Techpay Wins World's Fastest Blockchain Award

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Blockchain 3.0 is an innovation and technological improvement that is here to fix various problems, including issues of scalability, interoperability, security and data confidentiality.

In the 1.0 blockchain used by Bitcoin, speed and interoperability are still a problem.

Mining Bitcoin also requires enormous energy and Bitcoin can only do 3 to 7 transactions every second (TPS), while Visa Transaction speed is around 2,000 TPS.

To beat the limitations on the 1.0 network, version 2.0 was born with Ethereum as the pioneer, which is now in the process of shifting its consensus to proof-of-stake (PoS). Ethereum completed around 15 TPS, double what Bitcoin completed.

However, it is still less fast than Visa. Therefore, in order for the network to turn into a serious competitor to standard payments, blockchain 3.0 is planned to conquer the most significant problem ever, namely scalability.

As the latest version, blockchain 3.0 develops and enhances the creative capacities of its predecessors.

World's Fastest Blockchain

A layer-1 blockchain called TechPay Coin (TPC) has taken the lead with the “Blockchain 3.0 Movement,” using the Directed Cyclic Graph (DAG) as its data structure to work with unidirectional data movement, reducing block intervals.

TechPay offers transactions to be completed in sub-seconds at speeds of over 300,000 TPS, or several times faster than Visa and Ethereum.

TechPay also recorded the fastest digital transaction ever with a speed of 471 milliseconds (ms).

Leveraging pBFT and DAG Consensus, TechPay can handle transactions without compromising network security, while charging the lowest gas fees equivalent to a few US cents.

To encourage that utility, TechPay plans to soon launch a Payment Gateway System, which will allow citizens to accept payments in digital currency.

In addition, the TechPay network also has a mission to solve the trilemma in the blockchain sector, by supporting each of the three beneficial qualities, namely scalability, decentralization and security that most other layer-1 networks ignore.

After achieving impressive throughput rates with TechPay Chain, the TechPay Coin team has received an award at Crypto Expo Asia, 2022, as “The Fastest Blockchain in the World.”

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