Transactions Per Second

What is the number of transactions per second?

Transactions per second are not a very good measure of scalability due to several factors (internet latency, capabilities of different nodes, etc).

But an example of 1000 transactions in a single block (~7 seconds) is given here:

Transaction rates of up to 3500/block (500 TPS) have been demonstrated on mainnet. The actual transaction rate depends on in cycle verifier specs, which is expected to improve over time.

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why was 7 second block choosen?