When it comes to the fastest transactions occurring on a blockchain network, XRP claims the crown. However, cryptocurrency Nano (NANO) is giving XRP a formidable challenge in its field of domination.
Here, we will be presenting some interesting comparisons between NANO and XRP. Before we begin though, we will first bring some clarity on a few aspects.
Nano developers recently changed the tokens call-sign from XRB to NANO. Although, some exchanges still list it as XRB.
Furthermore, note that Ripple and XRP are not the same. Even though Ripple Labs developed XRP, the token runs independently of the Ripple software. It means that it has its own native blockchain network independent of other Ripple products.
Nano Performs Faster Transactions than Ripple
According to Bitcoin Kit, the average Nano transaction takes 3 seconds to complete. This means that the Nano blockchain network takes 3 seconds to confirm a transaction on the block. Note that this transaction speed was calibrated on one of the most popular cryptocurrency exchanges, Binance, which has over 2000 cryptocoins listed.
In the similar comparison, XRP took 10 seconds to verify a block and complete the transaction on Binance. However, Ripple’s own estimates claim that XRP transactions take just 4 seconds to complete.
Note that the 4 seconds is theoretical data from Ripple. It doesn’t mean that the average transaction time is 4 seconds. Bitcoin Kit says that XRP transactions on Binance takes place in 10 seconds.
In fact, according to Bitcoin Kit data, even Stellar Lumens (XLM) and ICON (ICX) beats XRP with just 5 and 6 seconds transaction times respectively.
Calculating Transactions Speeds
The data provided by Bitcoin Kit shows all transactions on the Binance exchange. However, transaction speed differs for different exchanges and other variables. Furthermore, depending on the type of blockchain, cryptocurrencies structure transactions differently.
For e.g., Bitcoin (BTC) transaction confirmation takes place when it is 6 blocks deep. It means that it is too deep for anyone to attack and reverse it. Similarly, Poloniex exchange requires 12 confirmations for XRP transactions. An XRP deposit on Poloniex takes 2 minutes on average, it means 10 seconds for each confirmation. KuCoin exchange also requires 12 confirmations for Nano, increasing its deposit time to 36 seconds.
In the case of Binance, Nano and XRP require only one confirmation, thus the new altcoin is 7 seconds faster than XRP on this exchange.
Unique Features of Nano Blockchain
The Nano blockchain has some unique features on its own. Each person on it has a unique blockchain. This is because instead of representing the amounts exchanged, the transactions record account balance. As a result, only the account holder can alter the account blockchain.
Thus, for a Nano network to accept the transactions, it must be recorded on two blockchains: the sender’s and the receiver’s. Here, a single block represents one transaction.
On the other hand, multiple transactions together make a Bitcoin block. As a result, processing Bitcoin transactions takes time until at least one subsequent block isn’t created. Hence, Bitcoin transactions can takes hours, while Nano transactions occurs in mere seconds.
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Join our Telegram Group To Stay Up To Date With Crypto News