News That Matters

Tag: transactions

CryptoKitties craze slows down transactions on Ethereum

CryptoKitties craze slows down transactions on Ethereum

Technology
A new craze for virtual kittens is slowing down trade in one of the largest crypto-currencies. CryptoKitties lets players buy and breed "crypto-pets" on Ethereum's underlying blockchain network. The game's developers told the Bloomberg news agency that CryptoKitties was a "key step" to making blockchains more accessible. But its popularity has underscored one of the technology's biggest downsides: its lack of scalability. Etherscan has reported a sixfold increase in pending transactions on Ethereum since the game's release, by the Axiom Zen innovation studio, on 28 November. "CryptoKitties has become so popular that it's taking up a significant amount of available space for transactions on the Ethereum platform," said Garrick Hileman, from the Cambridge Centre for Alternative Finance."So...
UPI clocks 105 million transactions in November, the highest ever

UPI clocks 105 million transactions in November, the highest ever

Finance
BENGALURU: The Unified Payments Interface, the smartphonebased bank-to-bank instant payment system, continued to post steady growth, buoyed by increased adoption by consumers and the entry of major technology giants onto the platform. In November, it clocked 105 million transactions, a 38% jump from the previous month, showed data from the National Payments Corporation of India (NPCI) that runs the UPI platform. The number of transactions was the highest ever for a month on the platform. The value of transactions rose about 37% to Rs 9,679 crore in the past month from Rs 7,057 crore in October. While there are 61 banks live on the UPI, a major chunk of transactions is coming from smartphone-based payment applications built by technology companies. Tez, the payment application from Goog...