AD
AD
News

Ripple’s XRP Unleashes Blockchain Power: 293 Million Transactions a Day

John KumiBy 0Edited by John Kiguru 29. October 20233 Mins Read
Ripple ETF
the macro coin cryptocurrency ripple and word map.
  • A renowned XRP influencer has disclosed that XRP can handle 3,400 TPS (Transactions Per Second).
  • The Ripple website claims XRPL consistently handles 1,500 TPS, however, Ripple CTO dismissed this claim. 

Several people have argued that Ripple’s XRP was designed to hit an incredibly high price due to its capacity. This ranges from scalability to Transaction Per Second (TPS). The latest to speak to this issue is a renowned Ripple influencer, Alex Cobb. According to him, XRP can handle as high as 3,400 TPS.

To better explain this to newbies, Cobb stated that the 3,400 TPS is equivalent to 204,000 transactions per minute, 12.24 million transactions per hour, and a whopping 293 million transactions per day. 

According to him, the capacity of the project should not be underestimated, and from the features, XRP was designed to be a utility for banks around the globe. This explains why Ripple is in several partnerships with banks and why XRP cannot be overlooked when the topic of cross-border transactions is raised.

The comments to this post could not agree less with Cobb as someone likened the project to a marathon winner. Another enthusiast identified as “blendedfrogs” commented:

For perspective. There are 25000 credit card transactions completed per second of every day. Add debit card and financial institution transactions? Don’t think 3400 per second cuts the mustard.

Daniel Keller, an XRPL ambassador and the Chief Technology Officer (CTO) at Eminence has clarified this statement, explaining that the 3,400 TPS is just a theoretical figure. According to him, the figure is only obtainable in a controlled lab environment under certain conditions. In the real sense where the required conditions cannot be met, the 3,400 TPS is hard to achieve. Speaking on the realistic and achievable TPS for XRP, Keller disclosed that this typically ranges from 500 and 700 TPS. 

Popular Claim Found on Page Dedicated to XRP on Ripple’s Website Dismissed by Schwartz 

The XRP Ledger was also reported to have the capacity to handle up to 1,500 TPS. This was dismissed by David Schwartz, Chief Technology Officer (CTO). According to him, a TPS of up to 1500 has never been seen on the XRP Ledger in the 11 years of existence. Per his statement, the current configuration can only support between 300 to 500 transactions per second on the live network. 

We’ve never seen 1,500 TPS on the live XRPL. I suspect it could, as currently configured, probably sustain about 300-500. While someone could create a basket containing XRP, the only current reason to do so I can think of is for cryptocurrency index exposure. …

This is contrary to the claims of a page dedicated to XRP on the Ripple website which says the XRPL “consistently handles 1,500 transactions per second, 24×7.” According to Schwartz, the statement is false and will be corrected soon. 

That is poorly worded, I agree. It’s trying to say that the XRPL software/technology can consistently handle 15,000 TPS 24×7. I agree that the wording suggests that the live network is doing that (something nobody would want).

As of press time, XRP was trading at $0.546743 after surging by 5 percent in the last seven days. However, the last 24 hours’ gain is negative as the asset declines by 0.87 percent. 

 

Recommended for you:

Subscribe to our daily newsletter!


>> Subscribe <<

          No spam, no lies, only insights. You can unsubscribe at any time.

This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

Related Posts

Exit mobile version