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pretty much what title says
I had a recent trip to Seoul (in South Korea) to meet up with a local friend there. I know that XRP is widely traded there but what I didn't expect was the high level number of people having XRPs. So my local friend brought me to restaurant serving really good "kimchi jigae" tuck in the local neighborhood corner. After having one of the best Korean cuisine for a long while, I offered to pay for such a good meal..using my Visa?, no of course not, let's try paying with some digital asset. . We considered using BTC, but the transaction fee alone may end up costing more than the meal! So we decided to use XRP, since many Koreans knows it and accepts it. I'll pay at the prevailing XRP exchange rate..... I challenged him to test the speed of the XRP transfer vs his Korean bank card Visa Pay Wave. So, I told him this, "Let's get all our wallet address ready, when you touch your Visa card on the terminal, I'll press send XRP to you!". On a count of 3,2,1, he touched his Visa and I press on Send. Visa's payment went through within a few seconds with a beep....and just right after it, my XRPs appeared in his wallet , Magic ......WOW!! XRP was that fast and super reliable...and guess what, the transaction fee was so negligible that even my Visa exchange rates couldn't match! No forex fee to lose on, extra bank charges and etc etc. Speed and cost..XRP wins hand down. We were like kids playing with our new found toy. The lady at the counter smiled at us and I told my friend to translate it to her in Korean "Why aren't you accepting my XRPs for your good food yet?" ...Her reply was just priceless .." I'm just waiting for that XRP payment terminal!!" I head to the airport, excited to share this experience...Sometimes, it pays to visit and understand what's happening on the ground in other parts of the world. XRP is ripe for P2P transactions, whether the banks wants to use it or not (oh..they do want it soon!!) We are the XRP community, not just keyboard warriors. And by the way, if I had use BTC payment, it would be one damn expensive meal and my friend won't get anything not until after I touchdown in another country..because its really slow! Share it with your friends! Create your own local story and tell us, fascinate us on how creatively you can use your XRP. On to my next country...China
Ripple should aquire this tech...transactions per second are off the charts.. http://www.zdnet.com/article/university-of-sydney-builds-new-red-belly-blockchain-technology/ Dont want to see them left behind before the good stuff even starts..
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 ---
There are two ways to measure speed of distributed ledger technology: block times and throughput. Block Times Ripple wins. By a wide margin. Source: ( https://bitcoinmagazine.com/articles/lightning-fast-raiden-network-coming-to-ethereum-blockchains-1471030245/ ) Quote fromJohn Whelan, Director of Innovation at Santander focused on blockchains and smart contracts: Source: ( https://www.quora.com/Bitcoin-What-is-the-fastest-blockchain ) Throughput Ripple Wins. By a wide margin. Ripple can handle in the tens of thousands of transactions per second. ( Source https://ripple.com/insights/ripple-continues-to-bring-internet-of-value-to-life-new-features-increase-transaction-throughput-to-same-level-as-visa/ ) As of April 2017, the transaction throughput of the Ethereum blockchain (without any other technology like "Raiden" layered over it) is 25 tx/second. (Source: https://ethereum.stackexchange.com/questions/1034/how-many-transactions-can-the-network-handle ) The only way thus far to improve the speed of Ethereum and Bitcoin is to use off-ledger transactions to conduct business, with the final settlement taking place afterwards. In this system, the transaction may be processed faster than the block times on ethereum and bitcoin, with the key differentiation that final settlement has not yet occurred. One such tool is the "Raiden Network." Instead of sending all transactions immediately to the blockchain (which is the main scalability bottleneck), the Raiden Network lets users privately exchange signed transfer agreements and secure deposits. I'm an Technology Architect, and my personal opinion is that this concept of "layering software on top of software" to solve inherent limitations in the underlying foundation is a faulty architecture, and points to a problem that should have been solved at the original technology's creation, not left for "somebody else to fix" later on. Ripple has no such limitations, and its throughput has been measured to rival Visa: "...To solve this issue, Ripple built their own Payment Channel specifically designed for XRP, the digital asset native to RCL. An XRP Payment Channel allows transaction throughput to increase to tens of thousands of transactions per second, bringing our scalability to the same level as Visa." (Source: https://ripple.com/insights/ripple-continues-to-bring-internet-of-value-to-life-new-features-increase-transaction-throughput-to-same-level-as-visa/ ) If you own XRP, you own the digital asset that powers the fastest distributed ledger technology in the world.