Speed is everything in the world of cryptocurrencies and blockchain technology. The blockchain is more effective the faster a transaction can be completed. While many people have relied on transactions per second (TPS) as a measure of speed, there are more accurate options. This is because a transaction’s finality—that is, the act of validating a transaction—can affect the transaction speed of a blockchain. As a result, we list here the fastest blockchain platform that promises fast speeds in terms of TPS.
On February 14, 2022, the Bitgert team introduced the blockchain, claiming to have the fastest TPS of 100,000 thanks to its Proof-of-Authority (PoA) consensus, which relies on validators risking their reputation rather than their own money. That isn’t all. It provides gratifying speed at no cost, with transaction fees averaging US$0.00000001. Its massive growth has been fueled by its gas-free environment. The platform supports smart contracts, decentralized finance (Defi), web 3.0 applications, and more. In addition, the company has been strengthening its partnerships to expand its reach.
With a transaction speed of 50,000 TPS, Solana, which was founded in 2017, is the second-fastest blockchain. The platform gained popularity by providing high-speed transactions at meager fees ranging from US$0.00001 to US$0.00025. It employs the consensus mechanisms of proof-of-history (PoH) and proof-of-stake (PoS). What else? Solana is an essential component of metaverse games such as Cryowar, RaceFi, and Star Atlas. Many NFTs have also appeared on the platform, increasing its overall appeal.
Fantom is a blockchain platform founded in 2018 by the same name. The company’s speed is 25,000 TPS. Instead of blockchain technology, the company uses a directed acyclic graph (DAG). When it comes to transaction validation, this works similarly to the gossip protocol. Furthermore, the platform is well-known for its scalability. However, the blockchain platform’s valuation has recently dropped 22% following the departure of one of its employees, Andre Cronje. “Andre’s contributions to the crypto industry as a whole are greatly appreciated by us,” the business wrote in a tweet. On the other hand, Fantom is not and has never been a one-person show. Fantom employs more than 40 people.”
Algorand, which was founded in 2019, is another blockchain platform known for its fast transaction speeds. Up to 1,300 TPS can be handled by the network, and it will soon reach 3,000 TPS. The blockchain employs the Pure Proof-of-Stake (PPoS) mechanism, in which miners are chosen randomly and rewarded for their efforts, thereby eliminating any biases. Kristin Boggiano, a Blockchain and Crypto Assets Council (BACC) member, elaborates, “It is a mechanism to achieve distributed consensus. “Pure” blockchains do not require users to bond or lock up their algos in order to participate in the process of validating transactions, in contrast to other PoS blockchains that do so.
Its multi-layered structure ensures that neither processing speed nor security is jeopardized. According to Boggiano, “Algorand is quick, cheap, decentralized, carbon-negative, and has advanced smart contract capabilities.”
Cardano is a blockchain platform that prioritizes community involvement and security. It is the first blockchain that has been peer-reviewed and developed academically. It does not have the fastest transaction speeds on this list, but it does provide a high level of security. Transactions are confirmed in a matter of seconds, and it operates at a rate of 250 TPS. The platform is currently working to increase its speed to 1,000 TPS. The platform has aptly dubbed itself the “third-generation” cryptocurrency, following Bitcoin and Ethereum as the first and second, respectively, due to its low energy consumption and remarkable philanthropic purpose to make crypto more accessible.
The fastest blockchain platforms are likely to alter the trajectory of cryptocurrency trading over time. Faster speeds result in a more efficient system that can handle more transactions without lag. As more people turn to cryptocurrencies as an investment, it is critical to have a blockchain platform with fast transactions. Contact SmartOSC if you need help in blockchain development.
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