June 9, 2022
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One of the primary reasons for the increased adoption of blockchain technology is the faster transfer of files, contracts, and money. Since digital currencies are different from each-other, investors need to know the projects with the highest transaction per second (TPS). Such cryptos are more efficient and reliable, which is preferable to interact with.
Why Transactions Per Second Are Important in Blockchain
One of the significant factors traders consider when investing in a cryptocurrency is transaction speed. High TPS allows users to seamlessly transfer data from one individual to another and validate the transaction. The transaction speed relies on different factors, including network traffic, transaction fees, block size, and block time.
Blockchain transaction speed can stagger due to high fees, large volume, and network congestion. For a cryptocurrency to maintain high TPS, it is necessary to consider the following factors:
- Network Load: Increased network load impacts the cryptocurrency transaction speed.
- Transaction Complexity: More complicated transactions affect the blockchain’s TPS.
Controlling these factors leads to decreased transaction speeds. Many cryptocurrency professionals think speed won’t be a problem in the future since the advancing blockchain technology will solve the problem. Below are the cryptos with high TPS in 2022:
Cardano
Cardano (ADA) is a popular digital coin with a dApp development network and third-generation blockchain. The crypto’s design focuses on scalability, sustainability, and flexibility to ensure smart contract operations.
This is essential for creating various applications, games, new cryptocurrency tokens, and decentralized finance apps. The crypto boasts approximately 32 billion circulating tokens and a lifetime supply of 45 billion. The current TPS is 257 and aims to achieve a million TPS.
Solana
Solana (SOL) is one of the fastest-growing cryptocurrencies with NFTs, DeFi apps and smart contract capabilities. Yakovenko and Gokal are the founders of this crypto, and their goal was to create a digital coin that could meet global demands.
The Proof-of-Stake crypto boasts 2,825 TPS and the $0.00025 average cost per transaction. Solana is a decentralized cryptocurrency with high transaction speed in the crypto market.
Ripple
Ripple (XPR) is a popular stable cryptocurrency with an 8.3 billion circulating supply. The creators of this blockchain include Lynx and Metal Pay. The firms focus on making cryptocurrency available for clients in their day-to-day transactions.
XPR is one of the blockchains with high TPS (1500 in four seconds). The coin completes transactions without energy costs. The earliest XPR investors include Alphabit Fund, Erick Voorhees (CEO, ShapeShift), and Brian Kelly (CNBC Fast Money).
Polkadot
Polkadot (DOT) was created in 2020 and is one of the latest cryptos but has some exceptional technical features to meet its goal. The blockchain is not only for tokens since users can also transfer assets and data within seconds.
Since validators can acquire multiple blockchains with Polkadot, the crypto offers unparalleled economic scalability. The cryptocurrency provides one of the fastest transactions, standing at 1,000 TPS within 4 seconds of confirmation. It secures the network by leveraging Nominated Proof-of-Stake (NPoS).
EOS
EOS is a decentralized platform, allowing business applications management, hosting, and development (dApps). The initial offering in 2018 led to the contribution of $4.1 billion in cryptocurrency. Block.one is a blockchain technology software company that led to the creation of EOS.
The company’s executives, Brandan Blumer (CEO) and Daniel Larimer (CTO) published the EOS Whitepaper. The cryptocurrency boasts 4000 TPS, making it one of the fastest blockchains. The average transaction confirmation time for EOS is 0.5 seconds. This efficiency ensures the seamless operation of dApps.
Avalanche
Avalanche (AVAX) is a network focusing on decentralization, security, and scalability. The platform achieves this through the Proof-of-Stake mechanism and allows the integration of multiple decentralized finances (DeFi) ecosystems due to its smart contracts.
The native Avalanche network token is AVAX, which powers the network’s transactions. AVAX ensures system reward distribution and enables users to participate in the network’s governance. Avalanche is rising in popularity due to its high TPS of 5,000. Its primary goal is to use smart contracts, ensuring secure, affordable, and fast transactions for investors.
Cosmos
Cosmos (ATOM) aims to develop cryptocurrency networks bound by open-source tools for streamlined transactions. It focuses on interoperability and customizability, making it stand out from other crypto projects.
A Swiss non-profit organization that finances open-source crypto projects funded the development of Cosmos. The co-founders were Ethan Buchman and Jae Kwon, who launched the network in 2014. They also created Tendermint, the algorithm powering Cosmos.
One of the reasons for the increasing popularity of Cosmos among investors is the transaction speed. It offers over 10,000 TPS within seven minutes of transaction confirmation. The open-source network for investors has ATOM as its native crypto coin.
Fantom
Fantom (FTM) is an open-source and smart contract network supporting digital assets and decentralized applications. Its Proof-of-Stake mechanism allows it to offer more reliable and faster transactions than many blockchain projects. Fantom’s utility token is FTM, a token used for the platform’s On-Chain Governance.
The eponymous foundation launched Fantom in 2018 and uses a directed acyclic graph (DAG) to achieve 25,000 TPS. The platform is one of the best for investors due to its high scalability potential. Fantom is a decentralized system, meaning there is no central authority, and users have exclusive rights to the ecosystem. FTM token’s On-Chain Governance ensures investors can vote and propose ideas for Fantom advancement.
Algorand
Algorand (ALGO) is a blockchain platform and digital currency. The network’s design ensures fast and high-volume transactions and can host other blockchain-based projects and cryptocurrencies, offering investors flexibility. The native coin for Algorand is ALGO. It covers Algorand-based transactions and secures the network.
As Algorand is an open network, users can contribute and view the platform’s code. Launched in 2019, Algorand is one of the crypto networks offering high transaction speed. Users enjoy up to 1,300 TPS with the network, and the goal is to hit 3,000 TPS. Using the Pure Proof-of-Stake (PPoS) mechanism, Algorand’s algorithm picks and rewards miners randomly. This ensures distributed consensus and eliminates biases.
NEO
NEO was founded in 2014 by Erick Zhan and Da Hongfei as AntiShares and rebranded to NEO in 2017. The blockchain platform has its cryptocurrency, enabling the creation of smart contracts and digital assets.
NEO network has a high potential for scalability and aims to be one of the most popular cryptocurrencies. The platform’s TPS is 1000 within 15 seconds of confirming the transaction. Digitizing assets on the NEO blockchain is transparent, traceable, trustworthy, and decentralized.
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