Scopuly

<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/330957c190a145d99003f22a49797b87.JPG">
For comparative characteristics, we turn to the open source software - <a href="https://realtps.net/" rel="noopener noreferrer nofollow">RealTPS </a>.
RealTPS measures the current number of transactions per second made by various blockchains.
<h2 id="header-0">About the RealTPS algorithm</h2>
RealTPS uses a simple method of counting the transactions in each block from one week ago to now, and then dividing the total number of transactions by the number of seconds from the start of the first block to the end of the first block. last block.
This site measures and compares the average transaction throughput (transactions per second) made by different blockchains.
This is done using a simple method of counting the transactions in each block over a period of time spanning from one week ago to now, and then dividing the total number of transactions by the number of seconds from the start of the first block to the end of the last block.
<h2 id="header-1">So let’s move on to the leaderboard</h2>
<h2 id="header-2"></h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/f3c1e7e60716407fbbf5f6bbfa51548a.JPG">
Stellar demonstrates maximum efficiency
1. Hedera: 859.42 TPS
2. Solana: 452.33 TPS
3. Stellar: 45.50 TPS 
4. Binance Smart Chain: 44.92 TPS
5. Polygon PoS: 31.01
6. Arbitrum: 16.59
7. Ethereum: 12.94
8. Algorand: 5.04
Stellar takes in in this list, a confident third position 🔥
To achieve a fast and accurate consensus on transactions, Stellar uses its own unique mechanism.
<h2 id="header-3">How does the Stellar consensus work?</h2>
The Stellar consensus method allows you to conduct fast and cheap transactions, the reliability of which all network participants reach an agreement within a few seconds. Each participant (called a node or node) that enters stellar transactions into the global ledger chooses its own mini-network of trusted participants, with whose opinion it is ready to agree.
Since these mini-networks (the so-called quorum slices) overlap each other, the entire stellar network can come to an agreement on the possibility of confirming and quickly entering certain transactions into the ledger.
<h2 id="header-4">What is the value of the Stellar blockchain</h2>
The value and utility of Stellar lies in the fact that, in essence, it is a global exchange network capable of processing thousands of financial transactions per second between currencies and tokens. The exchange of cryptocurrencies and/or fiat currencies can be a lengthy and costly process; Stellar makes this exchange fast and cheap.
Lumen XLM is a native network asset that is used to pay transaction fees and maintain accounts on the Stellar network.
<h2 id="header-5">To add an entry to the Stellar registry or blockchain, 4 basic rules must be followed:</h2>
Freedom of participation: anyone can join the consensus process, while no one has absolute decision-making power.
Low latency: fast and cheap transactions, confirmed within seconds.
Freedom of trust: nodes (participating in the consensus scheme) choose their own group of trusted nodes, and can also revoke the authority of participants whose behavior causes mistrust at any time.
Security: Even if nodes go down or harmful factors appear in the network, consensus can still be reached and the network will come to the right decision.
The above rules of the Stellar consensus scheme are a proposed solution to the consensus dilemma known as the Byzantine Generals Problem (BGP). The issue describes a scenario where a large Byzantine army is trying to conquer a defending city and must collectively decide to attack or retreat. The army, due to its large size, is led by many generals who must coordinate their actions through envoys.
The root of the problem lies in communication failures and unreliability of generals and envoys, which may include traitors. The solution to the BGP dilemma is the Byzantine Error Tolerance (BFT) algorithm, where all trustworthy generals come to the same conclusion, despite the fact that they have suffered a number of failures and may have traitors among them.
In other words, consensus in a distributed system (such as a blockchain or similar to the Byzantine army) can be found using the BFT algorithm, a fault-tolerant method that withstands attackers.
Unlike the BFT algorithm, the Stellar consensus mechanism is a variation of the Federated Byzantine Agreement (FBA) called the Stellar Consensus Protocol (SCP). In the stellar network, failures manifest themselves in the form of faulty or malicious nodes.
Stellar can provide security (or a guarantee that something undesirable, such as a fork of the network, never happens), because the participants in its system can continue to vote for the desired result until a consensus is reached.
Thank you for reading to the end!
<a href="https://dzen.ru/id/5ff6f57cc461cc26b2540acd" rel="noopener noreferrer nofollow">Subscribe</a> if the article was useful to you 👍
🔹 Twitter: twitter.com/scopuly
🔹 Telegram: t.me/scopulynews
🔹 Medium: medium.com/@scopulyplatform
🔹 YouTube: youtube.com/@scopuly

Stellar is one of the top 3 fastest blockchains in existence

Table of Contents

Scopuly

Other articles published on Jun 20, 2023

Join our free newsletter for daily crypto updates!