awesome, had to change my avatar just for the ninjaness of NEM
100 tx/s = 8.64m tx/day.
Many bank settlement and clearance only needs 1 million or two a day. This is going to work!!
The question is how ?!?
(Sorry for the quality)
No tricks involved, this is still blockchain technology.
This is not an animation, this is live-stream of blockchain data.
There are only 5 accounts exchanging transactions, that’s to keep animation on the left simple and aesthetic.
btw, bit accidentally, you can see block changing around 4th sec
OMG , you just knocked me off my feet!
It’s been a while that I was thinking about the possibilites regarding transactions , I spoke about it in on slack exactly one mont ago.
This is really revolutionary!
wow, 30 second block times, 750 transactions per block, 25 transactions per second.
Is there any info available on how it works ?
I doubt it’s just the lower blocktimes
My best guess is that it’s NEM on steroids
Mean servers running adapted NEM code, ( lower blocktimes and higher slots per block). Probably it’s a simplified version of what is actually going on but maybe NEM can be scaled to these proportions ???
What I would like to know however is how the private networks will deal with 5k transactions per second !??
How would this be integrated with the blockchain ? (transaction packages ???)
As far as I know the 2 transaction per second limit was always an artificial limit. (Not a dev so I don’t really know, but it sure handled 2 per second with no problems when we spammed).
I’m sure they have been working hard improving NIS. But I also bet out of the box, it could have handled more than 2 transactions per second.
How does this compare in the field of altcoins?
What are bitcoins/ETH and other’s limits on transaction speed?
https://bitcointalk.org/index.php?topic=1153740.0
Bitcoin says 7 per second but it is really good if it could get 5 in real life.
Ethereum will have a lot but not sure how many.
I checked. The information was a little old but the Ethereum testnet got 20-30 per second and they aim to someday have 100k
Really blockchains with low tx/s limits won’t scale. So we want it high.
Imho all tx/s information for most blockchain systems are bullshit and here’ why.
If you perform a a tx right now chances are it’s gonna take somewhere between 1 and 100 seconds to be confirmed (guesstimate).
If we assume a constant 60 sec blocktime then NEM, right now has 120 tx/min. Anything else is bs. You can’t just calculate it to seconds and say 2tx/sec because that’s not how it actually works. Odds are you won’t get 2 tx confirmed in 1 sec.
The per second value should be calculated by checking how many tx will be confirmed in a second if I initiate them right now. The answer to that is most likely 0 unless you are really lucky with the blocktime.
In all traditional blockchain schemes you can only give tx/blocktime values.
@patmast3r: how many tx/sec a blockchain can swallow without dying and how fast txes are confirmed are two different things.
True, but I think when people talk about tx/s they talk about cleared tx not just tx that are in the queue. Could be wrong of course.
When I talk about TPS, it’s the averaged number of transactions the network can handle. In other words the transactions that can be pushed though the system in a sustainable way without creating queues in the long term.
So : average(#transactions per block /block time)
I suppose pat means it’s not an absolute number unless you would have 1 second block times
Mijin was mentioned in this recent Fast Company article: