by Marvin Dumont
This week, Bits and Tokens (a media firm) successfully tested Apollo’s (APL) 2-second transaction speed on live stream. (Watch video.)
Apollo all-in-one privacy currency is one of the fastest cryptocurrencies on Earth. This year we’ll make APL even faster with more breakthroughs. (Stay tuned for more announcements.)
In many use-cases, speed is a necessity. According to Faster Payments Task Force, 12% of all U.S. payments (equivalent to 29 billion transactions) could benefit from faster authorization.
Here are 4 benefits of fast settlement times.
- People’s expectations are higher.
Digital users want immediate gratification. Businesses need to update their infrastructure to keep up with hyper-fast Web 3.0 economy. If you’re slower, your brand could suffer.
2. Speed helps you scale.
Cryptos are disrupting traditional wire transfers which can take hours, days, or even weeks to clear. While digital funds offer frictionless and faster cross-border solutions.
Venezuelans, Turks, Argentinians, Koreans (and everyone else who depend on non-fiat mediums of exchange) want real-time payments, both from a consumer and merchant standpoint.
3. Real-time settlements simplify things.
Near-instant payments simplify business. Consumers and merchants won’t have to track (as much) payables and receivables, as well as, pending transactions. It also helps businesses operate 24/7 knowing they’ll get paid immediately as products ship out or as services are rendered.
4. It mitigates risk and lowers cost.
When you get paid instantly, you won’t have to worry about bad debts. Payment finality eliminates the risk that your friend or client won’t pay as promised. Moreover, you won’t have to deal with costly product returns or collection efforts.
In December, Apollo Foundation released Hermes 1.0 update (Step Two) which incorporates two-second block speed. APL is faster than Ripple (XRP) whose settlement time is four seconds.
The team launched its latest breakthrough: Adaptive Forging. It’s groundbreaking innovation that removes wasteful, non-stop block creation. With Adaptive Forging blocks are created and forged only when a transaction takes place. It greatly simplifies the blockchain, and it enables fast actions as well as eliminates bloat issues.
Learn more about Apollo’s groundbreaking technologies: