets. The results showed that 67 of the cryptocurrencies had transaction speeds of less than 5 minutes. These include Moonbeam, Polkadot, and Kusama. There are 16 cryptocurrency that have transaction speeds of more than 5 minutes. These include Dogecoin and Bitcoin, as well as Mina.
Ethereum (ETH) is the second-largest cryptocurrency in market capital after Bitcoin. It ranks third in terms of transactions per seconds. Ethereum (ETH) is a decentralised computing platform. It runs many applications including financial tools and complex databases. The report also states that Ethereum Classic, which is a split version Ethereum’s Blockchain, has the slowest currency rating with a transaction time of 9,360 minutes.
“It is estimated that Visa handles approximately 1,700 transactions per seconds (Visa actually claims a massive 24,000 transactions each second, but this number is widely debated). The report also states that Mastercard handles approximately 5,000 transactions per second.
Stellar (XLM), currently has a market cap of $5 billion. According to Coinmarketcap.com data, it was trading at $0.2285 when the report was made. It had fallen 1.25 percent in the past 24 hours. Ripple, which has a market capitalization of $39.5 billion, was trading at $0.8221. This is 0.58 percent lower than its previous closing price. Bitcoin’s total market capitalization is $872. At 8:30 PM (IST), Bitcoin was trading at $45,890.13, a 0.11 percent decrease.