Real cost and speed of Ethereum based transaction

stripykitteh

legendary

Activity: 1176

Merit: 1001

CryptoTalk.Org - Get Paid for every Post!

Quote from: MisterKT on September 14, 2017, 03:27:52 PM

Hello All,
According to Monetha white paper, the speed of Ethereum based transaction is 10 000 times faster than conventional VISA, and the cost is five times cheaper.
Can anyone tell me hard statistics or example of the cost and speed of Ethereum based transaction?

Thanks in advance

It also depends on the price of Ethereum and the price of Bitcoin. The price of Ethereum usually moves faster than normal when most Altcoins are being affected by something. When Bitcoin gets a huge dump like how it is right now, the price of Ethereum might not be that influencing to purchase at a buyers point of view.
Their view is that they will see the price that they would have to pay in order to get Bitcoin then see how much the transaction will cost and then find that Ethereum has a transaction fee as well. It’s complicating to use.

ongrid

newbie

Activity: 1

Merit: 5

In Ethereum the total cost of a transaction (the "TX fee") is the Gas Used * Gas Price. The standard transactions typically use 21000 gas items. The gas price set by the sender (if sender needs faster transaction it proposes more ethers per gas, if time doesn't matter it could be decreased to minimum).
If you set, say 0.000000003 Ether (3 Gwei) per gas, the transaction could take up to several hours and have a TX free about $0.01. The real-time transactions typically have 0.000000050-100 Ether (50-100 Gwei) per gas and their TX fee is about $0.5 - $1. It doesn't depend on transaction amount.

Regarding the processing time - it consists of:
- the block propagation time from initiator to the miner - around 0.10-1 s
- the time of waiting in the pool on the miner node - from 0 (if just received and mined) to 24 s (avg block time)
- the block propagation time from miner (who mined the block) to the node (who checks the result of transaction) - around 0.1-1 s
- the processing engine typically waits for several confirmations before assuming the transaction is ok (to prevent double-spend attacks). Say 3 blocks * 24 s = 72 s

So depending on the measurement methodology, the Eth transaction takes never less than ~1s (very lucky, rare situation) and typically is about 1-2 minutes.

quantum

member

Activity: 108

Merit: 250

You can find different stats of ethereum network here https://etherscan.io/charts

MisterKT

newbie

Activity: 56

Merit: 0

Hello All,
According to Monetha white paper, the speed of Ethereum based transaction is 10 000 times faster than conventional VISA, and the cost is five times cheaper.
Can anyone tell me hard statistics or example of the cost and speed of Ethereum based transaction?

Thanks in advance

Topic: Real cost and speed of Ethereum based transaction (Read 279 times)