Ever since crypto’s inception, the real issue with its structure is the speed of their transactions, or rather the lack thereof. It simply takes too long for crypto payments to pull through for many modern conveniences expected in this day and age.
Interest Of A Hub Of Experts
Luckily, the crypto industry has gained enough traction to garner the interests of universities. Amongst those universities, stands MIT, who had recently pushed out an announcement about developing a new system to rout crypto transactions. The system is being called Spider and holds great hope for the crypto industry as a whole. According to MIT researchers, this routing scheme is capable of making crypto transactions four times as fast.
MIT researchers have announced that, through extensive usage of simulations and tests, they have optimized Spider’s routing system. According to the researchers, Spider is capable of processing 95% of a network’s various transactions, leveraging only 25% of conventional routing schemes’ funds. As one would imagine, this stands as noteworthy improvement in both the efficiency and speed of transactions done via cryptocurrency.
Speed Is A Major Factor
As crypto becomes more and more popular across the world, the stark lack of transaction speed becomes all the more jarring. Instant payments have long since been the industry’s greatest hurdle, and blockchain experts theorize that it’s a key factor contributing to its lack of mainstream adoption.
MIT’s Spider-routing scheme aims to change that. The tool might just be what crypto needs to start the process of mainstream integration across the globe and possibly even to outpace the conventional fiat financial industry.
Hundreds Of Times Less Efficient
As it stands now, the accepted “brand” of crypto, the Bitcoin network, is capable of handling an average of 3.3 to around seven transactions per second, or TPS. The number itself is impressive, should the system only have been used within a small community. On a global scale, it’s completely lackluster. To put it in perspective, Visa’s payment network is capable of processing about 1700 TPS, with the system itself holding the potential to handle higher speeds. When this is considered, Bitcoin’s TPS is downright laughable.
A significant factor of Spider’s speed is that it makes use of transactions off the blockchain. The official term is “layer 2” topology, which is a cheeky bypass of the general inefficiencies a vast blockchain network can cause, but also leverages its open-source ledger for public bookkeeping.