Several cryptocurrency projects and blockchain networks have been launched in order to improve the scalability and transaction speed of the Bitcoin (BTC) and Ethereum (ETH) blockchain networks.
There have also been a slew of scaling solutions, also known as layer-2 protocols, developed on top of the Ethereum blockchain in order to assist it handle more transactions per second (TPS).
However, with over 17,600 coins now accessible, identifying the cryptocurrency projects with the fastest transactions is a difficult endeavor.
As a result, to make things easier for you, we’re going to delve a little deeper into the world of crypto today and go through the fastest tokens available.
Bitcoin has a processing speed of up to 7 TPS, while Ethereum has a processing speed of up to 25 TPS.
The average time for a BTC transaction is roughly 10 minutes. However, if the transaction requires many confirmations, it could take up to 60 minutes.
To give you an idea of how long Ethereum takes to process, it takes roughly 5 minutes.
SOL, HBAR, ATOM, NEO, AVAX, EOS, ALGO, XNO, XLM, and WAVES are coins that provide crypto rapid transactions.
Each cryptocurrency token described here has a different number of transactions per second (TPS) and average transaction time.
Top 10 Cryptocurrencies With The Fastest Transactions
1. Solana (SOL)
Solana is a fast crypto platform that was created primarily to serve as a basis for developers to build decentralized apps (dApps), and SOL is its native coin.
Solana is a rapid cryptocurrency with a potential transaction rate of 65,000 transactions per second and an average transaction time of 2.5 seconds.
2. Hedera (HBAR)
Hedera uses a Hashgraph, a crypto fast data structure that combines transactions together, and claims to process a lot more transactions for a lot less money than many of its competitors.
Hedera can process up to 10,000 transactions per second and has a transaction time of 3 to 5 seconds on average. As a result, it is another another fast-moving cryptocurrency.
3. Cosmos (ATOM)
Cosmos is effectively a network of blockchains, each of which has been built to scale and communicate with one another. Its purpose is to enable decentralized communication across these blockchains. Cosmos has a transaction rate of up to 10,000 TPS and a transaction time of 45 seconds, making it a fast transaction crypto.
4. Neo (NEO)
Neo is a software network and platform that allows anyone to conduct transactions and create decentralized products and services on top of it. NeoContracts, which are smart contracts, can be run by developers. Neo can process up to 10,000 transactions per second (TPS) with a 15-second average transaction time.
5. Avalanche (AVAX)
Avalanche is a smart contract-capable blockchain technology that prioritizes transaction speed, low costs, and environmental sustainability. Its goal is to create a scalable blockchain that maintains decentralization and security. Avalanche can process up to 5,000 transactions per second (TPS) with a transaction duration of 1 to 2 seconds on average.
6. EOS (EOS)
EOS, or the Entrepreneurial Operating System, is a decentralized blockchain platform designed for the development, hosting, and deployment of decentralized apps (dApps). EOS is the name of the native cryptocurrency coin that drives it. Furthermore, EOS can process up to 4,000 transactions per second (TPS) with a transaction duration of 1.5 seconds on average.
7. Algorand (ALGO)
Algorand is a blockchain platform as well as a cryptocurrency token that was created with the goal of serving as a significant payment processor. Pure-Proof-of-Stake is the consensus mechanism used by its blockchain. Algorand has a transaction time of 45 seconds and can handle up to 1,000 TPS.
8. Nano (XNO)
Nano is a cryptocurrency that is aimed to fully support secure and near-instantaneous transfers without any fees. It is dubbed the “digital money for the modern world.” Its primary purpose is to fix some of the flaws in legacy infrastructures as well as current cryptocurrencies. Nano has a transaction rate of 1,000 TPS and a transaction time of 0.14 seconds on average.
9. Stellar (XLM)
Stellar is a decentralized system built on open-source technology that simplifies the process of converting digital currency to fiat cash both locally and across borders. Lumen is the native cryptocurrency token (XLM). Stellar can process 1,000 transactions per second (TPS) with a 15-second average transaction time.
10. Waves (WAVES)
Waves is a blockchain network that was created with the goal of allowing users to create and launch unique cryptocurrency tokens. Scripts that run within user accounts are used to create and maintain tokens. Waves is a blockchain network that can process up to 100 transactions per second (TPS) with a transaction duration of 2 to 10 seconds.
Cryptocurrencies and the future
The blockchain networks that currently support the cryptocurrency tokens we purchase, sell, or trade must be up to par with the demand of real-world use-cases if there is to be widespread adoption of cryptocurrencies on a worldwide basis.
Visa processes around 1,700 transactions every second on average, making it one of the most widely utilized payment processors. This indicates that in order for blockchain networks to keep up with real-world demand, they must first meet this criterion.
Many of the cryptocurrency tokens we listed here have long exceeded this threshold, and it is only a matter of time before cryptocurrency payments and real-world usage become ubiquitous.
While the technology was far from perfect when Bitcoin (BTC) originally launched, the blockchain network was able to solve the online payment problem in a decentralized manner, paving the way for the myriad altcoins and alternative initiatives that exist today.
Why is crypto transaction speed important?
The fundamental reason that transaction speed is significant while executing bitcoin transactions on a blockchain network is that it acts as an indicator of the network’s capacity.
As a result of an increase in transaction volume, the average speed of a cryptocurrency will slow down.
If a blockchain project and payment system are to be scalable over a worldwide territory, it must have the speed and capability to execute millions of transactions per second, which is exactly what many blockchain initiatives, generally in the form of altcoins, strive to achieve. It also serves as a benchmark for how quickly you can generate money with cryptocurrencies.
We are now in a period of healthy competition in this industry, with new blockchain-based projects and coins being released on a regular basis as a means of resolving this issue as rapidly as possible. For the time being, though, these ten tokens are the finest possibilities available.
Hopefully, you now have a better understanding of some of the cryptos with the fastest transactions and what to expect from blockchain technology in the future.
Each of these projects adds something unique to the crypto ecosystem as a whole, and they all play an important role in its progress and eventual broad adoption.