Trial of 'Lightning Fast' Protocol That Can Handle 60,000 Transactions Per Second Has Begun

A blockchain-based digital asset exchange network has launched a "Lightning fast" protocol which is capable of processing more than 60,000 transactions per second.

MetaHash says its protocol, known as #TraceChain, takes no longer than three seconds to approve each transaction.

MetaHash's team told Cointelegraph: "Contrary to comparable networks, #MetaHash is expertly designed to process record volumes of transactions with relatively inexpensive hardware, resulting in some of the industry's lowest per transaction commission rates."

Overall, the company says its network will be capable of quickly processing in excess of five billion transactions on a daily basis.

Fast transactions#MetaHash has revealed how its blockchain system compares with major players in the marketplace - including Bitcoin, Ethereum and EOS.The company says it can approve transactions in under three seconds - and has the capacity to fulfill anywhere between 60,000 and millions of transactions per second.

By contrast, it takes 10 minutes for a transaction to be given the green light through Bitcoin, and at best, only 12 transactions per second can be processed.

Ethereum offers a slight improvement - with a transaction approval time of five seconds and the ability to handle 30 transactions per second.

Where transactions are approved in five seconds.

Although this system can process anywhere between 1,000 and millions of transactions a second, its level of decentralization is described as minimal, whereas #MetaHash's is high.

"The flagship of blockchain"#MetaHash has described the speed of its decentralized network as "Unprecedented," with transaction costs that are lower than any other regular blockchain.