When it comes to cryptocurrencies, Bitcoin is certainly one of the most well-known and valuable options on the market. However, some people may be surprised to learn that Bitcoin’s transaction speed isn’t actually all that fast. In fact, there are a number of other cryptocurrencies out there that are considered to be much more efficient when it comes to processing transactions quickly.
So, what are some of these speedy alternatives to Bitcoin?
Here’s a list of some top-performing cryptocurrencies that are known for their high transaction speeds:
Cardano (ADA)
Cardano (ADA) is an open-source, decentralized public blockchain platform that utilizes a proof-of-stake consensus system. It aims to provide a more secure and transparent way for peer-to-peer transactions, competing directly with Ethereum. Its token, ADA, is currently ranked among the top ten cryptocurrencies by market capitalization.
Cardano ha high transaction rate of 1 million TPS. With a focus on security and transparency, Cardano is positioning itself as a leading player in the blockchain space.
NEO
NEO is a blockchain platform that aims to create a smart economy system by enabling the development and management of digital assets and smart contracts. Founded in 2014, it has quickly grown to become a top player in the cryptocurrency market.
With a high transaction rate of 1000 TPS and an average confirmation time of 15 seconds, NEO is a highly scalable and efficient platform. Some experts predict that by 2023, it could become one of the most widely used cryptocurrencies, with a potential value of $437.
Ripple (XRP)
Ripple, or XRP, is a digital asset created in 2012 by Chris Larsen and Jed Mc Caleb. This cryptocurrency is designed to revolutionize global payments by providing a faster and more secure way to transfer money. Ripple operates on an open-source, peer-to-peer and decentralized network, making it a highly efficient payment protocol.
With the ability to process up to fifteen hundred transactions per second and a ledger settlement time of just 3-5 seconds, Ripple is considered one of the fastest and most secure blockchains in the market.
EOS
EOS is a next-generation blockchain platform that aims to revolutionize the way decentralized applications are built and executed. The platform utilizes a unique consensus mechanism that rewards entities that run the network with new EOS, eliminating the need for transaction fees. This allows for a more efficient and cost-effective way for dApps to operate. With a high transaction rate of 4000 TPS and an average validation time of 0.5 seconds, EOS is designed to support large-scale applications and provide a more scalable solution than its competitors.
Solana (SOL)
Solana (SOL) is an innovative blockchain technology that was created to improve the scalability and efficiency of decentralized applications (Dapps). Developed by Anatoly Yakovenko in 2017, Solana utilizes the Proof of History consensus algorithm to address the scalability issues that are common in other blockchain networks. The Solana Hybrid protocol is specifically designed to reduce the transaction time of the network, thus decreasing the validation time for smart contracts execution and transactions. With a capability to process 50,000 transactions per second and an average confirmation time of just 5 minutes, Solana is considered to be one of the most efficient cryptocurrencies in the market.
Tron (TRX)
Tron (TRX) is a blockchain-based decentralized platform that was created in 2017 by the Singapore-based Tron foundation. The platform is primarily used for hosting entertainment applications and has its own currency token called TRX. The platform has a high transaction speed and does not charge any transaction fees to users, making it a cost-effective option for sending and receiving millions of dollars worldwide. TRX can handle a lot of transactions very quickly, it can do 2000 transactions every second. This makes it one of the best and most efficient blockchain networks that we have today.
Stellar (XML)
Stellar (XML) is an open-source financial network that was launched in 2014 by Jed McCaleb and Joyce Kim. The decentralized protocol is designed to connect financial firms with blockchain technology and offers low-cost digital money transactions. Stellar is well-known for its high transaction speed, with an average confirmation transaction time of only 3-5 seconds. This makes it one of the fastest cryptocurrencies available, making it a popular choice for businesses and individuals looking for a fast and reliable way to transfer money.
Ethereum (ETH)
Ethereum (ETH) is an open-source, blockchain-based distributed computing platform that features smart contract functionality. Proposed in late 2013 by Vitalik Buterin and launched in 2015, Ether is currently the second-largest digital currency by market capitalization after Bitcoin. It allows users to send ETH without the need for intermediaries such as banks, thus protecting users’ wallets, ETHs, and transactions.
ETH can handle a lot of transactions very quickly, it can do 20 transactions every second and it takes about 5 minutes for them to be confirmed. However, Ethereum Classic (ETC) takes a long time to confirm transactions, it takes about two weeks to confirm around 80,640 transactions. Ethereum 2.0 will have a new way of handling transactions, called shard chains, which allows it to conduct up to 24,000 transactions per second.
Cosmos (ATOM)
Cosmos (ATOM) is a kind of blockchain internet. It is a decentralized network that uses a different way of reaching agreement among its users which is called Proof of Stake. What makes it special is that it can be customized and it can communicate with other blockchains. It allows different blockchains to share information with each other. Cosmos can process 10,000 transactions per second with a mean confirmation time of 2-3 seconds, making it a fast and efficient option for blockchain-based transactions.
Bitcoin (BTC)
Bitcoin was the first digital currency to be created and remains the most well-known and widely used to date. The pseudonym, Satoshi Nakamoto, is credited with introducing Bitcoin to the world. Despite the emergence of various other digital currencies, Bitcoin has stood the test of time and continues to dominate the crypto market. The infrastructure and support systems built around Bitcoin has significantly grown over the years, making it a more accessible and secure investment option. On April 14th 2021, Bitcoin reached an all-time high of $64,863.10, leading experts to predict that it will continue to soar, possibly reaching $100,000 by the end of the year. While it may not have a significantly higher transaction speed than other cryptocurrencies, Bitcoin’s popularity and established infrastructure make it a valuable addition to any list of leading cryptocurrencies.
BTC payments take about 10 minutes on average to confirm, and it can process a maximum of 7 transactions a second on the Bitcoin network.
Waves
Waves, a blockchain platform, provides a decentralized environment for the creation of smart contracts and decentralized applications (DApps). This platform was launched in June 2016 through a fundraising method called initial coin offering (ICO) which allowed individuals to buy and invest in the platform’s digital token. This blockchain aims to improve upon the issues present in earlier blockchain platforms by increasing speed, user-friendliness, and utility. Waves offers a throughput of 100 transactions per second (TPS) with an approximate confirmation time of 2-10 seconds.
Algorand (Algo)
Algorand (Algo) is a revolutionary blockchain-based cryptocurrency platform that offers transparency, security and scalability. Being open-source and decentralized, it enables the creation of smart contracts and operates on a consensus algorithm known as proof of stake. The Algo network aims to provide a robust and secure infrastructure for various use-cases and applications.
Developed by MIT professor and computer scientist Silvio Micali in June 2019, the platform focuses on financially driven networks with instant transaction capabilities. Algorand offers a throughput of 1000 TPS with an approximate confirmation time of 4 seconds.
Avalanche (AVA)
Avalanche (AVA) is an umbrella platform that supports decentralized finance (DeFi) applications, trading, financial assets, and other services. It allows for the launch or trade of any type of digital assets and is utilized to create DApps. The Avalanche developers claim that it is the first smart contract network that offers final transactions in just one second. Avalanche offers a throughput of 5000 TPS with an average confirmation time of 1-2 seconds.
IOTA
IOTA is a revolutionary open-source distributed ledger technology that is taking the world of blockchain by storm. Specially designed for the internet of things (IoT) platform, IOTA offers lightning-fast transactions without any fees. With a throughput of 1500 transactions per second (TPS) and an approximate confirmation time of 1-5 minutes, IOTA is one of the fastest cryptocurrencies in the market.
But IOTA is more than just a fast cryptocurrency, it’s a game-changer. It’s a glimpse into the future of the internet, where everything is connected and communicating seamlessly. It’s a world where devices and machines are not just passive tools, but active participants in the economy. It’s a world where transactions happen in the blink of an eye, and there are no barriers to entry.
Blockchain technology is shaping the internet and the entire world through its enormous potential. But the issue related to Blockchain’s scalability is the prime reason this technology hasn’t become mainstream yet. The day technology will resolve scalability and transaction speed issues; Blockchain will become mainstream adoption, and so will the cryptocurrencies. And IOTA is leading the charge, with its cutting-edge technology and unparalleled speed. It’s a glimpse into the future of finance, and a glimpse into a world where anything is possible.