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In this blog entry, I take a deep dive into why and how XRP is so much faster than its competitors & describe the Ripple Protocol! I did a little digging into how consensus is SO much faster than any of the competitors and blogged a bit about it in this entry. Hope you enjoy; please leave any feedback below & as always, please feel free to share on any other media! My blog announcements in other places: Twitter Reddit Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
When companies, financial institutions, and other organizations attempt to compare some of the new "networks" that have cropped up since the advent of bitcoin, invariably the concept of "closing time" or "block times" is discussed. Block Times and Confirmations The fastest known average block times for any of the new networks is approximately 17 seconds (source: https://etherscan.io/chart/blocktime ). This means that at a minimum, you must over a quarter minute for a block containing your transaction to be processed, but there is also a chance that you could wait much longer - standard deviation equaling the average - for the next block. The reason behind this is that even though Ethereum would like you to focus on "average" block times, there is enough randomness involved to make this unpredictable for a specific transaction. Most of you are familiar with the "3 and good" confirmation requirement for most software that interacts with the Bitcoin network. These are known as confirmations, which is simply the "number of blocks" before a program, organization, or person is absolutely sure that your confirmation is legitimate. For Bitcoin or Ethereum this equates to multiple blocks, so you have to multiply their already slow block times by the number of confirmations required for validation of the transaction. For ethereum, different sources have been quoted as needing 12 confirmations, which is basically a requirement to multiply the average block time (17 seconds) by 12, arriving at 204 seconds (3.4 minutes). Now, reading this sentence, a few minutes may seem like not a long time, but try setting a stop watch and try it for yourself. Try standing at a cash register and making small talk while you're waiting for your payment to clear. It's unacceptable. Compare that with Ripple and the RCL. The RCL closes it's ledger on average every 3.45 seconds (source: https://ripple.com/xrp/market-performance/ ), and XRP payments are settled in no longer than 4 seconds total. (source: https://ripple.com/xrp/ ) Just breathe once and it's done. Scale The next question has to do with how a network can scale to handle increasing loads of transactions. It can be measured in a few different ways, but a baseline estimate is usually the place to start, which is measured in TPS, or "Transactions Per Second." Bitcoin - 6 TPS ETH - 15 TPS XRP - 1000 TPS Of the three above, Bitcoin and ETH are capped at that speed currently. However, XRP can scale its channel processing to meet higher load and demand, matching the performance of the current VISA network. Ignore the noise, and invest in value. ----XRP ---