Daily Transaction Volume on Blockchain
Blockchain networks process millions of transactions daily. For example, Bitcoin handles about 300,000 transactions per day, while Ethereum processes over a million daily. Layer-2 networks like Base record hundreds of thousands of transactions per day. These numbers demonstrate blockchain's ability to handle large transfer volumes. At Qist, we use Base to ensure speed and efficiency in accordance with Islamic finance principles.
Why We Use Base Over Other Networks
Base is an Ethereum Layer-2 network offering low fees and high speed. Base transactions often reach around 1.2 million per day. This suits Qist as we aim for high efficiency without excessive costs. By using Base, we ensure fast and transparent transactions, avoiding gharar and riba.
Compliance with Islamic Finance Principles
In Islamic finance, transactions must be free of riba, gharar, and maysir. Using blockchain ensures transparency and immutability. At Qist, each transaction represents a real sale of an asset owned by the seller, with payment in USDC. There are no interest or hidden fees, and surplus is returned to the buyer.
Impact of Volume on Trust and Adoption
Higher transaction volumes increase trust in the network's reliability. Networks like Bitcoin and Ethereum have proven stable despite large volumes. Qist relies on these trusted networks to secure user funds. With Layer-2 improvements, we can serve millions of Muslims worldwide.
How Qist Implements This
Qist is an open-source contract verified on BaseScan, using USDC as payment. When a user wants to buy an asset, they send USDC to the contract and receive the asset. The seller owns the asset until the sale. A 3-day grace period applies, with surplus returned. Each transaction is recorded on-chain and transparent, with a 2% fee. This way, we leverage Base's high transaction capacity to serve millions.
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Informational content only, not financial advice.