What is transaction per second
Transactions per second (tps) is a measurement that represents the number of transactions completed in one second by the network. A tps is a very important component to determine the scalability of a particular network. So, by rule of thumb, a network with high tps has a higher possibility of being scalable. NeuronChain already operational on the Mainnet has a tested tps of 100,000. This means, the network is already capable of handling 100,000 transactions per second.
Synonyms of transaction per second:
Since, tps is an abbreviated form, it can also be written as ‘Transactions per second’ ; Transactions / Second or some publications and companies use txs, which stands for Transactions per second.
Tps is a fairly common term in the financial sectors. It is used by different facets of the financial processing industry to indicate the speed and swiftness of the services offered by the respective companies.
Examples of transaction per second usage:
Why is it important?
To service today’s financial appetite of the world, tps is an important element. There is an over-dependance on the current centralized financial systems which can be reduced and made more efficient with the decentralized financial solutions. To build a system more scalable and more efficient than Visa which claims 56,000 tps under testing (https://usa.visa.com/dam/VCOM/download/corporate/media/visa-fact-sheet-Jun2015.pdf) is a monumental task but has been achieved on the mainnet by NeuronChain.
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