If you’ve heard about Bitcoin, you’re likely familiar with the blockchain—the technology that makes it possible. It’s a distributed public ledger of all transactions that have ever been executed, and it allows for the secure transfer of assets from one party to another.
In fact, the concept of blockchain has become so popular that many other cryptocurrencies have recently implemented their own versions. But not all blockchains are created equal. Some are faster than others—in fact, some have significantly higher transaction speeds than Bitcoin’s 10-minute average.
Here are 11 cryptocurrencies you should know about that boast high transaction per second (TPS) rates.
What Is TPS and How Is It Related to Blockchain Speed?
TPS stands for Transactions Per Second and it’s a measurement of how many transactions can be processed by a blockchain network in one second.
To put it simply, the higher the TPS, the faster your cryptocurrency will be able to process transactions.
The Pursuit of High Crypto Transaction Speed
Speed is a key factor in the success of a blockchain, and high transaction speed is also important for cryptocurrencies. There are many reasons why you would want your cryptocurrency to have fast transactions:
- High transaction speeds allow users to send and receive payments quickly. This leads to greater adoption by merchants who are looking for payment methods that allow them to receive money quickly.
- Fast block times mean less waiting time between sending a transaction and having it confirmed on the network by miners. This means that there is less risk involved with sending funds through cryptocurrency because you don’t have to wait hours or days before receiving confirmation that your payment has gone through successfully.
What Are the Fastest Cryptocurrencies?
Solana
Solana is a blockchain-based platform that boasts high transaction speeds. It’s the only blockchain that can process tens of thousands of transactions per second, which makes it ideal for applications such as gaming, finance and AI.
The Solana blockchain is much faster than Bitcoin and Ethereum. Theoretical TPS is 10,000 and actual tests are showing more than 1000 TPS. The team has announced a partnership with the Interchain Foundation, which will help them to establish partnerships. The technology is being tested in real-world scenarios.
Ripple
Ripple is a blockchain platform that facilitates cross-border transactions. The goal of the Ripple protocol is to enable instant and frictionless payments between two parties, without having to use third parties like banks or payment processors. It does this through its unique Consensus algorithm called “Ripple Protocol Consensus Algorithm” (RPCA).
Like what we see with Bitcoin and Ethereum blockchains today, RPCA allows for consensus between validating servers without using cloud mining which means there’s no need for high energy consumption. Therefore, it’s possible for transactions within the XRP ledger to clear in just 3 seconds. That’s faster than any other cryptocurrency and pairs that are currently available on exchanges today.
Ethereum 2.0
Ethereum 2.0 is a new version of Ethereum, which was rolled out in 2020. It’s an upgrade from the current proof-of-work (PoW) model to a proof-of-stake (PoS) blockchain.
Ethereum 2.0 is true to its promise to be faster than its predecessor and more secure as well–a big deal for developers looking for high throughput without sacrificing security or decentralization.
Algorand
Algorand is a blockchain technology that uses a distributed ledger. Algorand was designed to solve some problems with existing blockchains, such as high transaction fees and slow transactions. The algorithm uses proof-of-stake (PoS) consensus instead of proof-of-work (PoW), so it requires less electricity than most other cryptocurrencies.
Algorand also has higher throughput than Bitcoin or Ethereum–it can process thousands or millions of transactions per second without any significant increase in hardware requirements over time or additional cost for users who want to send money using Algorand’s platform.
Fantom
Fantom is a new blockchain that can scale to over 100,000 transactions per second. It’s designed to be a high-performance blockchain, with its throughput and latency being two of its most important features.
Fantom uses a sidechain structure with Avalanche consensus algorithm for transaction confirmations and Proof-of-Stake (PoS) for block production on mainnet.
Fantom has a few interesting trading pairs. If you want to convert Fantom into another currency, you can do so with the Fantom coin such as the FTM USDT pair, or if you prefer, the FantomCoin/BTC pair.
Cosmos
Cosmos is a decentralized network of independent blockchains that communicate with each other. It’s built on Tendermint Core, which is a high-performance blockchain engine. Cosmos aims to become the Internet of Blockchains by creating a network where different blockchains can interoperate with each other.
In this way, Cosmos is similar to Polkadot and Interledger but different in some aspects. It doesn’t require proof-of-stake (PoS) or delegated proof of stake (DPoS), and instead uses Byzantine Fault Tolerance (BFT). BFT allows faster transactions than PoW algorithms like Ethereum’s Ethash or Bitcoin’s SHA256d because it doesn’t require mining hardware.
Avalanche
Avalanche is a platform for building, deploying and scaling decentralized applications. It’s a high throughput blockchain that can process thousands of transactions per second.
Avalanche is built on top of the Avalanche protocol, which makes it possible for any blockchain to achieve this level of throughput by offloading work onto a peer-to-peer network made up of its users’ computers (nodes).
Bitgert
Bitgert is a blockchain that offers high TPS and is a public, decentralized, open-source consensus algorithm-based blockchain. Bitgert’s goal is to support large-scale decentralized applications that require high throughput and low latency.
Bitgert uses DPoS as its consensus algorithm with 21 delegates for now but this number might change in the future depending on adoption rate of new nodes.
The Bitgert BRISE price today has reached $5.13, and continues to rise making it one of the most sought after coin in list by aside from its fast transaction speed.
Cardano
Cardano is a third-generation blockchain, smart contract platform and decentralized application platform. It’s also the first proof-of-stake (POS) cryptocurrency to be created by Charles Hoskinson, who was once a co-founder of Ethereum and has since gone on to launch several other blockchain projects including IOHK.
Cardano aims to solve many of the problems that have plagued blockchain technology so far by implementing an innovative layered architecture system called Ouroboros which uses consensus algorithms that are more secure than those employed in Bitcoin or Ethereum.
EOS.IO
EOS.IO is a blockchain platform for building decentralized applications that can be programmed without the need for specialized knowledge of distributed systems.
It aims to solve problems like transaction speed and scalability by providing an operating-system-like set of services and functions that can be utilized by other dapps to build their application on top of it.
Polygon
Polygon is a blockchain platform that aims to be the next generation of the internet. It’s a smart contract platform with high throughput and a high TPS rate of 50,000 transactions per second.
To put it in perspective, Ethereum has an average TPS of 15 per second while Bitcoin can handle about 3-4 transactions per second.