The Waves platform has processed a staggering 6.1 million transactions in a single day. That’s more than any other crypto platform out there.
There are different cryptos out there that are valued for and good at different things. Bitcoin (Bitcoin: BITCOIN), for example, has a huge market cap, however, it lacks transaction speed, hence it is more of an investment tool, rather than a fully functional go-spend-you-money kind of crypto. Ethereum (BITFINEX: ETH/USD.BITFINEX), is slightly faster being able to process tens of transactions a second, whereas the father of crypto is only able to process only a couple of transactions a second. Ripple (BITFINEX: XRP/USD) is famously considered to be the fastest digital currency on the market with a capacity to handle 1,500 transactions per second, however, that capability is at the moment not functioning to its full extent.
Most digital assets have a potentially high number of transactions, this is known as the theoretical transaction speed, however, the average transaction speed, which is the realistic and practical number is usually much lower.
What is so special about transaction speed? Well, transaction speed is basically just what the name says it is, how fast does the transaction go through successfully. Can you imagine waiting for a minute everytime you buy something with your Visa, waiting for 30 seconds, even 10 seconds would seem like an age.
Every crypto is eager to increase their transaction speed, however even Ripple, as already mentioned, one of the fastest considered cryptos is usually achieving between 1 and 2 million transactions a day. So what Waves have achieved is a real breakthrough for the community, which could mean that in the near future we could see an overall increase of the transaction speed of cryptocurrencies, in general, fulfilling their promised theoretical speed.
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