Articles

Litecoin or Dash – Which Makes a Faster Payment?

December 22, 2019


Blockchain-based tokens can be used for many
an application as we’ve seen. But when it comes to the basic act of making
a payment, how do they fare? Today I’ll be showing you a real life commercial transaction comparing the speeds of two coins — Litecoin and Dash. Now as you may know about Litecoin, it has some pretty impressive things to recommend it. For instance, it’s been running for approximately eight years non-stop. The only other top coin that can say that is Bitcoin. It also hasn’t had contentious hard forks,
right? There isn’t Litecoin Lite or Classic or Cash. Its blocks aren’t full. Its fees are predictable. And it’s shown itself to be pretty nimble by being first to adopt soft fork code updates
that were written specifically for Bitcoin. And in fact, there are major overlaps between
Litecoin and Dash. For example, Dash was originally a fork of
Litecoin’s codebase, and so they share two and a half minute block
times. So, let’s put the two coins against each
other and make a real purchase from Bitrefill.com. We’ll start by selecting gift cards. And we’ve decided to buy a Walmart gift
card today. We change the purchase amount to 10 dollars. Fill in an email address. And now Bitrefill wants to know what coin we’d like to pay with. The phone on the left will pay with Litecoin, and the phone on the right will pay with Dash. Both phones have now generated an invoice, one in Litecoin and one in Dash. So we’ll tell each phone we’d like to
open the invoice in our phone’s wallet. We give the phone permission to move from
the web browser to the wallet. And here are our wallets. Each have been pre-populated with the payment
address and amount, which is a convenient feature. We click send and the next page asks for a
confirmation. On the Litecoin phone, we see that the Coinomi
wallet is giving us the option to set a Low, Normal, or High transaction
fee. So we’ll choose High. And we confirm the payments and start the
timer. We back out of our wallets to return to the
BItrefill invoice on the web. And at eight seconds you can see we already
have a big difference. The invoice paid with Litecoin says it’s
been detected. But the invoice paid in Dash says that the
card delivery is already in progress. At ten seconds the card bought with Dash has
been delivered. So, let’s wait for the Litecoin payment
to clear. We’ll speed it up. And at two minutes forty-one seconds the card
gets delivered. How was that possible? you might be wondering. Aren’t both Litecoin and Dash fast, Proof-of-Work cryptocurrencies after all? The answer lies in quorum technology. Which was pioneered by Dash and hasn’t actually
been adopted by that many coins. And in case you’re wondering, hey, is quorum technology what’s used by
some of the coins I’ve heard of where all of the infrastructure is run by
a single, centralized company? No. It’s not like that at all actually. In fact, to learn more about how quorum technology
can bring instant confirmations to decentralized coins check out the blog post in the description below. And that’s all I’ve got for you today. I invite you to leave a comment below, letting
us know your thoughts about this video. And I’ll see you next time.

You Might Also Like

No Comments

Leave a Reply