How fast is a transaction using Electra Protocol?

Electra Protocol is the world’s fastest decentralized blockchain. Transactions are usually performed with 1-2 seconds, sometimes even faster. Further improvements are on the way to significantly improve the transaction speed, for example by releasing validator nodes (during 2022). The transaction time always depends on which wallet or service you use.

Fastest Transactions Using the XEP Desktop Wallet

When both parties involved in a XEP transaction use a XEP Desktop Wallet, the speed is near realtime. The reason is that XEP Desktop Wallets have access to a full blockchain copy, and as a result they are able to conduct transactions instantly.

Transactions Using the XEP Mobile Wallet

When one party involved in a XEP transaction is using a XEP Mobile Wallet, the transaction usually takes a few seconds. The reason for this is that the XEP Mobile Wallet is not having access to a local blockchain copy – it has to relay to a remote service.

Transactions Using an Exchange

When you use an exchange provider (such as MEXC Global, Bittrex Global, Hotbit, etc.) the transactions are usually carried out within 1 or 2 minutes. In rare situations the transaction time can even significantly exceed this time, ie. in case of systems maintenance or unexpected technical issues on the side of the exchange provider.

The reason is that exchanges to not perform transactions immediately when you execute them. This means that transaction are queued for processing and only when the backend of an exchange provider is ready to conduct a transaction, it will finally use the Electra Protocol blockchain for execution.

The speed of a transaction from an exchange to XEP Wallet transaction is entirely related to the processing speed of the respective exchange. Once a transaction is posted by the exchange to the Electra Protocol blockchain, it is executed in near realtime.

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XEP means near realtime payments! You can currently perform payments using any provided XEP Wallet. Later 3rd party solutions, such as provided by Evoblox, will enable payments in online shops, in physical stores, and elsewhere – without the user necessarily noticing that transactions are carried out over blockchain technology.