During the bull run of 2017, a lot of traders have shared notes regarding which crypto is the fastest one when sending funds across exchanges.
The global trading volume grew, and a lot of traders were disappointed to find out that Bitcoin (BTC) and Ethereum, (ETH) networks were getting congested all the time which meant that the crypto transfers were delayed.
There had to be a solution, and some traders had discovered that Litecoin (LTC) was pretty fast and they started using it in order to transfer funds across exchanges.
But more coins were tested and turned out to be even faster.
Using XRP to transfer funds across exchanges
Time passed, and traders discovered that XRP is an even faster option than LTC when you’re moving funds across exchanges.
NANO is ranked number 1 on Binance transfers
Bitcoin Kit tested the exchange’s deposit speed just recently, and NANO managed to surpass XRP.
It was labeled as the fastest digital asset when it comes to transferring funds to Binance. Stellar (XLM) was the second, and XRP occupies only the fifth position.
Binance is a NANO network representative
Experts and crypto enthusiasts have been investigating the reasons for which NANO scored that well and performs so great in terms of speed.
Ethereumworldnews found out that Binance is, in fact, a representative on the NANO network.
If we also take into consideration that NANO is fast indeed (it requires less than 5 seconds to finish a transaction), it’s pretty understandable that it tops the list.
A representative on the NANO network is an account which casts votes in the case of a fork in the network.
More than that, “A good representative is a node that has high uptime (so it can vote frequently) and a locally stored wallet containing accounts that other users can delegate to. Maximizing the number and diversity of representatives increases network resiliency.”