The entire crypto and blockchain industry has plenty of secrets to unravel, one of which is the importance of finding a time-efficient blockchain platform for speedy transactions. However, there are so many options available to the point where most crypto newbies find it difficult to find a suitable blockchain to test out.
Plus, it’s no secret that speed plays a significant role when trading digital currencies because it can make or break a transaction’s value. With this in mind, most investors consider a blockchain’s transactions per second (TPS) rating carefully to ensure that they’re using a fast platform for their arrangements.
To help you out, here are some of the best blockchains with the fastest transaction speeds.
Blockchain Platforms With The Quickest Transaction Speeds
For benchmarking purposes, Bitcoin and Ethereum, two of the most popular blockchains in the market, aren’t among the top scorers on this list as they only possess 10 TPS and 34 TPS, respectively.
Bitgert Chain (100,000 TPS)
In this day and age, it’s no secret that there are numerous places that embrace crypto. With this comes Bitgert Chain, a relatively new blockchain as it was only launched last February 14, 2022.
Nevertheless, it claims to have one of the fastest transactions per second rating – a whopping 100,000 TPS, thanks to its Proof-Of-Authority (POA) consensus. What makes it interesting is that validators were willing to bet on their reputation instead of putting coin assets at stake.
On top of that, it also provides users with a gratifying speed without any additional cost. This is because the given transaction fee is almost only US$0.00000007. And with its gas-fee-free environment, the said blockchain was able to experience a staggering growth.
With Bitgert Chain, users may get smart contracts for a hassle-free experience. Moreover, the platform deeply supports web 3,0 applications, decentralized finance (DeFi) projects, and much more. And to reach a wider audience, Bitgert Chain has been strengthening its partnerships with various prospects.
EOSIO (10,000 TPS)
The EOSIO blockchain technology was launched in 2018 as an open-source project. Most users prefer this platform because it’s an ideal tool for generating smart contracts and decentralized applications.
And according to Edgar Fernández, co-founder of finance and enterprise at EOS Costa Rica the blockchain can process up to 10,000 TPS as it encompasses a complex consensus process that depends on PoS, which has outperformed earlier technologies like Ethereum. In addition, EOSIO also features support for a unique tool that helps users vote on quintessential platform updates.
Indeed, the blockchain’s fast transactions, sophisticated user authorization options, and loyal supporters make it appealing, especially for newbies in the industry. Over 400 applications have already been created within the platform. Some of the most common genres are:
- Gaming
- SCM
- Identity and access management
And other than its fast transaction speed, users enjoy various tools to modify the blockchain’s implementations. These cover decentralized use cases such as DeFi, SCM, custody, medical services, and security.
The platform is most commonly known for hosting the world’s most extensive Initial Coin offering (ICO). It generated more than $10 billion through sales of 1 billion EOS over an entire year.
Solana (50,000 TPS)
Solana was founded in 2017 and is among the fastest blockchain technologies in the world, boasting about 50,000 TPS. It generated intense popularity by offering high-speed transactions without charging excessive fees. A typical transaction within the platform ranges from US$0.00001 to US$0.00025, making it ideal for those who want efficient yet cost-friendly blockchains.
This popular blockchain platform heavily utilizes two consensus mechanisms: proof-of-stake (PoH) and proof-of-history (PoH). Moreover, Solana is among the integral aspects of metaverse games — Star Atlas, RaceFi, and Cryowar are only some examples. Most NFTs also utilize this blockchain, making it more attractive for users.
Fantom (25,000 TPS)
Fantom by the Eponymous Foundation is among the blockchain platforms established in 2018. It’s one of the most competitive options in the market, featuring an appealing rate of .
It’s an efficient company that employs the use of a directed acyclic graph (DAG) in the place of blockchain tech. So, in a nutshell, it works like a gossip protocol in terms of validating transactions within the platform.
But despite being famous for its high scalability, it experienced a massive dip of 22% in valuation after Andre Cronje, a significant member of the company, left for good.
However, it’s still a strong competitor among the blockchains with fast transaction rates.
Related: What is Fantom (FTM)
Algorand (1,300 TPS)
Algorand is a network that can power through 1,300 TPS and aims to reach 3,000 TPS in the near future. This particular blockchain utilizes a pure Proof-of-State (PPoS) mechanism. In this specific method, the blockchain randomly picks miners and rewards them for their hard work to ensure that there aren’t any biases among the community.
This mechanism aims to achieve a well-distributed consensus. To expound on it, “pure” refers to users that don’t need to bond or lock up their algos to participate in the process. It’s widely different from other PoS platforms that require validators to secure their tokens so that they can safely participate in validating transactions.
The Algorand platform is a multi-layered structure, ensuring that security and processing speed are always prioritized.
Related: Why is Algorand potentially better than other smart contract platforms
Cardano (250 TPS)
The Cardano blockchain is a platform that gazes on community participation, security, and efficiency. In fact, it’s the first academically-developed and peer-reviewed blockchain in the industry – a trailblazer. Although it does not possess the fastest transaction speed record in the industry at 250 TPS, it can validate transactions in a matter of seconds while providing high regard for security.
Moreover, its low energy consumption, remarkable philanthropic vision, and somehow effective TPS combine to make crypto more accessible to common users.
And now, the blockchain is working towards increasing its TPS to 1,000 so that it can match other available platforms.
Conclusion
After going over all the top blockchains with the quickest transaction speeds, you may now look into their purposes and visions to ensure that they match your philosophy. You may use these blockchains for various reasons – investment, use as capital for your business, and more.
However, when it comes to finalizing your decision, be careful because everything boils down to your prerequisites.
