Among crypto currencies, Stellar (XLM) has been recorded as having the most transactions per second, about 7,193,933 per day, or 83.26 per second. Bitcoin (BTC), which is the top rung cryptocurrency by market capitalisation, stands at the fourth place with 222,930 transactions per day or 2.58 transactions per second. The findings appear in a new study by Forexsuggest.com, a US-based platform for forex and stock traders.
Stellar, the report says, is neither a bank nor a business, but rather a decentralised open network that aims to connect banks, payment systems, and individuals with near-instant and secure transfers. Elsewhere, Bitcoin is stored and exchanged through digital ledger blockchain, and the concept is based on encryption, making it both secure and universally accessible.
Technically, a high transaction speed implies that a greater number of transactions can be completed at once. This is of significance, especially when the network becomes congested due to an increase in use. On the other hand, a slow transaction speed can lead to the currency network becoming overwhelmed if it is trying to process too many transactions at one time, leading to delay for users.
In the same report, Ripple (XRP) has the second-highest transactions per second (25.71). Ripple was created for enterprise use and aims to be a fast, cost-efficient cryptocurrency focusing on cross-border payments.
The report was based on a survey of 100 cryptocurrencies by market capitalisation. Findings revealed that 67 cryptocurrencies have a transaction speed of 5 minutes or under. These include Kusama, Polkadot and Moonbeam. A total of 16 cryptocurrencies have a transaction speed of over 5 minutes, and these include Dogecoin, Bitcoin and Mina.
Ethereum (ETH), which is the second-largest cryptocurrency by market cap after Bitcoin, ranks third on the list in terms of transactions per second. Ethereum is a decentralised computing platform that runs a wide variety of applications, including financial tools, games, and complex databases. Moreover, Ethereum Classic, - a split version of Ethereum’s Blockchain, is the slowest currency in the rating, with a 9,360 minutes transaction time, the report adds.
“It is estimated that Visa handles about 1,700 transactions per second (Visa actually claims a huge 24,000 transactions per second, but this is a widely debated figure). Mastercard also claims to handle around 5,000 transactions per second,” the report reads.
At present, Stellar (XLM) has a market capitalisation of $5 billion. It was last reported trading at $0.2285, and had fallen 1.25 per cent in the last 24 hours, according to data by Coinmarketcap.com. Ripple has a market cap of $39.5 billion, and was trading at $0.8221, down 0.58 per cent. Bitcoin has a total market capitalisation of $872. 3 billion and was trading at $45,890.13, down 0.11 per cent at 8:30 pm (IST).