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21 January 2021

Testnet of Facebook's Much Vaunted Stablecoin Only Executes 6 Transactions per Second | Fintech Bitcoin News

Testnet of Facebook's Much Vaunted Stablecoin Only Executes 6 Transactions per Second | Fintech Bitcoin News


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The Facebook fronted stablecoin, Diem (formerly Libra)’s dismal testnet results undercut the assertion that the digital currency is a threat to global financial stability.

This is the conclusion that can be deduced from a Diem blockchain explorer update which shows the network only processes an average of six transactions per second (tps), with the highest reported figure of 24 tps.

Yet based on these testnet results, Diem compares poorly against the payments giant, Visa which can execute “1,700 transactions each second.” Visa’s transaction throughput, which is 70x more than Diem’s highest reported tps, exposes the baseless fearmongering that followed Libra’s announcement.

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