Which is the fastest Blockchain?

Since their creation, two of the oldest and largest blockchains, Bitcoin and Ethereum, have experienced slow processing times and expensive transaction fees. Developers have identified these problems and have come up with clever inventions to fix them. The outcome: modern blockchains with negligible transaction costs and lightning-fast transaction speeds. Therefore, in addition to their mainstream equivalents, these smart chains are worth taking into account if you consider putting your toes into the crypto waters. Here are the top five blockchains in terms of speed, given in decreasing order of TPS.

Not everyone seems aware of what the fastest blockchain genuinely means in the contest to build it. So let's clarify a few things in this essay.

Why Is the Fastest Blockchain Required?

A blockchain is a record of transfers, but it is not limited to digital assets. Instead, any value (data) transferred is recorded. And this opens up a ton of new opportunities, especially if we remove speed and scalability constraints.

Once this is resolved, we could receive a transparent IoT action tracker. However, thousands of devices will operate as a single network while continuously exchanging data in this situation. In this still relatively uncharted territory, blockchain can provide safety, but if it slows down the network, customers may be prepared to forgo safety in exchange for a better user experience.

High−frequency trading is a comparable situation. In this case, algorithms trade securities quickly and on a large scale. In this method, the reward−to−risk ratio is higher, but the network must permit millions of short−term bets to be entered and exited in a split second. Again, this is not possible with the digital materials currently available.

As much as we can benefit from distributed ledger technology, we must be aware that few users will be willing to give up their user experience in exchange for greater transparency and security as long as it is slower than centralized databases.

According to several studies, even science supports it. According to a 1993 article by Nielsen Norman Group on application response times, the user experience.

Which Blockchain Is the Fastest?

Let's address this commonly asked question: which blockchain is the fastest? We scoured the internet to determine which blockchain projects deliver the greatest outcomes regarding actual transaction speed and scalability.

Here is a list of the transaction timings for a few of the top 100 CoinMarketCap cryptocurrencies. ERC−20 tokens are not included because they all use the same Ethereum platform. A few well−known projects that may not be on CoinMarketCap's list have also been added. We have assessed the speed of 43 blockchains so far.

The figures indicated were confirmed by looking through project−related papers and statistics from an article on investing in Blockchain. However, if you know of a project that should be mentioned or if the statistics don't accurately reflect any projects, please let us know so we can keep the list current and accurate. Not every project aims to achieve fast transaction speeds. To provide a more comprehensive picture of the situation of transaction times in the sector, we are highlighting them.

Slow and steady

The market cap per project, which represents the industry, appears to pay little heed to the actual transaction timeframes. As long as we continue to have very old technology in the top 10, there is no relationship between how usable and valuable a network is. However, the current top 10 on Coinmarketcap does not fully represent the market because we have not yet reached a point of mainstream adoption.

Averages:

• Litecoin

  56 TPS throughput

  Transaction duration: 30 minutes.

• Bitcoin Cash

  Throughput of 300 TPS

  Transaction duration: 60−180 minutes

• Bitcoin SV

  Throughput: 224 TPS.

  Transaction time: 60 min.

• Monero

  Throughput: 4 TPS (estimated capacity of over 1,000 TPS)

  Transaction duration: 30 minutes.

• Tezos

  40 TPS throughput

  Transaction duration: 30 minutes.

• Zcash

  27 TPS throughput

  Transaction time: 60 min.

• Decred

  14 TPS throughput

  Transaction duration: 30 minutes.

• Bitcoin Gold

  7 TPS throughput

  Transaction time: 60 min.

• Ravencoin

  116 TPS throughput

  Transaction time: 100 min.

• Bitcoin Diamond

  56 TPS throughput

  Transaction time: 60 min.

• Tether

  Throughput:

  Transaction time: 60 minutes (on the BTC Blockchain)

• Lisk

  Throughput of around 25 TPS

  Transaction time: 51 min.

• Ethereum Classic

  15−25 TPS throughput

  Transaction time: 6 min, theoretically, but according to Kraken, 1 week!

Relatively Quick

Achieving a transaction confirmation time of fewer than 30 minutes already makes digital assets much more user−friendly, but it might not be sufficient for high−frequency uses.

Averages:

Cardano

250 TPS throughput

Transaction time: 10 min.

Ontology

Throughput: 5300 TPS.

Transaction time: 10 min.

Qtum

70 TPS throughput

Transaction time: 20 min.

ICON

Throughput of 9000 TPS

Transaction time: 10 min.

Bytecoin

Throughput of 500 TPS

Transaction time: 20 min.

Aeternity

Throughput: 100 TPS.

Transaction time: 18 min.

Dash

35 TPS throughput

Transaction time: 6 min (15 min on Kraken)

Dogecoin

33 TPS throughput

Transaction time: 6 min.

5−minute stars

Although 5−minute transactions are already very usable in the real world, they would still be too sluggish if digital money were to replace cash as the primary payment method in the future. For example, consider the scenario when you have to wait five minutes at the counter to pay for your coffee.

• Tron

  Throughput: 2000 TPS.

  Transaction time: 5 min.

• DigiByte

  560 TPS throughput

  Transaction time: 2−3 min.

• BitTorrent Token

  Throughput:

  Transaction time: 5 min.

• IOTA

  Throughput of 1500 TPS

  Transaction time: 1−5 minutes or more

The fastest at scale is Aleph Zero.

As you can see, lowering transaction confirmation times to almost instantaneous levels while increasing TPS is difficult for projects.

It's very tough if a project wishes to maintain security and decentralization. On the other hand, finding projects that sacrifice decentralization for speed doesn't take much time.

We think things don't have to be that way. As a result of our extensive study, we developed Aleph Zero, the fastest protocol at the largest scale that is also secure and decentralized.