Since the development of Bitcoin hundreds of new Crypto Currencies have been developed bringing something more innovative as each one is developed. One of the most important factors that has to be taken in account when creating a new crypto currency is the block times which new transactions can be processed at by miners . Once these blocks are added to the chain they cannot be removed or changed by any of the network.
What is a block ?
In simple terms a block is a record of one or more recent transactions that has been passed through a miner. Usually these contains an answer to a very difficult mathematical puzzle which is what gives the uniqueness of each block. New blocks cannot be passed onto the network without the mathematical puzzle being completed with a correct answer this is where the process of mining is essential in order to complete a mathematical puzzle as fast as possible in order for it to be submitted onto the network. Therefore, having a fast block time is essential in order for the block-chain to be passed onto the next transaction and mathematical puzzle. The faster something is the faster it will get the job done, in a business environment time is a very precious "currency" and you don't want to spend 10 minutes or more for a Bitcoin block to be processed onto the network.
Steemit Sets Block Time Record
Steemit has left all of the crypto currencies out there behind when it comes to block times. It's like Steemit is a McLaren that can hit 0-60 in 1-3 seconds whereas Bitcoin is a kids bike. Moreover, Steemit can scale much faster and larger than any other crypto currencies out there, their flexibility is much larger. Once Steemit gets Mass Adoption they will be easy to scale and be flexible regardless of the amount of transactions and people that are using the platform.
Crypto Currencies by block times
Bitcoin - 10 Minutes block times
Litecoin - 2.5 minutes block times
Ethereum -15 Seconds block times
Ripple - 3-5 Seconds ledger closes
Steem - 1-3 Seconds block times - This can also scale and speed up as more people use the platform ( Essential for a successful platform )
Steemit sets a new record for the lowest block times in crypto currency history. Nothing like this has been developed before and could be called "Crypto 3.0" Due to it's high flexibility and innovation that the Steemit platform provides for every day users.