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I created a single node using geth --dev and tried transacting between two personal accounts using: eth.sendTransaction({from: 'first_acc', to: 'second_acc', value:web3.toWei(1, "ether")})

This however takes a long time. How can I reduce the time required for the transaction?

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Currently the average blocktime is ~ 14 s where a significant portion is just ~ 1 s. See my empirical asssesment here: https://github.com/rolandkofler/blocktime blocktime dist

If you run your private net you can change the blocktime or difficulty algorithm, but if you have only two nodes it should be rather fast anyway so I wonder if your setup has problems.
If you run on the public net then probably the best is to spend more transaction fees so that your transactions will be mined with higher priority. With Casper, the Proof-of-Stake Algorithm, block times are expected to halve again and be around ~ 7 s

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  • If I run only one private testnet node what (geth) parameters I should look to cut down block time?
    – Mikko Ohtamaa
    Commented Sep 1, 2016 at 11:33
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    see this answer: ethereum.stackexchange.com/questions/1911/…
    – Roland Kofler
    Commented Sep 1, 2016 at 11:43
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    OP is running geth --dev and it is optimised for dev env. I am not sure what the real problem is.
    – niksmac
    Commented Sep 2, 2016 at 12:39

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