Qitmeer Network’s Way to Speed: The Performance Potential of the MeerDAG Protocol
Transactions per second (TPS) has become a primary metric widely discussed across all blockchain projects. For many, it is a crucial indicator to measure the success of the first-layer protocol.
This article will outline the definition and calculation methods of TPS, revealing the issues and often inaccuracies in using it as a standard for measuring blockchain speed.
When introducing why Qitmeer Network is referred to as one of the fastest public blockchains, we will comprehensively elaborate on its outstanding performance and innovations.
What is a Transaction Process System (TPS)?
The definition of TPS originates from database systems, measuring the number of transactions an information system processes per second, playing a crucial role in broader applications.
In blockchain protocols, the TPS is calculated like this:
TPS = Number of transactions per block / Block time in seconds
The number of transactions per block can be estimated using the following calculation:
The number of transactions per block = block size (bytes) / average tx byte size
It’s important to note that there are differences in how projects define transactions; some projects consider information transfer as a form of transaction.
Typically, TPS involves dealing with averages, and in actual scenarios, some transactions may require shorter processing times and different transaction byte sizes.
For example, smart contract transactions require longer processing times and larger transaction bytes compared to regular transfer transactions.
Qitmeer Network Performance
Qitmeer Network achieves high throughput through its innovative MeerDAG consensus protocol. This protocol cleverly combines elements of the SPECTRE and GHOSTDAG protocols, resulting in a distinctive BlockDAG consensus solution.
Unlike most other blockchain systems that rely on probabilistic transaction finality, Qitmeer Network adopts the innovative MeerDAG consensus protocol, that can quickly confirm transaction status and has higher probabilistic finality.
Unlike traditional chain-based and sharded blockchain structures, MeerDAG data structure of DAG-based ledger, supporting collaborative accounting among nodes.
When initiating a transaction, there is no need to wait for previous transactions on the blockchain. The process involves local verification, network-wide broadcast, and other local verification steps, decentralizing the transaction confirmation process.
Each node functions like a puzzle piece, combining its confirmed transactions with those of others to achieve the fastest transaction confirmation speed and ensure network security.
In initial tests, Qitmeer Network demonstrated remarkable performance distinct from traditional chain-based or layered ledgers.
Assuming a main chain block size of 1MB, with each mainnet transaction occupying 150 bytes:
The normal transaction capacity per block = 1024 * 1024 / 150 = 6990.5
Mainnet block speed reaches 12s/block, with maximum concurrency test value (k) of 7–8:
Qitmeer mainnet TPS = 6990.5 / 12 * 7 = 4077.8
However, this is just the beginning; the MeerDAG protocol is still undergoing continuous optimization, aiming to achieve even more remarkable performance improvements.
TTF differs from TPS
Most blockchain systems offer probabilistic finality in transactions, meaning transactions are not immediately confirmed but require the addition of a certain number of additional blocks to the chain for final confirmation.
In Bitcoin, it typically takes 6 confirmations for final confirmation, while in Ethereum, it requires 20–25 confirmations or additional blocks. As blocks are continuously approved and added, the likelihood of prior transactions being valid and irreversible increases.
Therefore, Time to finality (TTF) is recognized as a more precise speed metric than TPS.
TTF measures the time from transaction submission to confirmation, ensuring irreversibility. Unlike TPS, which only provides information on the time needed for transactions or processes before final confirmation, TTF can accurately indicate the required waiting time.
Qitmeer Network stands out for its swift and irrevocable transaction finality, ensuring that once a block is written to the chain, it is considered final and irreversible.
In Qitmeer Network, a transaction requires only one confirmation, thanks to the MeerDAG consensus protocol. This protocol enables asynchronous accounting, with confirmation from 51% or more nodes. Once the majority of nodes validate a transaction, it becomes the “root” for all subsequent transactions.
The need for speed
In the field of micropayment, probabilistic finality agreements indeed serve a purpose. However, with the advancement of blockchain technology, projects across the industry are exploring ways to enhance transaction speed.
Some alternative solutions sacrifice a degree of security for faster speeds, potentially posing security risks in the development of public blockchains.
In this diverse landscape, Qitmeer Network stands out with its future-oriented blockchain scaling strategy.
Specifically designed for everyday applications and high-throughput, low-latency systems, it provides innovative solutions for financial services and IoT systems, meeting the demands for speed, efficiency, and security.
Additionally, with the continuous optimization of the MeerDAG protocol, Qitmeer Network performance is poised for a significant leap, opening up broader prospects in the blockchain industry.
