How fast are transactions processed on the network?
The speed of transactions on the Hedera network depends on the type of transaction being processed.
For example, payments and transfers are typically processed in seconds, while smart contracts can take up to a few minutes. The speed of transactions is also affected by the number of nodes that are processing them. Hedera has a network of over 40 nodes located around the world, which helps to ensure that transactions are processed quickly and securely.
Additionally, Hedera uses a consensus algorithm called “Gossip Protocol” which allows for faster transaction processing times than traditional blockchain networks. Finally, Hedera also offers an optional “fast-track” feature which allows users to pay an additional fee in order to prioritize their transactions and have them processed more quickly. This feature is especially useful for applications that require near-instantaneous transaction processing times.
