Topic: Total transaction capacity of the entire cryptocurrency system? (Read 728 times)

I'm confident that Monero will be able to challenge VISA in its scale in the future.

We have very talented developers, certainly some of the world's finest.

People running nodes don't need to worry about upload speed if they're not solo mining, this logic only applies to solo miners and pool operators, who probably all already have connections more like 100 Mbps up at least. Although I don't think you want the propagation time of your block to be on the order of the block time, I think 10 s is probably too high already, so maybe 50 MB blocks are the maximum for now. But, the goal is that the max block size can scale with technology without human intervention. Google is laying 1 Gbps symmetric fiber connections all over the country, and when's the last time that communications technology just stopped progressing anyway? The idea is that there is flexibility built into the blockchain to accommodate technological innovation without having to go through the cluster that is fucking bitcoin atm. Who knows, there might be 1 Tbps connections at almost every home and business in ten years, and I bet bitcoin would still be bending over backwards to accommodate luke-jr's node running on his 28.8 kbps modem over a landline...

Thanks for the info.
Actually this does give enough info for a theoretical limit.
Barring everything else CPU , Memory were Fast Enough,
The United States Average Upload Speed: 5.2 Mbps translates to (.65 MB/s)
Your Block Speed of ~120 Seconds ,
120 seconds * .65 MB = 78 MB Maximum Block Size

So at our present level of internet performance the Maximum your block size could be is 78 MB.
That would be just enough time to transfer it to 1 other node.
So odds are a real world max for 2 nodes to confirm is only 39MB or 4 nodes to confirm is 19.5MB.
So real world wise your block size maximum could be ~19.5MB and no higher until the average internet upload speeds increase.  

Hmm ,
With the Excess size penalty fees applied to miners, it will be in their best interest to keep the block sizes way smaller than the above sizes.


 

There isn't a fixed maximum blocksize in Monero.

Monero uses an adaptive blocksize limit that imposes a quadratic penalty on increasing the blocksize above the median blocksize, with this penalty proportional to the emission. It can range from zero for no increase to the full emission for doubling the blocksize (the maximum allowed), from the median. This penalty also is not "refunded" if the blocksize falls below the median.  Another critical aspect of this is that Monero has a tail emission of 0.6 XMR per block, since otherwise there eventually would be no penalty.  

You are of course correct in that cost in real terms of Internet bandwidth will of course be a limiting factor, so will other costs such as computing power, memory, digital storage etc.; however these costs change with time so one cannot determine a fixed maximum blocksize from them.

Edit 1: Monero's block time was recently changed in a hard fork to approximately every 2 min.

Edit 2: The idea is that in order to increase the blocksize miners will demand extra fees in order to compensate them for their loss in emission. If there are additional costs such a Internet bandwidth for example to mine a grater block then the fee will need to compensate for those additional costs in addition to the loss in emission. So in effect the market sets the maximum blocksize in Monero.

Edit 3: It is also fair to say that the Internet bandwidth limit has not been tested in Monero and it could be a fair amount of time before it is tested if for example the cost in real terms of Internet bandwidth falls at a faster rate than the rate of growth of the Monero network.

You seem to be a Monero supporter

What is your Maximum Block Size?

Also has anyone calculated what block size would not be transferable in your 1 minute block speed.
(Even if you have no size limit, the internet speed will most likely act as a limiting force.)

 

One cannot properly put a limit on the theoretical transactional capacity of the Monero network because that will ultimately depend upon the cost in real terms of such things as computing power, memory, digital storage, bandwidth etc. Furthermore those costs could very easily change drastically over time. To put things into perspective, I doubt any payment card network could have come anywhere close to matching the current transaction capacity of the Bitcoin network using the technology of 1949; namely punched cards, tabulating machines and telegraph lines. 1949 was when the Diners Club was first conceived. https://en.wikipedia.org/wiki/Diners_Club_International

there is north of 10k shitcoins out there...

10000 * 7 = more then visa

Maybe so, please show the numbers to explain this.
Example
What would the Block Size be?
What is your Maximum Block Size?

Your Rated Block Speed is 1 minute.

Also I read that anything under a Quad Processor would not be able to keep up ,
if so would that not increase the coin's odds of forking?

I looked at your Block Explorer and Block #202612 had the highest # of Transactions at 514 for that block.
Meaning your all time high that has actually been used is 514 transactions/60 seconds = 8.5667 transactions per second with a Block size of 71,964 .


BTC Question for others,
BTC claims a max of 7 transactions per second, however I read somewhere it's limit was ~2400 transaction per block.
2400 transaction / 10 minute Block speed = 240 Transactions per minute
240 Transactions per minute/60 seconds  =  4 Transactions per second.

So the question for one of the BTC guys,
Is your transactions per block higher or is the 7 transaction per second wrong?

Thanks.
 

I'm not sure about other coins but Vcash with the latest update 0.4.7 has implemented an adaptive block size solution. According to the devs this allows Vcash to scale to ∞ TPS. https://v.cash/news.php   

It's not actually that large atm. It's an adaptive block size, and while I don't know the capacity right now, I'm pretty sure it's not anywhere near 1600 tps. It would take a long time of full or at least larger than median block sizes to build up the capacity of Monero's network.

On another note, I think you'd have to weight the # of tps by security of transaction to make a meaningful compariosn. So, Bitcoin is the most secure, you can give it a weight of 1, and it has 3 tps. Much less secure coins like douchetacocoin that has a sha256 hashrate of 1 Th/s would be weighted by it's low security, so if it was capable of 1000 tps, it should be multiplied by it's terrible hashrate to give an effective tps rate of 0.001, or something...

Monero is capable of handling up to 1600 tps! For a pure POW blockchain this is quite a feat.

according to: https://en.bitcoin.it/wiki/Scalability


What I'm wondering is what is the total capacity of all currently functioning coins? That is, what would be a rough estimate of how many transactions all crypto-currencies can collectively handle right now? 

If there's hundreds of blockchains then I'm guessing it is in the thousands, which would put it on par with VISA.