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Ethereum with the ambitious goal of surpassing Visa by number of transactions

Ethereum

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Vitalik Buterin, the developer of Ethereum, explained that with solutions such as Sharding and Plasma, Ethereum's network will be able to process over 1 million transactions per second. Over the past few months, at various conferences and presentations, Buterin has emphasized that the Ethereum block protocol and decentralized block networks are generally struggling to cope with scalability issues.

In September 2017, during an interview with venture capital investor Naval Ravikant at the Disrupt SF 2017 conference organized by TechCrunch, Buterin noted that Bitcoin and Ethereum process three to six transactions per second at maximum capacity. He added that to support large-scale payment systems such as Visa, stock markets such as Nasdaq and IoT, it will have to process hundreds of thousands of transactions per second.

Bitcoin is currently processing a little less than three transactions per second, and if it's up to four, it's already at its maximum capacity. Ethereum does this exercise five times per second, and if it exceeds six, it is already at maximum capacity. On the other hand, Uber average makes 12 rates per second, PayPal a few hundred transactions, Visa a few thousand, big exchanges like Nasdaq tens of thousands, and in IoT we are talking about hundreds of thousands per second.

Buterin said the secondary solutions currently being tested on Ethereum's test network would allow the network to support large-scale, decentralized applications with millions of users. This will be through an innovative approach to block optimization.

Source: Bloomberg Pro Terminal


 Trader Petar Milanov

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