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Blockchain technology was first applied in 2009 when Bitcoin was launched. Since then, businesses from a variety of industries have begun experimenting with the technology. From health records management, to supply chain tracking, to video games, it is currently being used in a variety of fields.
The inclusion of smart contracts in Ethereum and other blockchains has broadened the use cases for this innovative technology. In many respects, blockchain is still in its infancy similar to the early days of PCs, when they were mainly used by enthusiasts.
Since then, technology has advanced to a point where we can do virtually anything online, whether we’re watching shows or buying groceries.
We can expect blockchain to follow the same trajectory in the future. In order for it to prosper in every market, it must first have the features necessary to make it mass-adoptable. Let’s explore these features and see if they can be found in any existing blockchains.
High throughput, low latency and high scalability
Web 3.0 technology must offer consumers more than Web 2.0 technology does today. It is more likely that a crypto project will succeed if it offers faster transaction times.
TPS (transactions per second) is a measurement of how many transactions can be executed on a blockchain network in a second. It is also called, ‘throughput rate.’
For comparison, Visa’s network can process up to 24,000 payments per second, while Mastercard can handle up to 5,000. A recent interview with Visa’s chief financial officer suggested that 65,000 transactions could theoretically be processed per second on the network.
However, when it comes to building DApps (decentralized applications) and using digital assets, it’s more crucial to achieve the lowest latency rather than simply a high number of transactions per second.
The user wants transactions to be completed as quickly as possible. Whatever the network load, it’s always something they want.
In fact, there is even scientific evidence to support it. An article from Nielsen Norman Group from 1993 suggests that application response times determine the user experience.
- A 0.1-second response limit gives the user the impression that the system reacts instantly.
- With a one-second response time limit, the user’s flow of thoughts is uninterrupted, even though the delay will be noticeable to them.
- Users’ attention can only be kept for 10 seconds after a…
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