Topic: Altcoins with fast confirmation time (Read 1093 times)

Fastest speed I know of using a blockchain is 12 seconds block target on a coin called Fastcoin.
One reason you don't see many coins use the faster blockspeeds
Blockchain Size will Grow at the faster pace.
But usually the blocks don't take up the full 1 mb, unless they are loaded with transactions.
BTC is currently loaded so each 10 minute block is 1 mb,
ZEIT faster 30 second block transactions are not maxed out so we are only using .4kb per block, so we are only growing at ~1 gigabyte per year.

However the blockchain growing at the fastest pace is ethereum (I believe 15 second block speed) and it is trying to be a programming language also ,
It is growing at ~1 gigabytes per month last I checked.

 

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FYI:
To Increase BTC Transaction Capacity all they had to do was the following.
Increase BlockSize or move to a Faster Blockspeed , either or both would work

The slow confirmation in bitcoin is because the network is crowded and by the time, the number of bitcoin users is increasing significantly. You may conclude that those altcoins seem to have better network and speed if you compare to bitcoin, there's nothing wrong with it, but, if those altcoins are having as many users as bitcoin have had, then I'm sure their speed will be as slow as bitcoin.
According to this site:https://blockchain.info/charts/transactions-per-second  Bitcoin are now generating about more than 300,000 transactions a day which is overwhelmingly above any altcoin ever existed.

And 1 thing, as I said that the number of bitcoin users increasing by the time means it's not right to compare the speed of bitcoin back then when Cryptsy still "alive" and now.

BTC Transactions Congestion Problems  

Simulation Example
each block has 1 MB of transactions with a theoretical Limit of 4200 transactions per block with a 10 minute BlockSpeed , [] is a block
One Hour of Blocks
[1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes
6 Blocks * 4200 Transactions =  25200 Maximum Theoretical Transactions per Hour

BTC Transactions Congestion Solutions  

Simulation Example Updated with Larger BlockSize and Shorter BlockSpeed
each block has 2 MB of transactions with a theoretical Limit of 8400 transactions per block with a 2½ minute BlockSpeed , [] is a block
One Hour of Blocks
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes

24 Blocks * 8400 Transactions = 201600 Maximum Theoretical Transactions per Hour

Compare Updated Simulation with Original
201600 / 25200  = 8
Updated Version can handle 8X the Transaction Capacity.  

Now the educated asshats that live in these forums will tell you it can't work or it is a security risk, (They are Lying!)
Real World Examples.
PoW coin LTC has a 2½ minute block time with no problems whatsoever from it.
In Fact Chinese Mining Pools are over 51% of the BTC Hash rate , and are also over 51% of the LTC Hashrate.
In Fact some alts run at a 30 second blockspeed.
Oh, they also will complain, it will affect the Block Reward and Halving Dates,
(All of that are Variables that can be modified to compensate for the changes)

If they make the Blockspeed Faster,
then they will have to increase the Final Supply Number of Bitcoins or allow it to get to the Final Supply Number 4X faster than it would have.

If they only increase the BlockSize ,
then the Block rewards and halving dates are not affected, and will not need modification.
But Transactions grow will be directly proportional to the increase in BlockSize.
IE: 2 MB Block only Double the Transaction Capacity
     8 MB Blocks would increase by 8X also  

It's weird to see that almost every Altcoin that is built and presented on Bitcointalk has a faster confirmation time than Bitcoin for some reason.

I think that Dogecoin is faster than Bitcoin and I remember using that coin back then when Cryptsy was online and functioning without any issues, the confirmation was within 30 minutes usually with a really low transaction fee.

Wow I haven't actually checked Dogecoin till now, the price is at 0.00000020 BTC. There was many millionaires when I viewed the richlist but now I don't think the same people retained their positions.