How many transactions per second are possible via instant payment system?
The ETN blockchain can support about 2 transactions per second, according to this post by one of the blockchain developers.
However, the instant payment should be able to handle much more than that. During an instant payment transaction, Electroneum only checks if the sender has enough ETN to make the transaction. They then ring-fence those funds so he can’t spend them again, and confirms the transaction to both of them. That’s it. The funds will then be transferred via the blockchain to the seller soon after, and Electroneum will make sure this transaction goes through. If it fails, they will send it again and again until it goes through.
So this enables Electroneum to give instant notifications up to a speed limited mostly by the speed of network connections, and then “catch-up” on all the blockchain transactions in off-peak times.
That was/is the question.
Spot On, I would say the instant payment system would be scaleable also, so more processing power, memory & space can be added when demand increases keeping the performance up. The transactions to be submitted to the blockchain are then queued I’d imagine.
Good explanation …
How long and how many transactions will/can remain in the queue? Considering that some tx´s queued are already being spent/sent again and again before they are in the blockchain (because etn is designed for mass adoption)…
Good Question @Cryptos but I can only guess an answer as there are so many variables.
How many entries in the queue would depend on how many instant payments there are and how fast each transaction is processed on the blockchain within a given time frame.
The queue would grow if there where not enough asics to confirm each transaction fast enough.
I would image the instant payment system would also be checking for x many confirmations before marking that transaction as complete.
I think large partnerships can only be done, if they know what’s the limit…
I believe that Richard said something about 20 mil users in testing. He didn’t mention the number of transaction per day. But from a technical point of view in insta-api only limitations are HDD and RAM(servers) so those 90k tx/day might be 500k… 1mil ~2 mil hard to say for sure since it depends.
Richard said something that Insta api will be like a crypto exchange in the future so everybody moves etn in the insta api(exchange) and when he “cashes up” transaction is sent to the blockchain. So like on exchange you can make unlimited etn transaction but the blockchain will only record the send in and send out transaction. This infrastructure is in testing for 20 mil users and it will be scaled up to 200 mil user.
The amount of transactions is not dependant on how many asics are mining, but the size of the blocks mined.
Theoretically there is no limit to how big a block can be, but limited by hardware and bandwidth.
I see no reason why we can’t have block sizes of 1-3MB, unless asics are incapable of doing more than 147kB per block.
@B.A.D yes true,
So what you are saying is that if we have just one ASIC would not make any difference to the Blockchain processing transactions time?
The number of transaction in the QUEUE is unlimited but can be thousands - every transaction have about 0,4 kB (as you can see in the picture and see that now in mempool is 31 transactions and total size is only 13 kB) and we have block size 140 kB so it means our Blockchain is possible to transact 350 transaction per 120 second block…(so from there you have 3tr/second)
And mempool of transaction is i think up to 7 days - so it means if transaction didnt go through it goes back to the sender… (in app you can see this transaction as PENDING)
If you see the status PROCESSING (this tx get the 1st confirmation and its procesed) and whole process takes only 10-20 minutes to get 12 confirmation to change the status to COMPLETE
One asic could run the entire block chain at the same speed that 1 million asic’s could. The difficulty level is set to have a block come out ever 2 min no matter if 1 asic is running or 10 million asic’s are running.
But then we start to lose the benefits of a decentralised system I guess.
nice explanation there!!