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Blockchain technology has witnessed tremendous growth and development over the last few years.
And as new and innovative solutions come to the scene, adoption continues to rise in tandem with demand for more powerful blockchain networks. Some of the fastest blockchain networks currently include Coreum at 7,000 TPS, Solana at over 4,000 TPS, and Aleph Zero at a whopping 100,000 TPS.
Blockchain’s speed, scalability, and efficiency have become pivotal factors for developers and businesses as the industry grows. In this article, we’ll explore the fastest blockchain networks of 2023.
Solana is a cutting-edge, open-source blockchain network that has gained significant attention and popularity for its remarkable support of smart contracts and non-fungible tokens (NFTs).
Developed in 2017 by a talented team of blockchain enthusiasts, including Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge, and Raj Gokal, Solana stands out as a permission-less, layer-1 blockchain solution designed to address the limitations of scalability and transaction speed prevalent in many existing blockchain platforms.
By leveraging its innovative architecture and consensus mechanism, Solana aims to scale throughput beyond what is typically achieved by popular blockchains while keeping costs low. It works on the proof-of-history (PoH) consensus mechanism and can achieve speeds of up to 710,000 TPS on paper. However, Solana handles over 4,400 transactions per second in a real-world scenario.
Aleph Zero is a Layer 1 privacy-enhancing blockchain that allows developers to work in a secure and scalable environment with low transaction costs. Just like Solana, Aleph Zero supports smart contracts but with a twist.
While most smart contract platforms are built on public blockchains, Aleph Zero offers a niche product where developers can build privacy-preserving chains and smart contracts. This is ideal for business and enterprise applications. Therefore, a business can use this blockchain to create distributed ledgers transacting private information.
Aleph Zero uses the AlephBFT consensus and DAG auxiliary structure to maximize security. Aleph Zero is built on an innovative peer-reviewed consensus mechanism and a substrate stack.
It is unique because it focuses on creating Distributed Ledger Technology (DLT) while preserving privacy through ZK-SNARKs encryption and Secure Multi-Party Computation (sMPC).
According to a lab test, Aleph Zero’s AlephBFT processed 89,600 transactions per second with a validation time of 416 milliseconds. However, on paper, the Aleph Zero protocol can process as many as 100,000 transactions per second (TPS) with a block confirmation time of no more than 2 seconds.
Injective is a decentralized financial (DeFi) focused blockchain that allows developers to create various applications using its out-of-the-box modules, such as a fully decentralized order book. Built on the Cosmos SDK, it uses the Tendermint proof-of-state consensus framework for instant transaction finality. The platform is noted for its ability to facilitate fast cross-chain transactions across large layer-one networks like Ethereum and Cosmos Hub.
The Injective ecosystem provides unrestricted access to decentralized financial markets, products, services, and tools to empower users to allocate capital more efficiently. It is optimized for decentralized finance, allowing developers to create mainstream decentralized applications (dApps). Developers can leverage the order book to launch exchanges, predict markets, and other on-chain strategies.
Injective is interoperable across various blockchain networks and is Inter-Blockchain Communication (IBC)-enabled. It facilitates seamless cross-chain transactions across Ethereum, Moonbeam, and other IBC-enabled chains like Cosmos Hub. Since Injective is built on the Cosmos SDK, it can leverage Cosmos’s infrastructure, therefore, enabling it to achieve over 10,000 TPS.
Injective supports CosmWasm, a smart contracting platform designed for the Cosmos ecosystem, enabling developers to easily launch their smart-contract-powered applications. Additionally, migration of smart contracts from other chains that support CosmWasm can be done on Injective. Injective also supports the launch of Ethereum and IBC-compatible tokens, making tokens launched on its platform accessible to multiple networks by default.
Coreum is a blockchain platform that is designed to go beyond technology into a future where real-world problems are solved at scale through the blockchain.
Their platform provides a native token management system that enables anyone to build modular, fast, secure, and interoperable enterprise-grade blockchains.
For instance, you can build a Decentralized Exchange (DEX) while being fully decentralized and interoperable with other popular blockchain networks.
Coreum uses WebAssembly (WASM) to process smart contracts and utilizes the Tendermint Byzantine Fault Tolerance (BFT) consensus mechanism and Cosmos SDK’s proven Bonded Proof of Stake (BPoS).
In terms of speed, the Coreum blockchain is designed to be fast and efficient, allowing for high throughput and low latency. It can handle up to 7000 simple transactions per second, and this can be increased to 14000 by adding a single side chain.
In terms of cost-efficiency, the Coreum blockchain incentivizes network participants to conduct more transactions by providing bulk fee discounts. This means that the more transactions that are conducted on the network, the lower the fees will be.
In terms of predictability, the Coreum blockchain is designed to be deterministic, meaning that the outcome of a transaction can be predicted with certainty. This is important for applications that require a high degree of predictability, such as financial applications.
The Coreum blockchain is also highly secure as it is designed to be fully decentralized, meaning that there is no single point of failure. It also leverages the Tendermint Byzantine Fault Tolerance (BFT) consensus protocol, which is designed to be fast and efficient while also being highly secure.
What’s more, Coreum is fully interoperable with other blockchains, allowing for the seamless transfer of assets and data between chains. This enables Coreum to handle a much larger volume of transactions, making it a more efficient and scalable blockchain platform.
So there you have it. The fastest blockchain networks, Solana, Aleph Zero, Injective, and Coreum, have emerged as leading solutions, given the challenges the blockchain community has faced over the years. Solana stands out for its support of smart contracts and NFTs, achieving speeds of over 4,400 transactions per second.
Aleph Zero focuses on privacy-preserving blockchains, offering high transaction speeds of up to 100,000 TPS. Injective enables fast cross-chain transactions and decentralized finance applications with over 10,000 TPS. Coreum aims to solve real-world problems with its modular and interoperable enterprise-grade blockchains, handling up to 7,000 transactions per second.
These networks contribute to the broader adoption of blockchain technology, providing innovative solutions for various industries. As the industry evolves, speed, scalability, and efficiency will continue to be vital factors, paving the way for a decentralized and interconnected future.
Ubik Capital is a PoS validator across several networks, including Solana, Cosmos Network, Polkadot, Oasis Protocol, Crypto.com, Band Protocol, Aleph Zero, ICON Network, xx Network, Coreum to mention a few.
Ubik Capital makes it easy for users to stake and delegate their coins by providing them with a simple interface and 24/7 support. Furthermore, with 100% uptime across all networks, users can be assured that their coins are always being staked and earning rewards.
If you’re interested in staking your coins with Ubik Capital, you can check out some of their top guides on how to do so:
- How to Stake Cosmos ATOM with Ubik Capital
- How to Stake SOL with Ubik Capital
- How to Stake Polkadot DOT with Ubik Capital
- How to Stake Oasis Protocol ROSE with Ubik Capital
- How to Stake Crypto.com CRO with Ubik Capital
- How to Stake Injective INJ with Ubik Capital
- How to Stake Band Protocol BAND with Ubik Capital
- How to Stake Aleph Zero AZERO with Ubik Capital
- How to Stake ICON Network ICX with Ubik Capital
- How to Stake Coreum CORE with Ubik Capital
Proof of Stake is an increasingly popular consensus algorithm, especially with Ethereum’s transition into PoS. There are many variations of a PoS consensus algorithm; however, with this guide, you should understand how it generally works.
Ubik Capital is an excellent option if you’re interested in earning rewards by staking your coins.
Capital is a Proof-of-Stake service provider, validator, and investor. Ubik Capital provides staking-as-a-service as well as investments to various blockchain projects. Ubik Capital secures major networks and is a trusted staking provider with years of industry experience.
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Disclaimer: Not financial advice. Cryptocurrency and blockchain investments are high risk, can incur substantial losses, and are not suitable for everyone. Please consult a professional before considering investment in any cryptocurrency. This article does not encourage or support any specific investments, use of applications or technology, or financial direction. This article is for informational purposes only and should be verified and validated externally for 100% accuracy.
