In the crypto and blockchain space, speed is everything that matters. Naturally, the quicker the transaction can be fulfilled, the more effective the blockchain is. While TPS (transaction per second) has always been the ready parameter for several to evaluate speed, it is not always reliable. That is because the transaction speed of blockchain can differ depending on the finality of the transaction, which implies to the process of validating in a transaction. In this article, we will talk about the fastest blockchains that exist this year.
For example, some blockchains may need at least six blocks to be formulated for a transaction that has to be validated. So, while the transaction per second of a blockchain could be high, and its finality process could be slow.
5 Fastest Blockchains To Consider This Year
Having said that, if all other factors stay constant across exchanges, the transaction per second plays a crucial role in evaluating the speed of a blockchain. Along with that, because of the ease of understanding of the concept, it has found its way into the regular dictionary of the crypto enthusiasts as a way of comparing the speed of the blockchain. With that, here are the fastest blockchains to consider for this year.
Released on February 14, this year, by the Bitgert team, the blockchain asserts to have the fastest blockchains of 100,000, allowed by its PoA (Proof-of-Authority) consensus where validators stake their own reputation instead of cryptos. That is not all. It offers the user the gratifying speed at almost no cost, with the transaction fee averaging at US$0.00000001. Its gas fee-free space has been behind its enormous growth. The platform provides smart contracts and supports DeFi (decentralized finance) projects, web 3.0 applications, and many more. The entity has also been strengthening its partnerships for broader reach.
Established in 2017, the Solana blockchain is the second fastest blockchain along with a transaction speed of 50,000 TPS. The platform received popularity for providing high-speed transactions at a very low cost, varying between US$0.00001 and US$0.00025. It uses the PoS (proof-of-stake) and PoH (proof-of-history) consensus mechanisms. What is more? Solana is an integral dimension of metaverse games that include RaceFi, Cryowar, and Star Atlas. Many non fungible tokens have also cropped up on the channel, adding to its overall appeal. With that if you are wondering is Solana the fastest blockchain, then surely it can be.
Fantom is a blockchain exchange formed in 2018 by the eponymous foundation. The entity brags a speed of 25,000 TPS. The company uses DAG (directed acyclic graph), in place of blockchain technology. That operates like the gossip protocol when it arrives at validating transactions. Along with that, the platform is known for its high scalability. Having said that, the blockchain platform lately decreased 22 percent in valuation after the exit of one of its employees, Andre Cronje. In reply to that, the entity tweeted,
“We’re extremely grateful to Andre for all he did for crypto as a whole. However, Fantom isn’t and never was a one-man team. There are 40+ people working at Fantom.”
Established in 2019, Algorand is also among the fastest blockchains that are famous for their high transaction speeds. The network can take care of up to 1,300 TPS, with an aim of 3,000 TPS soon. The blockchain utilizes the PPoS (Pure Proof-of-Stake) mechanism, where miners are randomly chosen and rewarded for their work, thus discarding any biases. A member of BACC (Blockchain and Crypto Assets Council), Kristin Boggiano, expounds,
“It is a mechanism to achieve distributed consensus. ‘Pure’ refers to users not having to lock up or bond their algos to participate in this process, which differs from other PoS blockchains that require stakers/validators to lock up tokens to be able to participate in validating transactions.”
Its multi-layered framework assures that security and processing speed are not compromised. Boggiano summarizes,
“Algorand is fast, low cost, decentralized, carbon negative, and has advanced smart contract capabilities.”
Cardano is among those fastest blockchains 2022 that aim at security and community participation. It is the first academically-developed and peer-reviewed blockchain. While it does not have the fastest transaction speeds on this list, it does provide a high degree of security. Transactions are assured in just a few seconds, and it navigates at a speed of 250 TPS. Presently, the platform is operating towards raising its speed to 1,000 TPS. With low consumption of energy and a remarkable philanthropic aim to make crypto more available, the platform has aptly dubbed itself the “third-generation” digital currency, following Ethereum and Bitcoin as the first and second respectively. This can be attributed to the fastest transaction cryptocurrency 2022.
Astonishingly enough, the most famous blockchains, Ethereum and Bitcoin, have not made it to the list as their speed of transaction are closely 10 TPS and 34 TPS respectively. Along with that, gas fees on these exchanges are also extraordinarily high. Do note that this list is exclusively dependent on the TPS of the blockchain, which is not suggestive of an overall performance of a blockchain. So, prioritize research before you begin trading. With that, we can say one thing that the fastest and cheapest cryptocurrency is XRP (Ripple). To understand more about this, you can look for the cryptocurrency transaction speed chart 2022 to understand more.
In the end, the fastest blockchains will likely alter the course of crypto trading over time. With faster speeds, arrives a more effective system that can take care of more transactions without any delays. As more and more people flock to digital currencies as an investment, it is crucial to have a blockchain platform for these high-speed transactions.