The Need for Blockchain and Speed in Seconds or Less
The need for speed is growing at super-fast rates as cryptocurrency platforms discover that there won’t be adoption without confirmations/affirmations. Gone are the days when friends and family frequently called to ask: Is it there yet? How long more do I have to wait? With blockchain technology, we are heading to a higher place where that kind of stress will no longer exist in our memories.
Thus far, the promises of blockchain, though complicated for more than ninety percent of the world, is doing what its creator expects. One of the industries in need of total transformation is the financial industry, where billions of dollars could suddenly disappear in thin air. We’ve all heard stories about governments losing track of taxpayers’ funds. All funds would have been accounted for if blockchain was used, and zero degrading articles would have written.
What happens on a blockchain with a transaction?
- Hit the send button.
- The registry process starts. On the registry system, many other transactions are held in a block.
- From there on, that block travels to a place with other blocks, where it touches all establishments.
- The verification process is where all establishments confirm the block.
- For the most exciting part, the block joins the chain after verification.
- Your transaction is safe in your wallet.
How long should that process take? The whole process should take less than a blink of an eye. But we are not there yet. A Sciencing article by Gabriella Munoz said, “Each blink lasts about a tenth of a second, which isn’t a lot of time.” Can cryptocurrency transactions time get to one blink? Sure, it can, and it will sooner than later.
The top five cryptocurrencies today are Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC). Here is how long each will take to complete a transaction.
BTC—————— 78 minutes
ETH —————— 6 minutes
XRP —————– 4 seconds
BCH ————— 60 minutes
LTC —————- 30 minutes
That is how long an investor will have to wait for confirmation. Plus, while you’re awaiting confirmation, your stress rises, and the price fluctuates. It will take you that long to know if a mistake was made with your cryptocurrency address.
One project that already has the blood pressure killer in the blockchain is Apollo Currency. Apollo has a transaction time of 1-2 seconds for confirmation. It is the fastest of all cryptocurrencies existing today and ready to be utilized by serious investors.
APL —————————1-2 seconds
Fast APL ————————————- ?
With FastApollo, APL investors will enjoy peace and comfort in a stress-less digital assets environment. It will be flawless, super quick, and untouchable. There won’t be another project getting close to FastApollo soon unless they hire Apollo CTO Sergey Rokhvarg and their developers. Transactions confirmation will hopefully be less than 1 second. With this new tech, Apollo will once again make history in the digital assets’ technology space.