Ethereum vs. NXT: Understanding the time of the block and confirmation
When it comes to cryptocurrency, transparency and efficiency are crucial for maintaining the network. Two prominent alternatives to Ethereum, NXT (previously known as a icon) and Litecoin, offer different blocks and confirmation processes. In this article, we will deepen in the details of the locking time of each currency and the confirmation process.
Time of Ethereum block
Ethereum is one of the most used cryptocurrencies, with a block time that varies according to the congestion of the network. Currently, Ethereum has a block time of 15 seconds, which means that it takes about 15 seconds for a new block to be checked and added to the blockchain.
To understand why this is significant, consider the following:
* Transaction processing
: A block contains multiple transactions. For each transaction, two blocks are created: one before the transaction (known as “work proof” or POW) and another after the transaction (known as “Proof of Saturday” or POS). Because each transaction involves two blocks, Ethereum’s block time considers the processing of these transactions.
* Network congestion : As several miners join the network, the block time increases due to the increased demand for processing power. This can lead to longer waiting times between transactions.
Locking time NXT
NXT, also known as the icon, has a significantly shorter block time compared to Ethereum. The current block time on the NXT is 2 seconds, which means that a new block is checked and added to blockchain in about 2 seconds.
The reasons behind the faster locking time of the NXT are:
* The consensus proof-of-state (POS) : NXT uses POS, where validators with multiple “knots” or computing power have higher chances of being selected to create new blocks. This reduces the amount of processing power required and leads to a faster transaction time.
* Lightning network integration : NXT has integrated the Lightning network, which allows quick transactions between users, without having to wait for confirmation on the main blockchain.
Confirming process
As for your question if you still have to wait 10+ minutes so that a double spending does not happen:
The current consensus algorithm used by both Ethereum and NXT is work proof (POW) or Saturday (POS) proof, which ensures that transactions are checked and added to the blockchain before they can be spent.
While the block time may seem significant, it is essential to understand that:
* Prevention of double spending : Both Ethereum and NXT have mechanisms in force to prevent double spending. For example, Ethereum has a built -in mechanism called “Merkle trees” that allows quick transaction.
* The process of creating the block
: A new block is created every 10 minutes (on average) by a random validator on the network. This ensures that transactions are checked and added to the blockchain before they can be spent.
In conclusion, while the faster locking time of the NXT may seem attractive, it is essential to consider the basic consensus algorithm and its implications for transaction times. While Ethereum has more complex algorithms, both coins have mechanisms in force to prevent double spending and ensure network security.
Conclusion
When choosing a cryptocurrency, it is crucial to understand the basic technology and its implications on transaction and security times. Considering factors such as locking time, confirmation processes and consensus algorithms, you can make a knowledgeable decision on what currency is best for your needs.