The very reason for the existence of many cryptocurrencies was to be a more efficient method of conducting transactions between two parties, without the need for intermediaries or middlemen. If we examine the way transactions are processed through a banks network, you will have experienced at some point the frustration especially when sending money abroad. The process of sending money to someone abroad can be a long and arduous process that can take longer if the money has to be exchanged for a different currency, U.S. Dollars into British Pounds as a prime example. Transactions like this can often take a few days to complete, and with important issues like paying staff, it pays to have the functionality in place to handle such transactions in a quick and easy way.
Courtesy: DeepOnion Community
Cryptocurrencies on the other hand cut out any intermediaries or middlemen that get in the way and cause a roadblock. Cryptocurrencies like Bitcoin for example, act as a peer-to-peer payment network with almost instantaneous results. There are enormous benefits to using cryptocurrencies as methods of conducting transactions between parties, with one of the main perks being that it is entirely possible to send and receive them anywhere in the world at any time. No bank holidays, no borders, no middlemen to content with. Cryptocurrencies like bitcoin, ethereum and deeponion grant its users full control of their money.
Accompanying the slow transaction times of fiat money, there is also the fees that add up on top of that. So the act of sending $100 to someone in England would actually end up costing you more, because of the exchange fee for changing it from dollars into pounds. Cryptocurrencies have no fees when receiving and plenty of wallets actually let you control how large a fee to pay when spending, although higher fees can encourage faster confirmation times for transactions.
One of the most important aspects when considering which cryptocurrencies to invest in come down to transactions. With DeepOnion the transactions per second currently depends on the block size and block interval. With the average transaction size being roughly 500 bytes, the DeepOnion block size is 1.5Mb so each block can hold approximately 3000 transactions. In terms of the block interval, DeepOnion is mixed between Proof-of-Work and Proof-of-Stake, with PoW being 240 seconds on average, however when looking at Pos it appears to be a lot more frequent with a time of around 60 seconds. When considering all of this, the combined block time is 48 seconds.
How does DeepOnion compare with other cryptocurrencies?
Well let’s find out. Because as mentioned at the beginning, the competition to become a cryptocurrency that can process the most transactions in the quickest time is what separates the wheat from the chaff.
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When comparing DeepOnion some of the most well known and established cryptocurrencies, you can see that they have superior technology that allows them deal with more transactions (3000 in total) in a much faster time (48 seconds). Bitcoin, with all its might and prowess has an average speed per transaction of 45 minutes with the cost per transaction being approximately $1.88 and can only handle 16 transactions per second. Despite these figures bitcoin still remains the most valuable cryptocurrency.
This information is changing with fees sometimes becoming greater as time goes on, and transactions speeds also becoming greater too. In order to keep up to date with the latest information about DeepOnion, you can look at DeepOnions block explorer to see information about the transaction process.
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