XinFin Brings Solution for Ethereum’s Slow Transaction Speed

XinFin (eXchange inFinite) serves as an alternate solution for Ethereum’s slow transaction speeds. Though many crypto fans see Ethereum as the leading altcoin next to Bitcoin (BTC). Due to the issue of slow transaction speeds, many crypto developers look for an alternate solution to overcome the issue.

ETH users know transaction speeds could be accelerated by adding gas to motivate miners. This is considered to be one good move at times of high network congestion. Also, gas fees begin to rise with no limit across 2021.

On MAY 19, 2021, one crypto enthusiast paid $702.94 as gas fee for a $35,633.05 SushiSwap transaction. 

Developers expressed huge concern at ETH’s congestion. This is mainly for those who work on cutting-edge projects that offer time-sensitive services.  For the transaction speed issue on ETH, it points to the ETH 2.0 as the solution for issues regarding scalability and speed. Many are not hoping for it still. So, they look for alternative solutions.

XinFin Solution to ETH Slow Transaction

XinFin’s Delegated Proof of Stake (XDPos) is a solution offered to XDC holders to stake over 108 master nodes. XinFin could support up to 2,000 transactions per second (TPS). In turn, ETH can handle only 15 TPS. Allows all ETH smart contracts to work with immediate confirmation of transactions. However, the project’s hybrid blockchain nature has resulted in great attention and acclaim.

XinFin has a unique nature in the crypto world as the project aims on staying in contact with governments in order to minimize the global infrastructure gaps. Moreover, the main aim of the project is to enable investors to trade and finance projects in an efficient way, rather than wasting time with paperwork and other bureaucracy when considering finance cross-border projects.

Furthermore, the lack of government financing reduces the potential of many advantageous projects, the XinFin team believes.

ETH develops new blocks every 10 to 20 seconds compared to XinFin’s 2 seconds. And XinFin’s transaction fees are about 1% the cost of Ethereum’s.

Due to these advantages XinFin is called as ‘Ethereum on steroids’. Notably, XinFin is Ethereum’s fork, it is compatible with the Solidity programming language. This indicates that any smart contracts that run on Ethereum also work on XinFin. This is one of the reasons that developers should learn Solidity.

Other Projects also Works as an Alternate Solution

Dash (DASH), VeChain (VET), and TRON (TRX), and also works as an alternative solution for ETH’s low transaction speed. Dash is an open-source blockchain-crypto based on offering a fast, cheap global payments network that is decentralized in nature. Dash can handle 35 TPS this is more than ETH.

VeChain is a blockchain-powered supply chain platform. It aims to use distributed governance and Internet of Things (IoT) technology to create an environment that solves some of the major issues with supply chain management. Moreover, VET can process up to 80 TPS.

TRON is a blockchain-related operating system that works to make sure that the technology is suitable for daily use. Notably, Tron can handle up to 2,000 TPS. Moreover, XRP is the native crypto for products developed by Ripple Labs. It can support up to 1,500 TPS.

XinFin is Best Compared to Other Projects

XinFin is undoubtedly fast when compared to XRP and it is the main cross-border cash. However, XRP does not contain smart contracts. XRP Ledger escrows act as smart contracts. Moreover, the R3 bank consortium is a partner and many think it will deal with XinFin to be the new trade finance protocol.

The World Trade Organization called “network of networks’ as XinFin’s TradeFinex platform.  They are just waiting for bridges to be developed from R3 Corda’s private chain. XinFin is a combination of XRP, ETH, and VET, this is how few describes it.

According to CoinGecko, the XinFin price is at 0.054, with a 24-hour trading volume of $5,107,275, at the time of writing.

Notably, XinFin hybrid blockchain has performed well even though it is still in its early days.  However, XinFin is yet to achieve anything like what Ethereum has achieved. With that being said though, if XinFin can achieve their goals, then it will be a significantly better blockchain than Ethereum. XinFin is yet to achieve anything like what ETH has achieved. This is because ETH is the second most popular cryptocurrency in the world. In 2017, the ETH price increased by over 10,000% and reached an all-time high of $130 billion in market capitalization.

Not only this, but hundreds of cryptos have been developed on top of the ETH blockchain and it is also home to over a thousand DApps. With that being said though, if XinFin can achieve their goals, then it will be a completely better blockchain than Ethereum.

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Source: https://coinquora.com/xinfin-brings-solution-for-ethereums-slow-transaction-speed/