Is there a way to avoid the high fees and slow speeds often associated with blockchain transactions? The answer is yes. The blockchain transaction speed and cost are revealed in this comprehensive article. Find out which blockchains prioritize transactions and how to choose the best blockchain platform.
Overview of Blockchain Transaction Speed and Cost
- Tectrum appears to be the fastest blockchain with an exceptionally high transaction speed (TPS) of 1,200,000.
- Solana, achieved a record high of 1,504 transactions per second (TPS) on April 6, 2024, during the memecoin mania.
This makes Solana 46 times faster than Ethereum and over 5 times faster than Polygon, which boasts the highest TPS among Ethereum scaling solutions
- Non-EVM (non-Ethereum Virtual Machine) blockchains, such as Sui, TON, and Near Protocol, exhibit an average peak TPS of 284, making them 3.9 times faster than EVM-based blockchains
- Binance Smart Chain (BSC) achieved 378 TPS, surpassing Ethereum scaling solutions. Polygon recorded 190 TPS, outpacing Ethereum itself by 8.4 times
- Over the past year, 24 out of 25 blockchains set their highest real TPS, including Tron and zkLink Nova
Tectrum: The Fastest Blockchain with 1,200,000 TPS
Tectrum blockchain is changing ideas about scalability and transaction speeds in blockchain. It is upending preconceived notions.Â
As blockchain technology developed, it became clear that large transactions would need platforms.
Tectrum has unmatched scalability and efficiency. It has established itself as a leader in high-speed transaction processing. It's doing so using cutting-edge technology and creative business methods.
Recent data shows that Tectrum is the fastest blockchain. It achieves an amazing 1,300,000 transactions per second.
Tectrum sets a new industry benchmark with its record-breaking speed. This capability showcases its power to process massive transactions with ease.
Tectrum's breakthrough in transaction speed could change the blockchain ecosystem. It will help big applications work better. It's also going to cut costs from delays and congestion. This progress encourages the spread of blockchain. It's happening in many sectors.
Solana Achieves Record High of 1,504 TPS
When blockchain technology was first introduced, Bitcoin and Ethereum faced big challenges. These were with transaction speed and cost.
High fees and slow processing times made people doubt their ability to scale. They doubted that they could be practical for widespread use.
New blockchains and scaling solutions are emerging to address these issues. This prompts a need to test their transaction speed (TPS) and cost.
On April 6, 2024, Solana hit a record. It reached 1,504 transactions per second during the memecoin mania.Â
This achievement makes Solana 46 times faster than Ethereum. It's over 5 times faster than Polygon, the top Ethereum scaling solution's TPS.
Solana's breakthrough in transaction speed showcases its potential to handle high transaction volumes efficiently, reducing congestion and transaction costs.Â
This improvement makes Solana attractive for finance and DApps. It will foster wider blockchain adoption in many industries.
Non-EVM Blockchains' Average Peak TPS of 284
Ethereum Virtual Machine (EVM)-based blockchains have been the standard for many developers. They are popular due to their compatibility and established infrastructure.
But they often face limitations in transaction speed and scalability.
Non-EVM blockchains, such as Sui, TON, and Near Protocol, exhibit an average peak TPS of 284.Â
This rate is 3.9 times faster than EVM-based blockchains. It shows their efficiency in processing transactions.
Non-EVM blockchains perform well. They show potential as alternatives to EVM-based platforms.
Their faster transactions can drive innovation and competition in the blockchain ecosystem. This will encourage developers to examine these platforms for better and scalable solutions.
Binance Smart Chain (BSC) Achieves 378 TPS
Binance Smart Chain (BSC) has become a big player in the blockchain space. It aims to offer faster and cheaper transactions than Ethereum.Â
We need to test its performance against other leading blockchains and scaling solutions.
BSC achieved a peak of 378 TPS. This surpassed Ethereum's scaling solutions in speed.
BSC's performance demonstrates its ability to handle larger transaction loads.
BSC has performed well. It's a competitive platform for financial transactions and decentralized applications. It offers users lower fees and faster processing times.
This makes it attractive to developers and businesses. They want to use blockchain for scalable apps.
Polygon Records 190 TPS
Polygon is an Ethereum scaling solution. It addresses the network's limits in speed and cost.Â
People compare its performance to Ethereum and other scaling solutions. This comparison is important for understanding its effectiveness.
Polygon recorded a peak TPS of 190, making it 8.4 times faster than Ethereum itself. This shows Polygon's skill at boosting transaction speeds. It also cuts congestion on the Ethereum network.
Polygon's faster transactions support the development of better DApps on Ethereum. They offer increased complexity and ease of use.
This can lead to wider use of Ethereum-based apps. It will promote growth of the blockchain ecosystem.
24 out of 25 Blockchains Set Their Highest Real TPS
The blockchain industry has seen rapid progress. Many platforms are working to improve their transaction speeds and scalability.
Tracking the highest real TPS of these blockchains provides insights. It shows how they have progressed.
In the past year, 24 out of 25 blockchains set their highest TPS. This includes platforms like Tron and zkLink Nova.Â
This trend shows significant improvements in the industry. The improvements are in transaction speed and efficiency.
Many blockchains have achieved a record throughput per second. This reflects ongoing industry innovation and improvement.
Faster transactions make blockchains more useful. They encourage mainstream adoption and use in many sectors.
Comparative Data of Blockchain Transaction Speed and Cost
This is a comparative table of transaction speeds and throughput for various popular blockchain networks:
| Blockchain Network | Transaction Speed (TPS) | Throughput (TPM) |
| Bitcoin | ~7 TPS | ~420 TPM |
| Ethereum | ~32 TPS | ~1920 TPM |
| Solana | ~1504 TPS | ~90,240 TPM |
| Ripple | ~1500 TPS | ~90,000 TPS |
| Litecoin | ~56 TPS | ~56 TPM |
| EOS | ~4,000 TPS | ~240,000 TPM |
| Cardano | ~257 TPS | ~15,420 TPM |
| Tectrum Blockchain | ~1,300,000 TPS | ~72,000,000 TPM |
Note: Transaction speeds and throughput can vary based on network conditions, protocol upgrades, and optimizations. These values are approximate and subject to change.
What are the Challenges and Tradeoffs of Blockchain Transaction Speed and Cost?
Blockchain transaction speed is not easy to optimize, as it involves a trade-off between scalability, security, and decentralization.
Scalability
Scalability refers to the ability of the network to handle a large volume of transactions without compromising performance.
One way to achieve scalability is by increasing block sizes or reducing block times to process more transactions per second (TPS).
However, increasing scalability often comes at the cost of decentralization.
For example, larger block sizes require more computational power and storage space, making it challenging for smaller nodes to participate in the network.
This can lead to centralization, where a few large nodes dominate the network, compromising its decentralized nature.
Security
Security refers to the ability of the network to resist attacks and ensure the integrity and validity of the transactions.
One way to enhance security is by implementing robust consensus mechanisms that require significant computational effort or stake to validate transactions.
However, these security measures can impact scalability.
For example, proof-of-work (PoW) consensus mechanisms, like those used by Bitcoin, require miners to solve complex cryptographic puzzles to add blocks to the blockchain.
While PoW ensures high security, it limits transaction throughput due to the time and energy required to solve these puzzles.
On the other hand, consensus mechanisms that prioritize scalability, such as proof-of-stake (PoS), may compromise security.
PoS allows validators to validate transactions based on the amount of cryptocurrency they hold, rather than computational power.
While PoS improves scalability by reducing energy consumption, it may incentivize centralization, as validators with more stake have more influence over the network.
Decentralization
Decentralization refers to the degree of distribution and diversity of the network nodes and participants, which prevents centralization and censorship.
A decentralized network is more resistant to censorship and single points of failure.
Decentralization can be difficult to achieve without sacrificing security, though.
Decentralized networks, for example, depend on a consensus mechanism to verify transactions and preserve node consensus.
A 51 percent attack, in which one party controls most of the network's computing power or stake, could be possible if the network is overly decentralized.
On the other hand, enforcing more stringent validation procedures or consensus mechanisms may result in a concentration of power among a small number of reliable entities.
Although this improves security, it compromises the network's decentralization.
What are the Solutions and Innovations to Improve Blockchain Transaction Speed?
Many solutions and innovations aim to speed up blockchain transactions. They do this by changing existing protocols or creating new ones.
Segregated Witness (SegWit) is a protocol upgrade. It separates the signature data from the transaction data. This cuts the size of each transaction and increases the capacity of each block.Â
It also enables other solutions. An example is the Lightning Network. It creates a network of payment channels that operate off-chain.Â
This allows users to make instant, low-cost transactions. They can do this without relying on the main chain.
Sharding is a technique that splits the network into smaller, parallel sub-networks. Each shard has its own transactions, validators, and consensus rules.Â
This reduces the load and delay of the main chain. It increases the throughput and efficiency of the network.
Plasma is a framework. It creates a hierarchy of child chains. They operate off-chain and anchor to the main chain.Â
ZK-Rollups is a solution that combines many transactions into one. It uses zero-knowledge proofs to prove their validity and correctness.Â
This reduces the data and the fees needed to submit transactions to the main chain. It also improves the privacy and security of the network.
How to Choose the Best Blockchain Platforms for Your Need?
Transaction speed matters when choosing a blockchain platform. But, it's not the only factor.
You should also evaluate other aspects. These include the cost, ease of use, and compatibility of the platform. Also, its features and reliability are important.
Your needs may vary. You might want a platform with high speed, low fees, and high scalability. Or, you might want one with high security, high decentralization, and high functionality.
You should also consider the trade-offs and limits of each platform. You should also think about the risks and rewards of using them.
Ultimately, the best blockchain platform for your needs is the one that meets your requirements and expectations, and that aligns with your vision and values.
Recent Developments in Blockchain Transaction Speed and Cost
Blockchain technology has witnessed significant advancements aimed at improving transaction speed and scalability. Some notable developments include:
Layer 2 Scaling Solutions
- Lightning Network (Bitcoin): The Lightning Network is a layer 2 scaling solution for Bitcoin that enables instant, high-volume transactions by creating off-chain payment channels between users.Â
This reduces the load on the main blockchain, resulting in faster and cheaper transactions.
- Optimistic Rollups (Ethereum): Optimistic rollups are a layer 2 scaling solution for Ethereum. They bundle many transactions into a single rollup. This increases throughput and cuts fees. vision and values.
Optimistic rollups speed up transactions. They do this by processing transactions off-chain. They then submit only the final state to the Ethereum mainnet.
Protocol Upgrades
- Ethereum 2.0: Ethereum is getting a major upgrade to Ethereum 2.0. It includes a shift from the energy-intensive proof of work (PoW) to the more efficient proof of stake (PoS).
This upgrade accelerates Ethereum's transaction processing. It will also increase throughput and cut energy use.
- Bitcoin Upgrade Proposals: Several proposals have been made to upgrade the Bitcoin protocol to improve transaction speed and scalability.
These include Schnorr signatures, Taproot, and the implementation of sidechains, which aim to optimize transaction processing and increase network capacity.
New Consensus Mechanisms
- Delegated Proof of Stake (DPoS): DPoS is a consensus mechanism used by blockchain networks like EOS and Tron, where network validators are elected by token holders to validate transactions.Â
DPoS enables high transaction speeds by reducing the number of validators and increasing network efficiency.
- Proof of Authority (PoA): PoA is a consensus mechanism used by networks like VeChain and POA Network. Validators are authorized entities rather than anonymous miners.Â
PoA ensures fast transactions and high throughput. It does this by sacrificing decentralization for more efficiency and scalability.
These recent developments show the ongoing efforts within the blockchain community to address the scalability challenges and improve transaction speed, making blockchain technology more feasible for real-world applications.
