Learn why GoChain is better than Bitcoin, Ethereum, and Binance.
Over the past decade, blockchain technology has evolved from a niche subject to a trillion-dollar market. Blockchain is now one of the most innovative and rapidly expanding sectors of the global economy, and iDispute is pleased to announce that we are now a part of this groundbreaking technological ecosystem.
Blockchain is no longer used just to send and receive secure monetary transactions. It’s a revolutionary technology that allows anyone, anywhere in the world to efficiently save, store and retrieve any kind of data in a decentralized and efficient way.
However, not all blockchains are equal. Over the years, developers designed different types of blockchain network architectures, each suited to fulfill different needs.
While researching which blockchain would be the best choice for iDispute, we took three things into consideration: the number of transactions per second, the average fee per transaction, and the average transaction speed.
From the technological standpoint, the number of transactions possible to be processed per second is one of the most important aspects of a blockchain. Low capacity blockchains are unable to process a larger number of transactions. When the activity on the network becomes too high, the blockchain becomes congested, which negatively impacts the performance by lowering transaction times and increasing fees.
Ethereum, one of the most popular blockchains, can only process 10 transactions per second. Binance Smart Chain can do 100, and Polkadot even 1000 transactions per second. But the most efficient blockchain we found is GoChain, which can process up to 1,300 transactions each second.
From the user’s point of view, the average transaction fee is one of the most important factors of any given blockchain. Unfortunately, traditional blockchains such as Bitcoin or Ethereum have very high transaction fees, as the average cost of a single transaction can amount to $15 or even more.
More advanced blockchains are able to process transactions with the same level of security, but for a much lower cost. When it comes to transaction fees, GoChain and Binance Smart Chain are the best solutions on the market, both able to send cryptocurrency transactions with fees as low as $0.01 per transaction.
Finally, transaction speed is the third most important technological factor of any blockchain network.
With blockchains such as Ethereum or Cardano, transactions can take from 5 to 10 minutes or even more to proceed. Binance Smart Chain fares much better, with an average transaction speed of 75 seconds. But the fastest blockchain we were able to find is GoChain, which is able to process a transaction in under 5 seconds on average.
All things considered, GoChain is the perfect combination of high capacity, low transaction cost, and fast speed. It’s one of the most advanced blockchains on the market, and that’s why iDispute is happy to announce that we have picked it to be our blockchain of choice.
Thank you for choosing iDispute!
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