Published on May 21st, 2021 | by Sunit Nandi0
Faster block chains with cheap transactions will revolutionize crypto world
The importance of blockchain technology is becoming more apparent to people in mainstream society. There is a unique feeling that we are standing at the threshold just before the next great industrial revolution. Interest in cryptocurrency has soared this year, the market doubling since January and exploding through $2 trillion in April 2021. While more meteoric rises lay ahead, so does uncertainty.
Even though cryptocurrencies are used on a daily basis around the world, many say that they are too inconvenient to be used as means of payment. Transaction speed is very significant and many brilliant minds are working on solutions for increasing speed. As Brian Armstrong, the CEO of Coinbase, said in his most recent prospectus, “People are using cryptocurrency to earn, spend, save, stake, borrow, lend, vote … companies are being funded, getting early customers, and will eventually go public, all on blockchain. The cryptoeconomy is just getting started.” These lightning fast blockchains will also be used in the insurance industry, voting audits, credit applications and more. The digital gold rush for global cash conversion has officially begun.
High transaction speed is essential for scalability due to its allowing of different accounts to exchange data immediately, without network load slowing the process. A number of different parameters influence final transaction speed. These factors are block size, block time, transaction fees and network load. Block size is a constant set by the individual blockchain inventors. Block size merely determines how much data can be contained in one singular block. For example in Free TON, the block size is not an issue due to it being dynamic.
Block time is another factor referring to the fixed time required to create new blocks. On the Free TON blockchain, a new block gets found every 0.2 seconds. Compare this with the Bitcoin blockchain, where a new block gets found every ten minutes.
Transaction fees are a sticky subject in the cryptoeconomy. On most blockchain platforms, the transaction fee determine the priority of each transaction. The higher that transaction fee is, the higher the priority of that transaction in the cue. This uncertainty obviously creates hesitancy in blockchain services. At this time, Bitcoin and Ethereum can process approximately 7 and 15 transactions per second. Free TON, the next generation of blockchain technology, is capable of processing millions of transactions per second, making it even faster than major credit card companies. Not only does Free TON possess shocking speed, TON users will be able to make transactions for less than $0.01 in total fees, and pay less than $0.05 per coin exchange transaction, also known as swaps.
Free TON was launched a year ago, and its incentivized decentralized community has ambitious plans for its growth and development in the DeFi marketplace. Several Free TON developers, such as TON Labs, Broxus, RadianceTeam, &Svoi.dev are working to prepare the Decentralized Exchange (DEX) to launch in the second quarter of 2021.
In order to achieve scalability and decentralization, the blockchain world requires uncompromising solutions. This will help the crypto world revolutionize every industry it touches. To stay on top of the actual cutting edge technology, continue watching Free TON and its decentralized community of developers for many more real world solutions.