Ok, how important is it? I mean there are bunch of new blockchains cominp up and they are claiming to have a million Transactions Per Second. How much advantage would there be to it, is it a big deal?
https://etherscan.io/tx/0xd1131bab45923d09a2ecedb65f596e3477d6844fb84d3e7f1ed548dccfc098ca
Topic: Transaction Per Second (Read 199 times)
Ok, how important is it? I mean there are bunch of new blockchains cominp up and they are claiming to have a million Transactions Per Second. How much advantage would there be to it, is it a big deal?
Very important. The aim is to be present in the future and to be used as a means of payment, the transaction speed of each project has to be high. Otherwise he will not survive in the future. Imagine, it takes 40 minutes to pay during a shopping. This is unacceptable.
The are so much projects that already have overcome VISA transaction speed of 1,5k TPS. I do not think it is useful to create a blockchain, that will allow up to one billion transactions per second. It will be too early for our time, we do not need it right now.
So, do you all think that the lightning will solve these issues? How about in Ethereum, do you suppose there is solution like the byzantine update or any other upcoming updates?
That is generally the idea with scaling and the thing is that even though some of these coins on the blockchain has claimed to be able to come up with some speedy transactions, they are not really being used in real life to be able to see how they will thrive when they actually get bombarded with transactions and how reliable they can be without an investor eventually losing his money.There is a lot of development going on anyway such as the ones you have mentioned with top coins and in that case, it would be hard to see some of these altcoins claiming to be the fastest with no real life product but just a clone, getting down the drain eventually when the scaling issue with bitcoin gets solved and we start seeing real life usage.
It will be better and also efficient, if each transaction is faster. This means we don't have to wait for a long time. It is a comfort in transacting. Because sometimes waiting for a long time, it will saturate. 
I think this is very important. But still important is how these systems will show themselves in real interaction with users.
Of course, the more you can process transactions per second, the better. it gives unlimited possibilities
So, do you all think that the lightning will solve these issues? How about in Ethereum, do you suppose there is solution like the byzantine update or any other upcoming updates?
Mass adoption and crypto community is keep bigger so we need more better scalability by possible to proccess amillion transaction persecond and its will give more benefits to the more differents industry. Blockchain technology is young technology and will keep become more advanced and will solved that scalability issue. Soon or later there are will be crypto that possible to proccess amillion transaction persecond.
I've always looked at tps as the fact that comes after... a simple case of scaling, which all successful tech must at some point address. Like Neurotic says, in the case of Bitcoin, it has necessitated developments that optimise, making the tech leaner, more robust, more secure with every step - unlike the quick fixes other coins have chosen. Ultimately, it's pointless making a platform that does hundreds times more tps than say, Bitcoin, if you can't convince users that your platform is worth using... then you'll never reach that point to even test capacity. Sure, you build a house with more occupants in mind, but you don't need to build an ark thinking people will all come in just because it can fit everyone.
There are other sacrifices made - reliability or trust - what's the use of many time more tps and quicker confirmations if you still need more than 1 confirmation to trust the transaction? And with centralised nodes like EOS, even a thousand confirmations can't be trusted if you don't trust the handful of entities owning the supernodes.
There are other sacrifices made - reliability or trust - what's the use of many time more tps and quicker confirmations if you still need more than 1 confirmation to trust the transaction? And with centralised nodes like EOS, even a thousand confirmations can't be trusted if you don't trust the handful of entities owning the supernodes.
Ok, how important is it?
You can see its importance when the number of the attempted/sent transactions gets higher than the capacity of the network and some of those transactions get confirmed late (or not at all), and people start using higher fees and so on. A coin that wants to act as a coin has to have a "big enough" TPS. Bitcoin was saved by the fact many use it as "digital gold" and sometimes the delayed transactions are not such a big deal. And there is development to "do better" (SegWit, LN).
On the other hand, some altcoins have huge TPS capacity, but no real use. And more important, as already said, many are not really decentralized.
So the number of TPS is important, but some sort of equilibrium has to be found in order to have a capacity big enough for the planned use of the coin without giving up other, more important properties like security or being decentralized for real.
The real question is what is the trade-off to achieve high TPS? Most blockchain/cryptocurrency achieve high TPS by sacrifice decentralization to some degree.
Some prevent run full-nodes at low cost (eg. BCH), some use have master nodes (eg. Dash) and many use super nodes (eg. EOS).
If we're talking about off-chain solution, then there are another problem such as ease of use, need to be online to prevent cheating or not everyone use same off-chain solutions.
But, off-chain have better scalability while preserve decentralization.
TLDR : High TPS is useless if it's centralized or only few people/nodes can make a decision which makes single point on failure.
Some prevent run full-nodes at low cost (eg. BCH), some use have master nodes (eg. Dash) and many use super nodes (eg. EOS).
If we're talking about off-chain solution, then there are another problem such as ease of use, need to be online to prevent cheating or not everyone use same off-chain solutions.
But, off-chain have better scalability while preserve decentralization.
TLDR : High TPS is useless if it's centralized or only few people/nodes can make a decision which makes single point on failure.
Ok, how important is it? I mean there are bunch of new blockchains cominp up and they are claiming to have a million Transactions Per Second. How much advantage would there be to it, is it a big deal?
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