Fastest altcoin?

[MaximC]

Which altcoin has the many transactions/per second with:

Bitcoin based (SHA-256,...)
Predefined amount of coins.
Proof-of-Stake

Which is the speediest (up to 2 minutes)?

Thank you

[talkbitcoin]

transaction/second depends on how many people are using it.

speed of transaction to appear on the network depends on the speed with which you can send the transaction out (internet speed) and the nodes to receive it and propagate it also based on the connectivity of the nodes (connected to 1 node takes longer than if you are connected to 100 and send the tx to all of them)

confirmation time also has nothing to do with the algorythm. it is based on the time difference between blocks. (how fast blocks are mined) if it is ~10 minute like bitcoin time is ~10 minutes. if an altcoin can mine blocks every 5 seconds then it is every 5 seconds.

number of transaction/second that the coin can handle depends on size of the block (eg 1 MB for bitcoin) and time between blocks (i think it is something like 7 tx/s for bitcoin)

so which one of these is your question?

[MaximC]

transaction/second depends on how many people are using it.

speed of transaction to appear on the network depends on the speed with which you can send the transaction out (internet speed) and the nodes to receive it and propagate it also based on the connectivity of the nodes (connected to 1 node takes longer than if you are connected to 100 and send the tx to all of them)

confirmation time also has nothing to do with the algorythm. it is based on the time difference between blocks. (how fast blocks are mined) if it is ~10 minute like bitcoin time is ~10 minutes. if an altcoin can mine blocks every 5 seconds then it is every 5 seconds.

number of transaction/second that the coin can handle depends on size of the block (eg 1 MB for bitcoin) and time between blocks (i think it is something like 7 tx/s for bitcoin)

so which one of these is your question?

You are absolutely true.

But when you use with same constellation bitcoin and dash. Dash will have better success.
Then my question is which altcoin can have with (theoretical) same network better results.
Number of transactions/second.
Bitcoin has maximum 6 i think.

About confirmation is the next question.
I prefer the speediest of course.

[kiklo]

ZEIT & Mint both have 20X BTC current transactions capacity.
Both running at a 30 second block speed.

ZEIT is 4 confirmations.


 

[talkbitcoin]

confirmation and number of transaction/sec (TPS) are the same thing and it is 7 TPS for bitcoin i was right. and as i said the restriction factor is the size of the block that coin has and the time between the blocks and also i suppose the average size of the transactions.

in the end it doesn't matter BTC, DASH or ... if you can only put ~4000 transactions in one block they will all have the same restriction.

solution bigger block, shorter time between blocks, smaller transactions.

each of these have their own problems though which i am not expert enough to discuss at length but in short for example a bigger block or blocks that are mined with 2 minutes interval means size of the blockchain will be 100 GB in 500 days (it took bitcoin 7 years to reach 100 GB)

edit

ZEIT & Mint both have 20X BTC current transactions capacity.
Both running at a 30 second block speed.

here is an example for you. 30 seconds and if i take his word for it 20X current capacity means blockchain size is also growing 20x faster.
bitcoin : 7 years : 100 GB
ZEIT : ~100 days : 100 GB
(assuming it handles the same amount of transaction bitcoin is handling) having the potential is useless as long as it is not used.

also another problem that i forgot to mention is orphan blocks which will increase drastically with shorter time interval blocks.

[kiklo]

Actually since our blocks transactions are not full , we are only using 0.4 kB per block not the full 1meg per block , growth rate is ~ 1gig per year so far.
Our Orphan Chart can be viewed here https://chainz.cryptoid.info/zeit/#!extraction
Coin runs very well compared to others.


 

FYI:
ZEIT will be 3 years old in March 2017, Block Size is ~ 3 gig uncompressed.
Full Snapshot is 2.1 Gig compressed.
Snapshot is the Fastest way to sync
https://bitcointalk.org/index.php?topic=1378653.msg14024462#msg14024462

We will be changing to an Ultra Low Inflation coin next year.
We will be the 1st Proof of Stake coin to do so.
.0005% per year.

[mummybtc]

I read somewhere that Dash is instant confirmation, so if it is instant it should be Dash for me

[MaximC]

I read somewhere that Dash is instant confirmation, so if it is instant it should be Dash for me

Have you more information about this? Seems interesting if is it true.

[talkbitcoin]

Actually since our blocks transactions are not full , we are only using 0.4 kB per block not the full 1meg per block , growth rate is ~ 1gig per year so far.

read:

(assuming it handles the same amount of transaction bitcoin is handling) having the potential is useless as long as it is not used.

having the capacity is worth nothing when nobody is using that capacity. you may as well have 0.4 kb block sizes.

Our Orphan Chart can be viewed here https://chainz.cryptoid.info/zeit/#!extraction
Coin runs very well compared to others.

thanks for the link and it proves what i said above. faster blocks means more orphans.

according to the chart the average orphan blocks of your coin in 10 days is 160-220 blocks and some days it goes up to 953 orphan blocks

now those numbers are max 4 orphan blocks worst case scenario for bitcoin and an average of 0.5-1 orphan per 7 days according to blockchain.info charts.

in other words as a conclusion, with bitcoin you need to wait for 3+ confirmation to be sure and with a coin like above you need to wait at least 1000+ confirmation.

[Febo]

Where are now 100 Vanilla Coin shills?  They all left with that developer?  lol


Usually when someone asked about fastest alcoins you got 10 people suggesting vanilla coin.

[kiklo]

Actually since our blocks transactions are not full , we are only using 0.4 kB per block not the full 1meg per block , growth rate is ~ 1gig per year so far.

read:

(assuming it handles the same amount of transaction bitcoin is handling) having the potential is useless as long as it is not used.

having the capacity is worth nothing when nobody is using that capacity. you may as well have 0.4 kb block sizes.

Our Orphan Chart can be viewed here https://chainz.cryptoid.info/zeit/#!extraction
Coin runs very well compared to others.

thanks for the link and it proves what i said above. faster blocks means more orphans.

according to the chart the average orphan blocks of your coin in 10 days is 160-220 blocks and some days it goes up to 953 orphan blocks

now those numbers are max 4 orphan blocks worst case scenario for bitcoin and an average of 0.5-1 orphan per 7 days according to blockchain.info charts.

in other words as a conclusion, with bitcoin you need to wait for 3+ confirmation to be sure and with a coin like above you need to wait at least 1000+ confirmation.

1000+ confirmations , LOL  

I am sorry that is just wrong.

ZEIT has 2880 blocks per day , at an average of 180 orphans per day, that is still only 1 orphan every 16 blocks. 

BTC actually generates on average 1.3 Orphans per Day.
So they generate an orphan every 110.76 blocks.
And BTC is Sooo Slow.

We have been at 4 confirmations for almost 3 years , no problems.

 

FYI:
you said

having the capacity is worth nothing when nobody is using that capacity. you may as well have 0.4 kb block sizes.

When we need the additional transaction capacity , it will be there, unlike BTC who can't even agree to go to 2mb .
And in the mean time we have a smaller blockchain.  Win/Win  

FYI2:
You do realize that the Chinese Miners can overwrite the last 12 hours of BTC transactions whenever they please.

[aleix]

I read somewhere that Dash is instant confirmation, so if it is instant it should be Dash for me

Have you more information about this? Seems interesting if is it true.

FYI

https://www.dash.org/wp-content/uploads/2014/09/InstantTX.pdf

and yes, this feature is implemented in DASH and works flawlessly

[Febo]

https://bitcointalk.org/index.php?topic=1672516.0

[testz]

BitShares/Steem, 3 second block, currently up to 1000 tps, realtime transactions flow you can see here: http://steemstream.com/

[bathrobehero]

Where are now 100 Vanilla Coin shills?  They all left with that developer?  lol


Usually when someone asked about fastest alcoins you got 10 people suggesting vanilla coin.

Was about to say the same. Weird that not every second comment is about vanilla.

[thebatletbet]

ZEIT & Mint both have 20X BTC current transactions capacity.
Both running at a 30 second block speed.

ZEIT is 4 confirmations.


 

zeit fast transaction because transaction not equal bitcoin
if zeit transaction if same bitcoin, i think problem bitcoin is low transaction speed can same accident in zeit too

[charmingfreddie]

zcash is the fastest imho for a reasonably legit coin.

[kiklo]

ZEIT & Mint both have 20X BTC current transactions capacity.
Both running at a 30 second block speed.

ZEIT is 4 confirmations.


 

zeit fast transaction because transaction not equal bitcoin
if zeit transaction if same bitcoin, i think problem bitcoin is low transaction speed can same accident in zeit too

BTC max is 7 transactions per second, which means the Maximum it can handle would be ~4,200 transactions per block per 10 minute block.
ZEIT max is 20X that since our block speed is 30 seconds instead of 10 minutes.
So ZEIT maximum would be 140 transactions per second ,
which in 10 minutes would be able to process a maximum of 84,000 transactions.
ZEIT                                        BTC
84,000 transactions   Verses   4,200 transaction   every 10 minutes

ZEIT can handle BTC current volume without even blinking. 

 

[European Central Bank]

i'd like to see figures for an alt that's running somewhere near maximum (claimed) capacity. it's very easy to make bold claims when all these blockchains are essentially at rest.

[The Sceptical Chymist]

I've found Dash & Doge to be consistently much faster than bitcoin, and with fees that are near nothing.  Not that I ever use those coins much--it's not like there are merchants on every street taking Dash and Doge.  Anyhow, I'm fine with bitcoin's speed for my purposes. I don't get or send a lot.