Steemit sets block time record as the fastest Crypto Currency in history
Since the development of Bitcoin hundreds of new Crypto Currencies have been developed bringing something more innovative as each one is developed. One of the most important factors that has to be taken in account when creating a new crypto currency is the block times which new transactions can be processed at by miners . Once these blocks are added to the chain they cannot be removed or changed by any of the network.
What is a block ?
In simple terms a block is a record of one or more recent transactions that has been passed through a miner. Usually these contains an answer to a very difficult mathematical puzzle which is what gives the uniqueness of each block. New blocks cannot be passed onto the network without the mathematical puzzle being completed with a correct answer this is where the process of mining is essential in order to complete a mathematical puzzle as fast as possible in order for it to be submitted onto the network. Therefore, having a fast block time is essential in order for the block-chain to be passed onto the next transaction and mathematical puzzle. The faster something is the faster it will get the job done, in a business environment time is a very precious "currency" and you don't want to spend 10 minutes or more for a Bitcoin block to be processed onto the network.
Steemit Sets Block Time Record
Steemit has left all of the crypto currencies out there behind when it comes to block times. It's like Steemit is a McLaren that can hit 0-60 in 1-3 seconds whereas Bitcoin is a kids bike. Moreover, Steemit can scale much faster and larger than any other crypto currencies out there, their flexibility is much larger. Once Steemit gets Mass Adoption they will be easy to scale and be flexible regardless of the amount of transactions and people that are using the platform.
Crypto Currencies by block times
Bitcoin - 10 Minutes block times
Litecoin - 2.5 minutes block times
Ethereum -15 Seconds block times
Ripple - 3-5 Seconds ledger closes
Steem - 1-3 Seconds block times - This can also scale and speed up as more people use the platform ( Essential for a successful platform )
Steemit sets a new record for the lowest block times in crypto currency history. Nothing like this has been developed before and could be called "Crypto 3.0" Due to it's high flexibility and innovation that the Steemit platform provides for every day users.
Though i agree with you that steem is amazing, it is important to recogjze that bitshares, too, can do the same things steem can. In fact it is fair to say steem can onlydowhat it does because bitshares made it possible.
Ethereum at 1 billion dollars is talking about their ability to potentially get to the scalability and speed to bts and steem at the end of 2017. So in short their ideas wont even be TESTED for another year?
Its crazy to me with what these two blockchains(and soon peerplays) can do...
I think the devs of graphene blockchain are brilliant....spend all your time and money building the best product possible and the people will come...eventually. This is the perfect condition for a long term invested.
Other platforms decided to go the marketing route and bring in high value first then build out the tech...except they are learning it is much harder to make changes with a billion on the line.
There is room for all approaches and it will be the people of the world benefit from them.
Bitshares is long dead, they opened that openledger and have such shit volume + a ton of bugs. People getting their bitcoins locked into their accounts and such.
BitShares user unaffected. STEEM down 95% in past 4 months, BTS down only 30% STEEM is a fork of BitShares (the original Graphene Machine).
Facts are fun! Hey! there goes another immutably printed BitShare block! Day after day, month after month after month year after year. Just like STEEM, because they are on the same team, and will be sidechained together forever soon (according to the dude who invented the coin you are pumping).
A great blog and thanks for sharing. Upvoted and shared on Twitter✔ for my followers to read more about STEEMIT. Now following and looking forward to reading more of your blogs. Stephen
https://twitter.com/StephenPKendal/status/800422990295035905
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You are very welcome. Stephen.
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Thanks :) I guess it got more than the estimated value .
AWESOME!! Get it Steemit!!! World domination, here we come!
Haha, We still need a lot of new features implemented for world domination to be possible . Direct messages, voice and video chat. etc...
Agreed! I'd like to see something like Fakebook's live stream as well. Someone was reporting on Standing Rock last night from FB, and we need something like that to share the revolutions.
Truly satisfying and inspiring to hear! Mar '2014' is when I found out about
Bitcoin/Crypto Currencies and everyday since, It's been as if I just found
out about it lol if you catch my drift! This is my field! I can talk about
this stuff allday everyday! BLOCKCHAIN TECHNOLOGY, Gtta love it!
I fell in love with STEEM just as I did with Bitcoin when comparing other new
coins that came along afterwards. I think it was the fact of hearing about a
new Social Media Platform underway using BlockChain Tech. It was and is
NEW
None of my buddies and family are on to this even though I speak on it every
single day it seems. They'll regret soon enough!
For sure :)
Speed in incredible which will allow for much more scale-ability and flexibility. We shall see what the (near) future has in store for us with our news tools of discovery and exploration (possibilities).
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Excelente!
I think Bitcoin has a weird niche for a communication tool. A lot of services built around it for document verification and message hiding. It's a beautiful tool, history in a way can be written in it.
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