From Bitgert Chain to Cardano – here’s our round-up of blockchains with high TPS.
In the world of cryptocurrency and blockchain technology, speed is everything. Naturally, the faster a transaction can be completed, the more efficient the blockchain is. While transactions per second (TPS) has been the go-to parameter for many to determine speed, it is not the most reliable. That’s because a blockchain’s transaction speed can vary depending on the transaction finality, which refers to the process of validating the transactions. For instance, some blockchains may require at least six blocks to be created for a transaction to be validated. So, while the TPS of a blockchain could be high, its finality process could be slow.
That said, if all other factors remain constant across platforms, the TPS plays a meaningful role in determining a blockchain’s speed. Additionally, due to the concept’s ease of understanding, it has found its way into the crypto enthusiast’s everyday lexicon as a way to compare blockchain speeds. Given that, here, we list blockchain platforms that boast high speeds, in the context of TPS.
Launched on February 14, 2022, by the Bitgert team, the blockchain claims to have the fastest TPS of 100,000, enabled by its Proof-of-Authority (PoA) consensus where validators stake their own reputation instead of coins. That’s not all. It gives you the gratifying speed at practically no cost, with the transaction fee averaging at US$0.00000001. Its gas fee-free environment has been behind its immense growth. The platform offers smart contracts and supports decentralized finance (DeFi) projects, web 3.0 applications and much more. The company has also been strengthening its partnerships for wider reach.
Founded in 2017, the Solana blockchain is the second-fastest blockchain with a transaction speed of 50,000 TPS. The platform gained popularity for offering high-speed transactions at very low fees, ranging between US$0.00001 and US$0.00025. It utilizes the proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms. What’s more? Solana is an integral aspect of metaverse games, including Cryowar, RaceFi and Star Atlas. Many NFTs have also cropped up on the platform, adding to its overall appeal.
Fantom is a blockchain platform formed in 2018 by the eponymous foundation. The company boasts a speed of 25,000 TPS. The company employs directed acyclic graph (DAG), in place of blockchain tech. That works like the gossip protocol when it comes to validating transactions. Plus, the platform is known for its high scalability. That said, the blockchain platform recently dropped 22% in valuation after the exit of one of its employees, Andre Cronje. In response to that, the company 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.”
Founded in 2019, Algorand is another blockchain platform that is known for its high transaction speeds. The network can handle up to 1,300 TPS, with a goal of 3,000 TPS soon. The blockchain uses the Pure Proof-of-Stake (PPoS) mechanism, where miners are randomly picked and rewarded for their work, thus eliminating any biases. A member of Blockchain and Crypto Assets Council (BACC), 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 structure ensures that processing speed and security are not compromised. Boggiano summarizes, “Algorand is fast, low cost, decentralized, carbon negative and has advanced smart contract capabilities.”
Cardano is a blockchain platform that focuses on community participation and security. It is the first peer-reviewed and academically-developed blockchain. While it doesn’t have the fastest transaction speeds on this list, it does offer a high degree of security. Transactions are confirmed in just a few seconds, and it boasts a speed of 250 TPS. Currently, the platform is working towards increasing its speed to 1,000 TPS. With low energy consumption and a remarkable philanthropic purpose to make crypto more accessible, the platform has aptly dubbed itself the “third-generation” cryptocurrency, following Bitcoin and Ethereum as the first and second respectively.
Surprisingly enough, the most popular blockchains, Bitcoin and Ethereum, have not made it to the list as their transaction speeds are approximately 10 TPS and 34 TPS respectively. Additionally, gas fees on these platforms are also exceptionally high.
Do note that this list is exclusively based on the blockchain’s TPS, which is not indicative of a blockchain’s overall performance. So, prioritize research before you start trading.
In the end, the blockchains with the fastest transaction speeds will likely change the course of cryptocurrency trading over time. With faster speeds, comes a more efficient system that can handle more transactions without any delays. As more and more people flock to cryptocurrencies as an investment, it is important to have a blockchain platform with high-speed transactions.
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