Current crypto coins are slow. How slow? Around seven bitcoin transactions can be processed per second. Ethereum blockchain is three times faster, but credit card processing is a thousand times faster or more. The low number of possible transactions per second has been recognized as one of the major challenges that need to be addressed in order to enable a wide adoption of cryptocurrencies.
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Speaking at a February conference in Dallas, Texas, writer and crypto evangelist James Altucher said that while Bitcoin is secure enough, it is too slow. Even Ethereum, which went to some length to solve the problem, is still far from meeting the benchmarks set by more traditional payment methods, like credit cards.
Some crypto initiatives are addressing the challenge head-on. Three of the more noticeable ones are EOSIO, IOTA, and ENQ (Enecuum).
EOSIO, a free, open-source protocol, aims to enable “millions of transactions per second,” according to a white paper published by the Block.one, the seller of the EOS token, a top-five cryptocurrency by market capitalization at approximately US$12.4 billion.
In May, Block.one named Rob Jesudason, the chief financial officer of Commonwealth Bank, as its group president and chief operating officer.
In April, Block.one announced a deal with blockchain enthusiasts Michael Cao and Winnie Liu to start a new $200 million joint venture fund, EOS Global. The announced purpose of the new fund: investing in Asia-focused projects utilizing EOSIO.
The IOTA Foundation develops the IOTA protocol, a Distributed Ledger Technology that can support hundreds of transaction per