Looking for The Fastest Blockchains, Here are the Top Picks You Must Know
Image by thenextweb.
In the current financial system, no one in any part of the world is willing to wait for up to 7 business days to process and confirm a transaction.
High transaction fees, delayed payments, too much paperwork, and limited transactions are some worst experience we have faced with banking systems especially when sending money overseas.
In order to eradicate such problems, Blockchain technology comes to the rescue. With Blockchain, sending money to any part of the world has been made easy. Currently, we are talking about processing a transaction within seconds if not minutes.
It's worth noting that transaction speed plays a vital role in the banking industry. In fact, fast transaction speed is one of the key factors behind the wild adoption of cryptocurrencies. Cryptocurrency systems can handle thousands of simultaneous transactions at a given time.
It has also been made possible to validate transactions without 3rd parties which in most cases are associated with high transaction costs. Here is a list of the cryptocurrencies with the fastest transaction speeds;
Top 10 Fastest Cryptocurrencies in 2019
Let's discuss about the top 10 fastest cryptos and find out exactly how fast they are.
You might not have come across Futurepia, but it's a distributed social media Mainnet based on blockchain technology. It is developed based on its Dual Delegated Proof of Stake algorithm (DDoS) and a DApp store. It's is designed to support and provide various API modules for DApp developers.
Futurepia fast transaction speeds of 300,000 TPS have been assessed and verified by KOLAS. KOLAS is a Korean certification board that's recognized by approximately 72 countries by the international relevant standards.
Besides providing mainnet core engine API, Futurepia also provides other useful modules including smart wallet, communication network, P2P cloud API, and live streaming. This makes Futurepia the perfect choice for any DApp organization desiring a secure and faster mainnet.
Launched in June 2018, EOS has gained a considerably high reputation within one year. When it was launched, it was referred to as “Ethereum Killer,” and since it crossed the transaction speed of 3000 TPS, it broke significant records.
It was named as the fastest blockchain and the 1st cryptocurrency to overpass the Visa TPS of approximately 1700 TPS.
Just like Futurepia, EOS is aBlockchain platform for DApps. Developers build Blockchain Based decentralized apps on its underlying foundation. Currently, EOS claims to have gained a speed of processing close to 50,000TPS.
Ripple is among the most secure and fastest blockchains. Currently, Ripple has gained massive popularity, and it’s widely adopted by thousands of banks throughout the world.
All these, thanks to the Xcurrent and Xrapic speed features of Ripple. Currently, Ripple has the capability speed of on average 17,000 transactions per second.
In fact, the transaction speed of Ripple might be the key to its continued rise as the upcoming generation peer-to-peer payment platform provider.
Just like EOS and Futurepia, NEO is an emerging Blockchain platform for DApps. According to NEO developers, it uses digital identity and Blockchain technology to digitize assets and automate the management of digital assets through the use of smart contracts.
NEO claims to have transactions speeds of 1000 - 10,000 transactions per second. In fact, NEO has been named “Ethereum executioner” given the fact that it only requires about 15 seconds to process a block of operations on the blockchain.
NEO developers are targeting to scale the network to the levels of Futurepia. It hopes to attain a transaction speed of 100,000 transactions per second by 2020.
5. Bitcoin Cash
Bitcoin cash is among the fastest growing and largest cryptocurrency based on its market capitalization.
It’s a fork of Bitcoin and was created to solve the issue of scalability and utility as a peer-to-peer electronic network.
It can handle an average of up to 65+ transactions per second which is higher than its rivals such as Litecoin.
In late 2018, Nano was ranked as the fastest cryptocurrency platform in one of the top cryptocurrency exchanges in the market (Binance exchange).
Nano is a highly scalable and fast network created back in 2017. Earlier it was referred to as the Raiblocks or the XRB token but was later rebranded to Nano.
Currently, a transaction on the Nano network takes merely about 3 - 10 seconds to be verified.
Dash is among the fastest growing cryptocurrencies, thanks to its fast transaction speeds and lower denomination value. Dash was created to solve the issue of slow transaction speeds in cryptocurrencies such as Bitcoin.
At average, Dash network takes about 3 minutes to process and verify a payment. It has a speed capability of 48 transactions per second. Besides being fast, dash network has very low transactions costs.
Monero is a privacy coin, widely known for its anonymity and privacy features. The transaction speed of Monero is quite enviable as it can confirm roughly 3 blocks in about 2 minutes.
Monero is among the cryptocurrencies for the global financial market due to its speed and privacy
Ethereum is the 2nd largest and most popular cryptocurrency in the market by market capitalization. Ethereum is well known for its smart contracts and speed features which have been very useful in the Crypto sphere.
Ethereum network is the foundation of over 100 other Blockchain altcoins. Currently, Ethereum network has a transaction speed of approximately 12-14 seconds with a maximum capacity at 20 transactions per second.
Litecoin was created to provide faster, smooth, and cheap alternative payments options to Bitcoin. Since the time if its inception, Litecoin takes at average 2. 5 minutes to confirm a block and has a maximum capacity of 56 transactions per second.
These are some of the fastest cryptocurrency platforms in the market today. Now that you have a clear understanding of their speeds, now go ahead and invest according.
It's also important to keep your eye on other upcoming Blockchain technology investments in order to grab the best deals.