Qtum Blockchain’s New QtumX System Has Broken Through 10,000 Transactions per Second
QtumX is an enterprise-grade blockchain that was developed by Qtum team that is based in Singapore. It recently claimed that it had surpassed the 10,000 transactions per second mark.
The high throughput is a glimmer of hope on how blockchain developers are working to get high speeds and low confirmation times. By scaling to enterprise-grade use-cases, the Qtum team will be a leader in pushing beyond the common theme that crypto is ineffective, slow, and clunky.
What Qtum had to Say
The Qtum team released an announcement that claimed QtumX is more available for business use cases. It was also said that they would try to minimize the network consumption and storage for Qtum, which will lower the operating cost. The development of QtumX is based on being compatible with Bitcoin UTXO data structure and Ethereum smart contracts powered by solidity.
Unlike BTC and its fork, which are accused of using the slow PoW systems that use a lot of power and computational powers, QtumX is based on Proof of Authority. With PoA, the miners that are authorized to mine are few. The miners are the supernodes and they can at times demand high speeds and a lot of storage to ensure perfect performance.
The Qtum Test
Qtum said their test went on for 180 seconds and QtumX sustained over 10,000 TPS with no issue. Qtum also came with another innovation whereby the system will not produce any new blocks if there are no pending transactions, which can save network resources and storage.
This shows that the QtumX performance is high with over 10,000TPS taking place. The transactions are completed immediately they are sent. This makes Qtum awesome for DApps and especially so in the business world where speed is crucial. The most important thing for Qtum is that QtumX will go into the actual world where users can verify their strengths.
Thus far, Ripple has shown that XRP can conduct transactions at a top speed of 1,500 transactions per second. It has one of the fastest settlement times at about 4 seconds.
How Other Networks Compare
In comparison, BTC handles just 7 TPS and this is after scaling and settlement solutions such as the Liquid and Lightning Network that is being developed. Other blockchain networks do not fare too well either. Famous ones like ETH, Litecoin, Cardano, and Tron have a range of transaction speeds such as ETH’s of 20 TPS and Tron’s claim of 2,000 TPS.
EOS is an active blockchain that has clocked the most TPS in the real world in the past week. Recently, it announced that its TPS performance had improved by 35% to reach a high of 3,996 TPS.
Various other projects have claimed high throughputs such as MetaHash, which claimed to have hit 60,000 TPS. Professors from UC Berkley, Stanford, MIT, and other colleges in the US are also working on a crypto coin that utilizes smart contracts.
In June 2018, Vitalik Buterin said that one day, ETH could perform millions of transactions per second. TPS is the holy grail of crypto. For instance, Visa serves customers with 2,500 TPS although it is capable of 24,000 TPS.