Blockchains are a fast-growing technology, and many companies are developing their own versions of the blockchain so that they can make use of the technology in their own business. Because blockchain is such a promising new technology, it is attracting lots of attention from people who want to develop it further.
It’s surprising to see how much of a difference the technology behind a blockchain can make in its transaction speeds. In 2022, here will be five blockchains with the fastest transaction speeds:
BitGert Chain is an open-source blockchain platform that is built upon Graphene, a technology that ensures fast and secure network operations. It is capable of handling as many as 5,000 transactions per second without compromising on security or speed.
The BitGert Chain also makes use of a Delegated Proof-of-Stake (DPoS) consensus algorithm to ensure that each transaction is carried out in a distributed manner that is fair and transparent. It also uses the Byzantine Fault Tolerance (BFT) consensus protocol to increase its overall resilience against attacks.
Bitgert Chain is a blockchain with a difference: the speed of transactions. The average time it takes a blockchain transaction to be cleared is 10 minutes. Bitgert Chain’s average transaction time is 20 seconds.
The Bitgert price is trading at around $0.50 per BRISE USD. The 24-hour time frame can be useful in identifying short-term price movements and trends, but it does not paint the complete picture of the price action.
The Solana blockchain offers the fastest transaction speeds in 2022. They’ve built a platform that’s capable of running at 10-millisecond block times, and they’re working on reducing that to 1 millisecond over the next few years. Before we get to the details though, let’s talk about why this is important for blockchains in general.
The Bitcoin blockchain processes about 7 transactions per second, with Ethereum doing slightly better at 20 transactions per second. Visa and Mastercard can process thousands of transactions per second. Looking at these numbers, it’s clear that there’s a long way to go before blockchains can compete with credit card companies on performance.
These throughput limitations have implications beyond just transaction speed—the number of applications that are realistic to build on top of the blockchain also takes a hit. As it stands, if you want to build a high-volume application like a decentralized exchange or sharing economy marketplace (like Uber), you’ll need to build your own custom blockchain from scratch.
The fantom Blockchain platform is also one that has the fastest transaction speeds in 2022. Transactions on the fantom Blockchain will be confirmed within seconds. As of January 2018, the average transaction confirmation time on Bitcoin is 10 minutes.
This means that a user could buy a coffee and not be finished paying for it before their transaction was confirmed. By making transactions instant, fantom will be far more efficient than legacy payment networks like credit cards and PayPal.
Fantom was created in late 2018. It was the first public blockchain to be built with a focus on speed, processing up to 60k transactions per second. Although it is a public blockchain, it has some characteristics that make it more private than other blockchains.
The fantom team has spent the last few years making sure its blockchain is ready for businesses and enterprises. They recently launched their mainnet and are compatible with smart contracts written in solidity. Users can also deploy dApps (decentralized applications) on their platform.
Algorand was developed by computer scientists at MIT and aims to solve the scalability issues that have plagued bitcoin since its debut. Instead of requiring all transactions to be confirmed by miners, an Algorand network only needs users to confirm their own transactions while having the option of confirming others if they choose. The ALGO coin of the Algorand platform is based on a proof-of-stake consensus.
It also uses an “adaptive proof-of-stake” system that allows anyone to participate in the consensus process so long as they hold enough tokens of value. The thing is, to trade in the world’s largest cryptocurrency exchange, you need to convert your ALGO USDT and other cryptocurrencies. Until now, there was no way to do this without moving your coins to a different exchange, which held up trades for hours or even days at a time.
Cardano is a blockchain platform that is designed to be capable of running financial applications used by individuals, organizations, and governments. It is also known as one of the blockchain projects that has the fastest transaction speeds among all other blockchain projects.
The Cardano blockchain is designed so that it can run financial applications such as debit cards and bank accounts with privacy and security. Cardano was created in 2015, but for the first two years, it remained in beta version, during which time users were allowed to test it out and report issues to the developers.
In 2017, Cardano officially launched the ADA token becoming available for trading on cryptocurrency exchanges. Since then, the platform has developed further.