Zilliqa supports thousands of transactions per second
Zilliqa supports thousands of transactions per second
Blockchain

Zilliqa supports thousands of transactions per second

By Marco Cavicchioli - 2 Jul 2020

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The Zilliqa mainnet currently supports more transactions per second than Ethereum, Cardano, and Algorand combined. 

This is what Zilliqa’s investor Josh Zielinski reveals on Twitter, referring to the fact that this is a blockchain designed specifically for enterprise clients, who require thousands of transactions per second. 

In fact, according to what was stated some time ago, the Zilliqa blockchain supports almost 3,000 transactions per second, while for example, the Ethereum blockchain is struggling to exceed 15. 

In addition, the speed of transactions on Zilliqa is very high, while on Ethereum it often takes several seconds before they are validated. 

However, despite these enormous differences from a theoretical point of view, Ethereum still dominates unchallenged in terms of actual use. 

It is enough to think that for a few weeks Ethereum has constantly exceeded the million transactions recorded daily on the blockchain, i.e. three times the ones recorded on the Bitcoin blockchain and one and a half times the ones recorded on the XRP (Ripple) blockchain. 

From this point of view, only EOS and Tron are doing better than Ethereum, although the second one only sometimes, while Zilliqa is very far away, with just over 25,000 transactions in the last 24 hours. 

In other words, at this moment in history, the number of transactions that are actually recorded every second on blockchains around the world are still relatively few, and this gives developers some time to find solutions to the scalability constraints of different blockchains. 

While Zilliqa is ready to support a powerful increase in the number of recorded transactions, the same is not true for other blockchains. 

As far as Ethereum is concerned, the solution has already been identified, and is already in the testing phase: it is the so-called Ethereum 2.0 network, based no longer on the Proof-of-Work (PoW) consensus algorithm, but on Proof-of-Stake (PoS), however, it is not yet known exactly when the final update will be released. 

Should the success of DeFi and stablecoins such as USDT continue to increase the use of this blockchain, then this update will be required as soon as possible. 

The hypothesis is that it might be launched by the end of 2020, but it is not yet certain. 

Other cryptocurrencies, such as EOS and Tron, but also as XRP, or BSV, are already ready for a possible significant increase in the number of transactions, while the solution identified for Bitcoin, namely Lightning Network, is struggling to take off. 

However, this is due to the current lack of the need to be able to obtain fast and cheap BTC transactions, whereas if this need becomes evident it is possible that the use of LN-compatible wallets will finally take off. 

It should also be noted that the use of ERC20 tokens on the Ethereum blockchain that replicate BTC 1:1 is becoming more and more widespread, so when the PoS on Ethereum will be introduced it’s possible that it will also be used as a solution to make bitcoin transactions scalable, thanks to the clever solution of using ERC20 tokens that replicate BTC. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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