5 ms·

There's a few different ones that have made huge jumps forward; RaiBlocks can apparently do around 7,000tx/s.

TheSpiceIsLife 9y ago
Meanwhile, your payment card provider is probably doing that many transactions per second just in the small city I live in.
- kraftman 9y ago
  [citation needed] A quick google says Visa peaks at 4k txs/sec
  - mh- 9y ago
    [0]: VisaNet handles an average of 150 million transactions every day and is capable of handling more than 24,000 transactions per second. [1]: 65,000 Transaction messages per second [0] https://usa.visa.com/run-your-business/small-business-tools/retail.html https://usa.visa.com/run-your-business/small-business-tools/... [1] https://usa.visa.com/dam/VCOM/global/about-visa/documents/visa-facts-figures-jan-2017.pdf https://usa.visa.com/dam/VCOM/global/about-visa/documents/vi... Also, consider there are other networks like MasterCard: [2]: MasterCard’s 2012 annual report asserts that its network can handle more than 160 million transactions per hour with an average network response time of 130 milliseconds. Operating 24 hours a day every day, MasterCard reports that its processing systems have consistently maintained availability 99.9 percent of the time. [2] https://www.philadelphiafed.org/-/media/consumer-finance-institute/payment-cards-center/publications/discussion-papers/2013/d-2013-october-clearing-settlement.pdf https://www.philadelphiafed.org/-/media/consumer-finance-ins...
    - kraftman 9y ago
      Thats around the world, not in one town/city
      - craftyguy 9y ago
        A currency with 'decentralization' as a goal should probably aim higher than satisfying the transaction rate requirements of a single town/city.
    - deevolution 9y ago
      Id like to also add that there are an order of magnitude more transaction options provided by cryptocurrencies than there are for fiat payment systems. Id bet money that, collectively, the cryptocurrency ecosystem is able to process more transactions per second than all of the leading fiat processors combined.
      - moonbug 9y ago
        You live in a fantasy land.
      - jjeaff 9y ago
        Probably, but only because crypto doesn't scan for fraud and abuse among other things. Monero is happy to let someone completely empty your life savings. Cc processors on the other hand are on the hook for fraud, so they are checking every transaction to make sure it doesn't match certain hueristics that could indicate theft or fraud.
        deevolution 9y ago
        I'm optimistic crypocurrencies (not all, but some) will achieve global adoption as a payment option. I think its possible to build a cryptocurrency that could emulate the fraud / refund detection features of cc processors. If there isn't one out there, I'm sure it will exist in the future. I certainly don't see monero being used in my local bodega or as a mainstream currency because thats not really what monero is trying to achieve.
      - stryk 9y ago
        I'd take that bet in a hot second (not that we could ever get verifiable numbers to prove it). There's just no way sorry
- lasc4r 9y ago
  That's 25 million per hour, we must have very different definitions of what a small city is.
jugchock 9y ago
Steem regularly processes 1.5 million transactions per day and is at 0.13% capacity[1]. If my math is right, that comes out to the ability to process 14k tx/s. [1]: http://www.blocktivity.info http://www.blocktivity.info
- deleted 9y ago
  [deleted]
- abritinthebay 9y ago
  It's important to note that that is theoretical capacity. We've no idea what it's actual performance would be.
chrisco255 9y ago
Is it doing that in production at decentralized scale?
sethgecko 9y ago
Someone did a stress test the other day. Nowhere near 7ktx/s and a lot of nodes started to crash. https://medium.com/@bnp117/stress-testing-the-raiblocks-network-568be62fdf6d https://medium.com/@bnp117/stress-testing-the-raiblocks-netw... Honestly it is scary to see how easy is to launch a DoS attack just by precomputing the PoW. Edit: Here are some people saying their nodes went out of sync https://www.reddit.com/r/RaiBlocks/comments/7rzlid/minor_stress_test_running_smoothly_at_35txs/ https://www.reddit.com/r/RaiBlocks/comments/7rzlid/minor_str...
- lhl 9y ago
  Radix is publishing some eye popping numbers on their DAG-based testnet: https://twitter.com/radixdlt/status/956087291696566272 https://twitter.com/radixdlt/status/956087291696566272 We'll have to see how it functions in the real world later this year...

Meanwhile, your payment card provider is probably doing that many transactions per second just in the small city I live in.

kraftman 9y ago
[citation needed] A quick google says Visa peaks at 4k txs/sec
- mh- 9y ago
  [0]: VisaNet handles an average of 150 million transactions every day and is capable of handling more than 24,000 transactions per second. [1]: 65,000 Transaction messages per second [0] https://usa.visa.com/run-your-business/small-business-tools/retail.html https://usa.visa.com/run-your-business/small-business-tools/... [1] https://usa.visa.com/dam/VCOM/global/about-visa/documents/visa-facts-figures-jan-2017.pdf https://usa.visa.com/dam/VCOM/global/about-visa/documents/vi... Also, consider there are other networks like MasterCard: [2]: MasterCard’s 2012 annual report asserts that its network can handle more than 160 million transactions per hour with an average network response time of 130 milliseconds. Operating 24 hours a day every day, MasterCard reports that its processing systems have consistently maintained availability 99.9 percent of the time. [2] https://www.philadelphiafed.org/-/media/consumer-finance-institute/payment-cards-center/publications/discussion-papers/2013/d-2013-october-clearing-settlement.pdf https://www.philadelphiafed.org/-/media/consumer-finance-ins...
  - kraftman 9y ago
    Thats around the world, not in one town/city
    - craftyguy 9y ago
      A currency with 'decentralization' as a goal should probably aim higher than satisfying the transaction rate requirements of a single town/city.
  - deevolution 9y ago
    Id like to also add that there are an order of magnitude more transaction options provided by cryptocurrencies than there are for fiat payment systems. Id bet money that, collectively, the cryptocurrency ecosystem is able to process more transactions per second than all of the leading fiat processors combined.
    - moonbug 9y ago
      You live in a fantasy land.
    - jjeaff 9y ago
      Probably, but only because crypto doesn't scan for fraud and abuse among other things. Monero is happy to let someone completely empty your life savings. Cc processors on the other hand are on the hook for fraud, so they are checking every transaction to make sure it doesn't match certain hueristics that could indicate theft or fraud.
      - deevolution 9y ago
        I'm optimistic crypocurrencies (not all, but some) will achieve global adoption as a payment option. I think its possible to build a cryptocurrency that could emulate the fraud / refund detection features of cc processors. If there isn't one out there, I'm sure it will exist in the future. I certainly don't see monero being used in my local bodega or as a mainstream currency because thats not really what monero is trying to achieve.
    - stryk 9y ago
      I'd take that bet in a hot second (not that we could ever get verifiable numbers to prove it). There's just no way sorry
lasc4r 9y ago
That's 25 million per hour, we must have very different definitions of what a small city is.

jugchock 9y ago

Steem regularly processes 1.5 million transactions per day and is at 0.13% capacity[1]. If my math is right, that comes out to the ability to process 14k tx/s. [1]: http://www.blocktivity.info http://www.blocktivity.info

deleted 9y ago
[deleted]
abritinthebay 9y ago
It's important to note that that is theoretical capacity. We've no idea what it's actual performance would be.

chrisco255 9y ago

Is it doing that in production at decentralized scale?

sethgecko 9y ago

Someone did a stress test the other day. Nowhere near 7ktx/s and a lot of nodes started to crash. https://medium.com/@bnp117/stress-testing-the-raiblocks-network-568be62fdf6d https://medium.com/@bnp117/stress-testing-the-raiblocks-netw... Honestly it is scary to see how easy is to launch a DoS attack just by precomputing the PoW. Edit: Here are some people saying their nodes went out of sync https://www.reddit.com/r/RaiBlocks/comments/7rzlid/minor_stress_test_running_smoothly_at_35txs/ https://www.reddit.com/r/RaiBlocks/comments/7rzlid/minor_str...

lhl 9y ago
Radix is publishing some eye popping numbers on their DAG-based testnet: https://twitter.com/radixdlt/status/956087291696566272 https://twitter.com/radixdlt/status/956087291696566272 We'll have to see how it functions in the real world later this year...