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dAck

Transaction speeds of Ripple

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31 minutes ago, dAck said:

What will they do with the rest of the day?

More transactions.

That's part of the beauty and benefit. If a US company wants to pay suppliers and employees in a foreign country, they wait to move the total funds once into a foreign account to avoid paying fees incurred by transferring directly to each vendors' and each employees' accounts. Once it's in the foreign account, they then pay from that account. 

But with the speed of settlement, transparency and low fees of x*, it doesn't matter any longer. The payments can all come from the US bank account directly to vendors' and employees' accounts. 

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Note that using RippleNet's Payment Channels increases TPS into the 10,000s easily and even that is scalable.

@dAck I'll add that Swift's throughput (TPS) isn't the whole story. Latency counts too! Swift takes days to settle transactions once initiated. xRapid settles in minutes if sender and receiver use liquidity providers, and just seconds if both hold fiat and XRP.

Error rates matter as well. Swift's error rate has been estimated to be as high as 5%. That would be 1,200,000 errors per day. RippleNet's error rate is close to 0%. (Anyone have hard data on this?).

Paraphrasing: "The light bulb was not invented by improving candles"

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It seems to have been processing around 5 TPS for a long time. Does anyone know if there is a historical chart of TPS anywhere, or if one could be created?

Also, why don't these TPS calculations depend on what hardware is available?

 

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If there is a few entities doing multiple transactions per second to each other, they can use Payment Channels to transact them "offline".

Then they can settle the sum of multiple transactions with one transaction say... once per a minute or 10 seconds. This will ease with the load of the network shall the XRP ledger become highly loaded. Has no real downside except the small delay which should be no issue between trusted parties. There is no real upper limit with the tx/sec when using Payment Channels. 

Also, instead of paying a transaction fee for every single transaction, the fee is paid only with the one single online transaction.

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On 9/10/2018 at 9:03 AM, dAck said:

Ripple's consensus ledger can settle 1,000 transactions per second. https://ripple.com/dev-blog/ripple-consensus-ledger-can-sustain-1000-transactions-per-second/

SWIFT processes 24,000,000 transactions per day. https://cryptovest.com/news/can-blockchain-displace-swift-banking-transfers/

24,000,000/1,000 = 24,000 seconds -> 24,000/60 = 400 minutes -> 400/60 = 6.666...7 hours.

Ripple's consensus ledger can handle SWIFT's entire daily load in 6.7 hours. Amazing! What will they do with the rest of the day?:sun_bespectacled::)?

Hmmm....maybe they can pick up the coming transactions of the developing parts of the world. This is where liquidity was needed the most, so the poorer areas of the world can develop as evidenced with Ripples partnering of the Gates Foundation and its mission. If Ripple provides this needed liquidity in the world by freeing up the current nostro/vostro account requirements with the SWIFT system by their getting institutions to use the xRapid product/process, then when it is fully implemented perhaps they will have a full day of transactions. It just amazes me to no end how much genius has gone into this. Human beings backed by good hearted ingenuity is incredible.

Has anyone been seeing how countries are talking about moving away from the USD which to me is moving away from SWIFT also? Most recently I've seen Russia and China talking about it, as well as Germany suggesting it, and then there was Turkey and Iran also. Something will have to fill those exchange voids and Ripple seems positioned for just that task. Amazing times!

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