Altcoins with fast confirmation time

[Selerius]

What altcoins (if any) other than Byteball presently have confirmation times under 5 minutes in your experience?

Many coins have nearly instant unconfirmed transactions, but I mean the time to when a transaction receives one or more confirmations.

This may also be relevant to what could happen if Segwit and the Lightning Network forever flounder without implementation on Bitcoin, due to uncooperative miners (a tragedy of the commons situation where they don't have the personal incentive in miner fee gain to bother).  While nominally bad, it might set the stage for a rise of some altcoin with technical advantages, not instantly but over a period of years.

[kiklo]

ZEIT Block every 30 seconds and 4 confirmations (2 minutes) before amount is available in your wallet.

Also has 20X BTC current Transaction Capacity.  


 

FYI:
ZEIT is also changing to the 1st Ultra Low PoST coin in a few months
Yearly interest rate will only be .0005%
Price will increase a few months after the change.

[equator]

Recently i have used ICOBID coin to transfer and it took 1 min 6 confirmation to confirm the transaction. about other coin i dont have that much knowledge

[btcjoin14]

It's weird to see that almost every Altcoin that is built and presented on Bitcointalk has a faster confirmation time than Bitcoin for some reason.

I think that Dogecoin is faster than Bitcoin and I remember using that coin back then when Cryptsy was online and functioning without any issues, the confirmation was within 30 minutes usually with a really low transaction fee.

Wow I haven't actually checked Dogecoin till now, the price is at 0.00000020 BTC. There was many millionaires when I viewed the richlist but now I don't think the same people retained their positions.

[TastyChillySauce00]

It's weird to see that almost every Altcoin that is built and presented on Bitcointalk has a faster confirmation time than Bitcoin for some reason.

I think that Dogecoin is faster than Bitcoin and I remember using that coin back then when Cryptsy was online and functioning without any issues, the confirmation was within 30 minutes usually with a really low transaction fee.

Wow I haven't actually checked Dogecoin till now, the price is at 0.00000020 BTC. There was many millionaires when I viewed the richlist but now I don't think the same people retained their positions.

The slow confirmation in bitcoin is because the network is crowded and by the time, the number of bitcoin users is increasing significantly. You may conclude that those altcoins seem to have better network and speed if you compare to bitcoin, there's nothing wrong with it, but, if those altcoins are having as many users as bitcoin have had, then I'm sure their speed will be as slow as bitcoin.
According to this site:https://blockchain.info/charts/transactions-per-second  Bitcoin are now generating about more than 300,000 transactions a day which is overwhelmingly above any altcoin ever existed.
And I say that majority of altcoins are having fast confirmation with below 5 minutes as an average.

And 1 thing, as I said that the number of bitcoin users increasing by the time means it's not right to compare the speed of bitcoin back then when Cryptsy still "alive" and now.

[kiklo]

The slow confirmation in bitcoin is because the network is crowded and by the time, the number of bitcoin users is increasing significantly. You may conclude that those altcoins seem to have better network and speed if you compare to bitcoin, there's nothing wrong with it, but, if those altcoins are having as many users as bitcoin have had, then I'm sure their speed will be as slow as bitcoin.
According to this site:https://blockchain.info/charts/transactions-per-second  Bitcoin are now generating about more than 300,000 transactions a day which is overwhelmingly above any altcoin ever existed.

And 1 thing, as I said that the number of bitcoin users increasing by the time means it's not right to compare the speed of bitcoin back then when Cryptsy still "alive" and now.

BTC is SLOW, because it was Designed to only produce 2016 blocks every 2 weeks, which breaks down to a new block every 10 minutes.
This was stupid on their part and limits their transaction capacity, LTC has 4X the capacity of BTC because they have a 2½ minute block speed.

# of users does not really matter, it is the # of transactions that count.
The Alt coins would handle BTC # of transactions easily.


 

FYI:
To Increase BTC Transaction Capacity all they had to do was the following.
Increase BlockSize or move to a Faster Blockspeed , either or both would work

BTC Transactions Congestion Problems  

Simulation Example
each block has 1 MB of transactions with a theoretical Limit of 4200 transactions per block with a 10 minute BlockSpeed , [] is a block
One Hour of Blocks
[1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes
6 Blocks * 4200 Transactions =  25200 Maximum Theoretical Transactions per Hour

BTC Transactions Congestion Solutions  

Simulation Example Updated with Larger BlockSize and Shorter BlockSpeed
each block has 2 MB of transactions with a theoretical Limit of 8400 transactions per block with a 2½ minute BlockSpeed , [] is a block
One Hour of Blocks
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes

24 Blocks * 8400 Transactions = 201600 Maximum Theoretical Transactions per Hour

Compare Updated Simulation with Original
201600 / 25200  = 8
Updated Version can handle 8X the Transaction Capacity.  

Now the educated asshats that live in these forums will tell you it can't work or it is a security risk, (They are Lying!)
Real World Examples.
PoW coin LTC has a 2½ minute block time with no problems whatsoever from it.
In Fact Chinese Mining Pools are over 51% of the BTC Hash rate , and are also over 51% of the LTC Hashrate.
In Fact some alts run at a 30 second blockspeed.
Oh, they also will complain, it will affect the Block Reward and Halving Dates,
(All of that are Variables that can be modified to compensate for the changes)

If they make the Blockspeed Faster,
then they will have to increase the Final Supply Number of Bitcoins or allow it to get to the Final Supply Number 4X faster than it would have.

If they only increase the BlockSize ,
then the Block rewards and halving dates are not affected, and will not need modification.
But Transactions grow will be directly proportional to the increase in BlockSize.
IE: 2 MB Block only Double the Transaction Capacity
     8 MB Blocks would increase by 8X also  

[Selerius]

Kiklo and Equator, thanks for the examples.  I hadn't known of such before.

I am no technical expert, but it appears there might be three identified routes to such as <= 10 second confirmation times -- as not absolutely required but as sure would be a nice competitive advantage:

a) Using a DAG instead of a blockchain, as done by Byteball ... presently with several-minute confirmation times but with a developer comment suggesting 10 to 100 times faster is possible once later getting around to seriously trying to improve speed.

b) Using the lightning network, though no coin has implemented it yet, and, IIRC, it has tradeoffs in centralization.

c) Maybe, maybe such super fast confirmations might be possible with a blockchain-based coin -- not that I know.

I plan to check some coins advertising themselves as "instant."

[Selerius]

[...]

FYI:
To Increase BTC Transaction Capacity all they had to do was the following.
Increase BlockSize or move to a Faster Blockspeed , either or both would work

[...]

Compare Updated Simulation with Original
201600 / 25200  = 8
Updated Version can handle 8X the Transaction Capacity.  

Now the educated asshats that live in these forums will tell you it can't work or it is a security risk, (They are Lying!)
Real World Examples.
PoW coin LTC has a 2½ minute block time with no problems whatsoever from it.
In Fact Chinese Mining Pools are over 51% of the BTC Hash rate , and are also over 51% of the LTC Hashrate.
In Fact some alts run at a 30 second blockspeed.
Oh, they also will complain, it will affect the Block Reward and Halving Dates,
(All of that are Variables that can be modified to compensate for the changes)

You make a very interesting post.  I lack the technical study at this time to directly confirm it myself, but all your logic sounds plausible.

A big question then might be just how fast confirmation time could a coin have by relatively readily doable adjustments?  20 seconds?  10 seconds?  Less?

The other big question would be, if so, why hasn't someone done so already?  Out of hundreds of coins, being able to (uniquely?) stand out by having confirmations in a few seconds would seem something quite helpful for relative interest and success if well-advertised.

Of course, the answer might be just that nobody has really tried, because only a few people create coins more sophisticated than generic clones, and those few people have not realized the potential or have been focused on other goals.

[kiklo]

Fastest speed I know of using a blockchain is 12 seconds block target on a coin called Fastcoin.
One reason you don't see many coins use the faster blockspeeds
Blockchain Size will Grow at the faster pace.
But usually the blocks don't take up the full 1 mb, unless they are loaded with transactions.
BTC is currently loaded so each 10 minute block is 1 mb,
ZEIT faster 30 second block transactions are not maxed out so we are only using .4kb per block, so we are only growing at ~1 gigabyte per year.

However the blockchain growing at the fastest pace is ethereum (I believe 15 second block speed) and it is trying to be a programming language also ,
It is growing at ~1 gigabytes per month last I checked.

 

[nomar86]

Gulden - NLG is fast as well.. even goes REALLY fast when PRIME is being released (in the near future)

[thebatletbet]

altcoin is the best sending transaction is dogecoin
dogecoin is fast confirmation, and i like use dogecoin to playing gambling site in directbet because very fast sending transaction and confirmation

[Red-Apple]

one thing that people always forget about faster confirmation time (which comes from faster block creation time) is the fact that faster block generation also means lots more orphaned blocks.

for a quick check you can take a look at an exchange service wallet. you can see they have lots more confirmation requirement for deposit of other altcoins with "faster blocks" and that is the reason.

in the end, it doesn't matter if you get faster blocks, the risk of double spend will force you to wait the same amount of time and even more.
there are altcoins that require 60 confirmation so that you can be sure the transaction is deep enough that it will require much more work to double spend.

[Ayers]

Fastest speed I know of using a blockchain is 12 seconds block target on a coin called Fastcoin.
One reason you don't see many coins use the faster blockspeeds
Blockchain Size will Grow at the faster pace.
But usually the blocks don't take up the full 1 mb, unless they are loaded with transactions.
BTC is currently loaded so each 10 minute block is 1 mb,
ZEIT faster 30 second block transactions are not maxed out so we are only using .4kb per block, so we are only growing at ~1 gigabyte per year.

However the blockchain growing at the fastest pace is ethereum (I believe 15 second block speed) and it is trying to be a programming language also ,
It is growing at ~1 gigabytes per month last I checked.

 

yeah fastcoin was the fastest but it was quickly elading to horpahn and it was avoided for other coins in the future, the consensus it that today all the coin have at least 1 minute block time to avoid this problem
and etheruem isn't the fastest in growing rate of the blockchain, bitcoin is growing at 1gb per week