Steem Beats Blockchain World Record: 646,711 Transactions In One Day

demotruk (69) in steem • 7 years ago (edited)

On Tuesday 20th of June, Steem beat the world record for number of confirmed transactions in a 24 hour period.

Credit to @stephenkendal

As far as I can determine, the previous record was just above 600k transactions, and it was held by our sister network BitShares.

In comparison, Bitcoin has never broken 400,000 transactions in one day.

Ethereum managed to beat Bitcoin recently, but it's record is lower still.

Can anyone find another blockchain being used in production making more transactions in a day?

Edit: On further information, it seems the record we broke was Operations Per Day. Transactions per day is a fair bit lower on BitShares than the graph suggests.

steem worldrecord transactions chart cryptocurrency

7 years ago by demotruk (69)

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ernstjan (52) · 7 years ago

for the last week it only continues to grow. Awesome!! thnx to all of you out there!

steemcollator (56) · 7 years ago

Steem blockchain continue to clib against all odds reteem

lindo (48) · 7 years ago (edited)

Great news thank you for stats resteem

melkay (54) · 7 years ago

That is fantastic. On our way to being up their with FB and the boys for sure. :D

arjane (59) · 7 years ago

Woow thats good news

smappy (46) · 7 years ago

Are this only transaction with Steemcoin in it or what is included in this?

demotruk (69) · 7 years ago (edited)

This is every kind of transaction on the Steem blockchain.

You can see a pie chart with distribution of transaction types on this page

The comparison is not exactly like for like across all blockchains. It means something different on every network. But only Bitcoin and the straight clones are limited to 'transfer' type transactions.

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hms818 (61) · 7 years ago

Steem blockchain is creating history by handling such a huge volume of transactions....

flatearth (60) · 7 years ago

Hurray for us :) STEEM NATION CELERATION !! :)

mkdmrs (46) · 7 years ago

At some point youd think the big media companies will be buying steem power to get eyes on their content. So many ways Steemit can grow.

shanzaylizay (51) · 7 years ago

thanks for this amzing post and the stats you always help of all steemian thanks again , upvoted

melowd (3) · 7 years ago

What? Steemit is off the hook. Thanks for sharing.

carry0n (55) · 7 years ago

That's awesome news! Thanks for brightening our day, upvoted!

citizenpresscorp (53) · 7 years ago

Good news everyone... upvoted followed and resteemed!

gaitan (55) · 7 years ago

And it handles transactions like boss, really fast

charles1 (68) · 7 years ago

A good news that reflects my recent post today on how steemit will rule social media, check it out..wow, thanks for sharing

jubilee (46) · 7 years ago

Another record breaking day on the blockchain, I'm sure it won't be the last :)

stackin (78) · 7 years ago

You know what that means @demotruk... huge opportunity and success of steemit 🙌🏼🙌🏼🙌🏼

fuzzyvest (62) · 7 years ago

please rsvp on beyond bitcoin hangouts sometime ;)

mykos (65) · 7 years ago

Steem is going all the way to the top. Will be number 2 in value next to bitcoins.

rastalikelove (42) · 7 years ago

Great news bro goodjob

lightproject (64) · 7 years ago

sorry to spoil the upbeat , but there are still questions to answer https://steemit.com/steem/@lightproject/did-last-hf-just-prove-steemit-is-regulated-not-decentralized

demotruk (69) · 7 years ago (edited)

The devs only write code. It was only with the consensus of the network (via witness who are elected by stakeholders) that the change went through. The same consensus mechanism blocked HF17, proving that devs can only propose changes, not force them upon the network.

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lightproject (64) · 7 years ago

Is steemit then a Pseudo-Oligarchy Model?

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demotruk (69) · 7 years ago (edited)

It is a stakeholder governance system where block producers are representatives elected by stake-weighted voting while fiscal policy is decided directly by continuous stakeholder vote.

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lightproject (64) · 7 years ago

Do we have any info/chart/statistics about wealth distribution? For instance, would be interesting to know how many hands hold 80% of steem wealth, and how interconnected those "stakeholders" are. Thanks for your time!

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demotruk (69) · 7 years ago

Yes, steemwhales.com is useful for that. There was also a series of posts on stake distribution trends but I haven't seen one recently.

https://steemit.com/steemit/@liberosist/steem-power-distribution-trends-steemit-is-becoming-more-democratic-diverse-and-equal-a-detailed-analysis

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sversus (42) · 7 years ago

Congrats!

funkit (60) · 7 years ago

The good news is that it should be able to handle over 3000 tx per second. Bitshares, the older brother has been tested to such an amount.

paulag (73) · 7 years ago

fab news. the only way is up

stokjockey (70) · 7 years ago

So Many People are just discovering STEEMIT and there is a waiting line to become a member. That bodes well for the Future of this Social Community.

ozmaga (50) · 7 years ago

Yes, it will be interesting to watch this puppy take off.

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exyle (79) · 7 years ago

These numbers are amazing! Thanks for sharing.

maneco64 (74) · 7 years ago

@demotruk Thanks for the update.

guyverckw (70) · 7 years ago (edited)

wow, I am so pride of myself to be part of this record!
Next step will be taking over other social medias like Facebook, Twitter, Instagram, LinkedIn, etc.
Is this a result of HF19? Probably related, but not 100% due to it.
Fellow Steemians, please kind on posting posting posting, enrich Steemit with your content, please!

altcointrends (46) · 7 years ago

I suspect that HF19 has a lot to do with it. When people start to see their voting strength increase, it's good motivation to create more content.

demotruk (69) · 7 years ago

Rather coincidental that it was on the same day...

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lqss64 (58) · 7 years ago

Steemit is growing, more and more people joining and that's an excellent thing

brck (26) · 7 years ago

Thanks for the insight. Haven't heard of any higher tx/day to date, but it's surely a key metric to watch.

davidgideon (37) · 7 years ago

Yoo!!. this is good work, thanks for the update

dune69 (64) · 7 years ago

well done steemit and steemians

lovleacloud (42) · 7 years ago

Steem is going to the moon this is possibly the greatest thing to happen to the Internet. Steem is changing lives daily opening up endless opportunity for people. I thank everyone in the community support the movement that I'm also lucky to be involved. Steem all the way; nice post 🙏🙏

demotruk (69) · 7 years ago

Did you do an introduceyourself post? Link me here when you do.

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lovleacloud (42) · 7 years ago

No I haven't made 1 now that you mention it, I'm going to create one over the next day or two to post. I'll give you the heads up and hit you when I do. Thanks for the advice brother 🙏🙏

paulocouto (52) · 7 years ago (edited)

Upvoted, Resteemed and twitted!!!

https://twitter.com/substance596/status/877847756701749251

fun-along-theway (54) · 7 years ago

WoW .. that really FEELS 'big' .. ?? - ))
.. that feeling that you're looking right at something ...
... yet i can't put my FingeR "IN" IT - ))
.. ha ha )))

ExplosivE GROWTH AHeaD !!! - ))
.. it's just getting stARTed !! - ))

nice post ! - )
.. exciting news - ))

LOVELOVELOVE )))
greb'Z )

demotruk (69) · 7 years ago (edited)

It feels big because it is big. All those other blockchains are either not doing or failing to handle transaction loads of this level.

If we measure transfers only, we still have a long way to go. We're approaching 5000 per day now, compared to Bitcoin's >300,000 per day. Even that comparison is messy because in Bitcoin there is a need to consolidate transaction outputs, move between separate wallets etc. which is not necessary in Steem. Even by transfers only, it's likely we will pass billion dollar networks like Litecoin fairly soon.

On transfers alone, we are already on par with Dash - all transactions. That's a billion dollar blockchain, and they have many more than just transfer transactions as well.

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fun-along-theway (54) · 7 years ago (edited)

SO as the user interface here .. diversify's .. and the block chain disappears
... the SHINNY-NESS ... of this place .. thROUGH the "E-YES" of the WORLD !!! - )))
IT will ONLY take one "FUN" and unEXPECTED monetization model ...
... targeting 12-18 year olds .... D'ONE !!!!! - ))
MaN-O-MaN !!! - ))
.. am i off ... ???
.. or did i just get excited writing that .. by fluke ?? !!!! - ))
WOW !! - ))
i started this thing last night ... any advice ?? - ))
https://steemit.com/introduceyourself/@fun-along-theway/following-you-the-following-fun-nel
.. input is welcomed ?? - ))

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gmaktub (57) · 7 years ago

I am new to the world of steem, and the truth is not much about coins but these post are really good, help you to understand more about this world, greetings

bibek (54) · 7 years ago (edited)

Great news ...buy & store the steem ..one day you will be millionaire

rudystyle (58) · 7 years ago

Wow amazing and it's more amazing that I heard of Steemit only this month :). This is a sleeping giant

organiccacao (51) · 7 years ago

I am honored to be here and participating. Bless!

wekkel (51) · 7 years ago

Can you say: exponential?

Exponential

pawnuts (52) · 7 years ago

Bitshares still holds the record. 680,000 transactions in one day set in May. https://steemit.com/bitshares/@steempower/bitshares-state-of-the-network-23rd-may-2017

demotruk (69) · 7 years ago (edited)

Hmm, both using the same charting site. Do you know why the chart now only shows a little above 600k as the peak? I selected to include all transaction types.

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pawnuts (52) · 7 years ago

I don't, I can't look at the site right now but cryptofresh is known to be very buggy.

demotruk (69) · 7 years ago (edited)

It seems we might not be measuring the right thing with the Cryptofresh chart anyway.

https://steemit.com/blockchain/@roadscape/tps-report-2-the-flippening

It means a problem with my post one way or another. Either we still haven't beaten the record or the record had already been beaten.

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mericanhomestead (65) · 7 years ago

This is the kind of news you want to hear about! GREAT! It's catching on! You think this is big now? Wait until we get a platform like SteemQ to go live. BOOM!

oliver.rivers (45) · 7 years ago

@demotruk, does every upvote count as a transaction as well? One question I have though is what does this tell me about steemit other than that it can handle a lot of transactions? Thanks

demotruk (69) · 7 years ago

Yes, every vote is a transaction. You can see a pie chart of the different transaction types and their frequency here

Aside from proof that the network is smoothly handling load of a level that others have difficulty with, it also shows that Steem is the blockchain with the most user activity (where bot actions are included as user actions, they are by proxy anyway).

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oliver.rivers (45) · 7 years ago

The more I am looking into this, the more I understand the importance of it. Looking into EOS right now. Very interesting concept.

oliver.rivers (45) · 7 years ago

@demotruk, makes sense. What would interest me even more are there any official numbers on traffic? That would be very interesting for me.

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demotruk (69) · 7 years ago

@gavvet has written many posts on it. There's also https://www.alexa.com/siteinfo/Steemit.com

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oliver.rivers (45) · 7 years ago

@demotruk exactly what I was looking for, thanks for sharing. Alexa is very missleading...

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demotruk (69) · 7 years ago (edited)

Alexa has errors because of their sampling methods, but it gets more accurate with larger numbers (larger population areas, larger websites). It can be good enough in many cases.

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oliver.rivers (45) · 7 years ago

@demotruk, agree... usually a website with a tech savvy user base ranks quite good on alexa even with low traffic. Thats why I was interested in some real data.

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stuffy (50) · 7 years ago

Viva la Steem

available (45) · 7 years ago

This has to do with the HF19 new found wealth and smart guys buying steem for long term and this has really pushed the price of steem down but I'm certain those who sold out will be regretting in a week when steem is at $5

amanjain2k (56) · 7 years ago

Is this for real its becoming reality enjoy a new sucess

correctdrop (8) · 7 years ago

This is very nice indeed!!

astral (57) · 7 years ago

And this is only the beginning!

coinlend (55) · 7 years ago

Soon it will overtake facebook :D

jondahl (61) · 7 years ago

Good post...

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shenkawys (45) · 7 years ago

Thanks

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enomujjass (64) · 7 years ago

thank you for sharing

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cryptobeze (34) · 7 years ago

awesome

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boyelleq (55) · 7 years ago

Nice post.....
Thanks ...
Succes for you....

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jondahl (61) · 7 years ago

Good information...

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lcerm (48) · 7 years ago

This is awesome! Thank you.

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panknil (52) · 7 years ago

Thank you very much for such a wonderful post. you are really doing well my friend. Keep up the good work.

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octomez (25) · 7 years ago

it's really good

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kamiaan (50) · 7 years ago

amazing!

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amri (70) · 7 years ago

How about next week, whether it will continue to rise or vice versa

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ramyar (45) · 7 years ago

Great post..
Great news...!!! good analysis..!
m happy m on steem it..:P
upvoted and followed..!
m new to steem it, do give a visit to my account if possible :)
have a nice day..!

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oksanasemenova (48) · 7 years ago

Thank you!) @demotruk

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fproductions (66) · 7 years ago

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elevator09 (71) · 7 years ago

a good post

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