Scalability problem and Bitcore BTX

2018/11/07/ 11:25

Scalability problem and Bitcore BTX

Transactions Per Second (TPS) is a commonly used term in cryptocurrency. It is defined as the number of transactions completed per second by an information system. It’s used to determine how fast a platform or network is in executing transactions. This is a problem that needs to be resolved if cryptocurrencies wish to ever fully replace traditional payment systems. It needs to be faster in order to compete with the well-oiled machine that has been employed for decades. 

Cryptocurrency uses a "push" method of paying, similar to making an EFT with your bank. On the other hand, Credit cards use a “pull” method – your private details are shared with the recipient and they request the funds from your account. Moreover, the system architectures are different. Crypto payments happen peer-to-peer and transaction authentication is decentralised. Credit card payments are centralised – if the issuing bank, receiving bank, or any other intermediaries have a point of failure, the transaction fails.

Thus, I think it’s difficult to compare centralised entities such as Visa with decentralised ones such as cryptocurrency, as there are significant differences between cryptocurrencies and credit card payments. This two are from total different platform and it's motive and systems are also separate so that is why I don't think it is appropriate to compare them. However if you want to compare them, see below. 

• In 2016 that Visa processes an average of 150 million transactions each day, or around 1,667 transactions per second on average. Visa states it can handle 24,000 tps.
• Bitcore BTX can handle up to 550 tps with Segwit (250 tps average value; 50 tps on worst case).
• PayPal can handle around 193 transactions per second.
• Bitcoin Cash can handle 61 tps.
• Litecoin can handle 56 tps with Segwit.
• DASH can handle 28 tps.
• Ethereum can handle 25 tps.
• Bitcoin can handle 11 tps with Segwit.

The transaction speed that Bitcore provides is much faster than Bitcoin and major altcoins. More surprisingly, the transaction speed offered by Bitcore is even faster than Paypal. In addition to this, the block times on the bitcore network are also quartered as compared to bitcoin. This leads to faster confirmation of transactions on the network.

TPS Comparison of Bitcore against some other cryptocurrencies

Even so, many developments are going on to solve the scalability issues for the Cryptocurrencies. Bitcore BTX seems to almost have solved this scalability problem. Bitcore is currently targeting the financial sector, with most trying to increase the speed of transactions while making its costs cheaper. Bitcore aims to be the #1 solution for direct payments. Bitcore has one of the lowest transaction fees on the market while possibly providing one of the best on-chain scaling solutions in the entire crypto-sphere.

The one thing that cryptos with higher transactions per second have is their block size. A bigger block size means increased capacity to process transactions, faster transactions speeds, and easier scalability. Bitcore has choosed to increase the block size to 10 MB.

Another is Segregated Witness, which proposes doubling the block size of Bitcore from 10MB to 20MB. On the Bitcore blockchain, SegWit (Segregated Witness) was activated in April, 2017, with block #3,000 – 4.5 months earlier than on the Bitcoin blockchain, making it fully compatible to the Lightning Network. With activated SegWit, Bitcoin blockchain can process almost 11 transactions per second while BTX chain can handle 550 transactions per second under optimal conditions (250 tps average value; 50 tps on worst case), even without accounting for the fact that some of the transactions can be routed off-chain via the Lightning Network. Bitcore has proven its capability to handle large numbers of transactions in a short interval of time when approximately 5 million transactions were processed within a few days in November 2, 2017.

Moreover, Bitcore is fully compatible with the Lightning Network and therefore able to support instant payments as well as micropayments. On the Lightning Network, a theoretically unlimited number of offline transactions are supported. 

Given that transaction speed is a factor in the applicability of crypto in real-world business usage, it then follows that Bitcore’s long-term prospects are quite good, as blockchain technology continues to gain a foothold in business. Also with an average fee of $0.0003 USD per kilobyte, Bitcore’s fees are markedly lower than the fees of other major cryptocurrencies. These features enable BTX to become a real everyday payment option.

Comparison chart, Bitcore against other cryptocurrencies

Bitcore have started to be integrated real use case services which fits perfect to its vision as the #1 payment solution. In six European countries (Ukraine, Georgia, the Netherlands, Czech Republic, Bulgaria, Poland) 329 merchants accept Bitcore BTX thanks to Paytomat. Bitcore operations are low cost, fast and also extremely safe. All these features attract traders who want to attract more customers by providing an easier way for customers to pay.

Spending Bitcore in Europe is getting easier thanks to Paytomat.

In Australia and Brazil, Bitcore BTX is listed on and You can pay your mobile bill, water, energy, internet, TV, internet purchases and many others or even recharge your mobile phone with Bitcore BTX.

Banks and Financial Institutions that accept Bitcore in Australia

Bill payment center accept Bitcore in Brazil

Bitcore is also accepted as a payment option at Games4Coins where you can purchase Steam product keys, Luckygames and more…

If you want to check out the project in more detail here is some collated information.

Bitcore Webpage Bitcore BTX Webpage with all Infos about.
Bitcore FAQ Bitcore FAQ Section.
Bitcore ANN English Bitcore Bitcointalk Thread English
Bitcore ANN Spanish Bitcore Bitcointalk Thread Spanish
Bitcore Github Bitcore Github Repo
Bitcore Roadmap Interactive Bitcore Roadmap

Bitcore Whitepaper English
Bitcore Whitepaper Spanish
Bitcore Whitepaper French
Bitcore Whitepaper Turkish

Paperwallet Bitcore Paperwallet Generator
Bitcore QT Wallet Bitcore Github releases
Coinomi Android Wallet Coinomi Android Wallet
Coinomi iOS Wallet Coinomi iOS Wallet
Bitcore electrum Source Code & Windows release
Jaxx Liberty Multi Wallet Jaxx Android, iOS & Desktop Wallet
ZeltCore Multi Wallet ZelCore Win, Mac & Linux Desktop Wallet.

cryptoID Bitcore chainz Blockexplorer
Bitcore Livenet Bitcore show a visual live Network.
Insight Bitcore Bitcore Insight Blockexplorer
Insight Zeltrez Bitcore Insight Blockexplorer

EXRATES with AndroidApp and AppleApp
Komodo BarterDEX Decentralized Exchange (DEX)
QBTC - Chinese exchange

Auto Exchanges
CryptoChange Cryptochange - South Africa Bitcoin Exchange
Easyrabbit Easyrabbit - The easiest way to Exchange Cryptocurrencies
InstaSwap InstaSwap - Simple. Fast. Secure.

Buy with FIAT
Indacoin Buy Cryptocurrency Instantly
PayCml - Turkish

Market Info
CoinMarketCap Bitcore Ranking by Market Capitalization
WorldCoinIndex Bitcore price index and market cap
CryptoCompare Live Bitcore prices, trades and volumes
ATHCoinIndex Bitcore ATH price & market capitalizations
Cryptonaut Easily track your cryptocurrency portfolio

Bill Service
kamoney kamoney for Brazil
livingroomofsatoshi Living Room of Satoshi for Australia

Luckygames Luckygames is a Multicoin Online Casino
Games4Coins Service to buy Steam keys with BTX

Bitcore Youtube GER Bitcore German Youtube Channel
Bitcore Yutube ENG Bitcore English Youtube Channel

BTC-Echo article Muss es immer ein Hardfork sein? Nein! – Bitcore (BTX) legt seit April vor - OCT 12, 2017
Cointelegraph article Bitcore: Winning the Scaling Race with Earth Shattering Speed - OCT 21, 2017
CCN article Bitcore: Winning the Scaling Race with Earth Shattering Speed - OCT 27, 2017
Jimmy Song Medium Bitcoin Diamond/Super Bitcoin/BitCore: What You Need To Know - JAN 3, 2018

Crypto Anomaly Show The Crypto Anomaly Show Exploring The Bitcore [BTX] with Ivo
Coin Boys Coin Boys "Coin of the Show" (BITCORE) w/Lead Manager Ivo

Bitcore Twitter Bitcore Twitter feed
Bitcore Facebook Bitcore Facebook Group
Bitcore Reddit Bitcore Reddit
Bitcore Discord Bitcore Discord Group

Telegram Channels
Telegram (English) Bitcore Telegram Channel English
Telegram (Spanish) Bitcore Telegram Channel Spain
Telegram (Italian) Bitcore Telegram Channel Italian
Telegram (German) Bitcore Telegram Channel German
Telegram (Russian) Bitcore Telegram Channel Russia
Telegram (Philippine) Bitcore Telegram Channel Philippine
Telegram (Turkish) Bitcore Telegram Channel Turkish
Telegram (Ukraine) Bitcore Telegram Channel Ukraine
Telegram (Bahasa) Bitcore Telegram Channel Bahasa
Telegram (Romania) Bitcore Telegram Channel Romania
Telegram (Mining) Bitcorepool Telegram Channel English

Poolgpu - Chinese pool

GitHub btx-convert Bitcore Converter (wallet convert 1 -> 2) - Source Code
Bitcore converter Bitcore Converter (wallet convert 1 -> 2) - Web Version
GeneralBytes ATM Server / Client Software
Mnemonic Code Converter A web tool for converting BIP39 mnemonic codes

Dockers Images
Bitcore Insight Explorer Bitcore Insight Explorer Docker Solution (Docker Image)
Bitcore RPC Server Run a Bitcore RPC Server in a Docker Container (Docker Image)
Bitcore Seeder Seeder for the Bitcore BTX Network (Docker Image)
ElectrumX Server ElectrumX Server + Bitcore RPC Server Docker Solution (Docker Image)

Development Libraries
NBitcoin Bitcoin/altcoin C# library for the .NET framework
pycoin Python-based Bitcoin and alt-coin utility library
crptwav Go library for address validation

Article Source: BitCore
Disclaimer: Opinions expressed herein are those of the writer, they are not investment advice and do not necessarily reflect the views of CryptoIn-N-Out.