There have been numerous altcoin projects and blockchain networks developed as a means of improving the scalability as well as the transaction speed found within the Bitcoin (BTC) and Ethereum (ETH) blockchain networks.
There have also been numerous scaling solutions to make crypto fast, otherwise known as layer-2 protocols developed on top of the Ethereum blockchain as a means of helping it make more transactions per second (TPS).
However, there are currently more than 17,600 cryptocurrencies available, so finding the cryptocurrency projects which have the fastest transactions is no easy task.
Fastest Cryptocurrencies with Highest TPS in 2024:
- Solana (SOL): Known for its incredibly high transaction speeds, Solana can handle thousands of transactions per second (TPS), making it one of the fastest blockchains available.
- Hedera (HBAR): Utilizes a unique Hashgraph consensus algorithm to achieve high throughput and low latency, supporting high TPS for various applications.
- Cosmos (ATOM): Focuses on interoperability and scalability, with the ability to process high TPS through its Tendermint consensus algorithm.
- Neo (NEO): Known as the “Ethereum of China,” Neo supports high TPS with its delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, aimed at smart contracts and digital assets.
- Avalanche (AVAX): Designed for high throughput and low latency, Avalanche can process thousands of TPS, making it suitable for decentralized applications and financial services.
- EOS (EOS): Offers feeless transactions and high scalability, supporting high TPS for decentralized applications and enterprise solutions.
- Algorand (ALGO): Utilizes a unique Pure Proof-of-Stake (PPoS) consensus mechanism to achieve high TPS, focusing on security, scalability, and decentralization.
- Nano (XNO): Known for its feeless and instant transactions, Nano uses a block-lattice structure to achieve high TPS and efficient payment processing.
- Stellar (XLM): Designed for quick cross-border payments, Stellar can handle high TPS with low transaction fees, connecting financial institutions and payment providers.
- Waves (WAVES): A blockchain platform that supports high TPS and scalability, Waves is designed for decentralized applications, smart contracts, and token issuance.
As such, to make things easier on you, today, we are going to be jumping in a bit deeper into the world of crypto and will be going over the fastest tokens out there.
Top 10 cryptos with fastest transactions
- Bitcoin can process up to 7 TPS, while Ethereum can process up to 25 TPS.
- The typical BTC transaction time is around 10 minutes. However, it might take up to 60, assuming the transaction requires multiple confirmations.
- Ethereum’s processing time is around 5 minutes as a point of comparison.
- The cryptos with the fastest transactions are
- SOL, HBAR, ATOM, NEO, AVAX, EOS, ALGO, XNO, XLM, and WAVES are tokens that feature crypto fast transactions.
- Each cryptocurrency token listed here differs in the transactions per second (TPS) it can perform, as well as the average transaction time.
Coins
- Solana (SOL)
Solana is a crypto fast platform that was specifically developed to serve the role of a foundation on top of which developers can develop decentralized applications (dApps), and SOL is its native token.
Solana is a cryptocurrency network that can theoretically handle 65,000 transactions per second and has an average transaction time of 2.5 seconds, making it a fastly crypto.
- Hedera (HBAR)
Hedera features a crypto fast data structure that groups transactions together, known as a Hashgraph, and claims to process more transactions a lot more cheaply than many of its competing blockchain networks.
Hedera can handle up to 10,000 TPS and has an average transaction time between 3 to 5 seconds. This makes it yet another fast money cryptocurrency.
- Cosmos (ATOM)
Cosmos is essentially an ecosystem of blockchains, all of which are specifically designed to scale as well as interoperate with one another. Its goal is to enable these blockchains to communicate in a decentralized way. Cosmos can handle up to 10,000 TPS with an average transaction time of 45 seconds, which means it’s a fast transaction crypto.
- Neo (NEO)
Neo is essentially a software network as well as a platform on top of which anyone can conduct transactions as well as create decentralized products and services. Developers can run NeoContracts, which are smart contracts. Neo can handle up to 10,000 TPS with an average transaction time of 15 seconds.
- Avalanche (AVAX)
Avalanche is a smart contract-capable blockchain platform that puts an emphasis on transaction speed, low costs as well as being eco-friendly. It aims to deliver a highly scalable blockchain that does not sacrifice decentralization and security. Avalanche can handle up to 5,000 TPS with an average transaction time of 1 to 2 seconds.
- EOS (EOS)
EOS or the Entrepreneurial Operating System is a blockchain-based, decentralized platform specifically tailored towards the development, hosting, and deployment of decentralized applications (dApps). The native cryptocurrency token that powers it is known as EOS. Furthermore, EOS can handle up to 4,000 TPS with an average transaction time of 1.5 seconds.
- Algorand (ALGO)
Algorand is a blockchain platform as well as a cryptocurrency token specifically designed to fill the role of a major payment processor. Its blockchain uses a consensus mechanism known as Pure-Proof-of-Stake. Algorand can handle up to 1,000 TPS and has a transaction time of 45 seconds.
- Nano (XNO)
Nano is called the digital money for the modern world and is a cryptocurrency that is designed to fully facilitate secure and near-instantaneous payments without any fees. Its main goal is to address some of the limitations in legacy infrastructures and modern cryptocurrencies. Nano can handle up to 1,000 TPS with an average transaction time of 0.14 seconds.
- Stellar (XLM)
Stellar is essentially this decentralized protocol that is developed on open-source code to facilitate the process of transferring digital currency to fiat money domestically as well as across borders. The native cryptocurrency token is called Lumen (XLM). Stellar can handle 1,000 TPS with an average transaction time of 15 seconds.
- Waves (WAVES)
Waves is a blockchain network specifically developed to enable users the ability to create as well as launch custom cryptocurrency tokens. Tokens are created and managed through scripts that run within user accounts. Waves is a blockchain network that can handle up to 100 TPS with a transaction time ranging between 2 to 10 seconds.
The future of сrypto payments
In order for there to be a mass adoption in terms of cryptocurrencies on a global scale, the blockchain networks that currently power the cryptocurrency tokens we buy, sell, or trade, need to be up to par with the demand of the real-world use-cases.
Visa does around 1,700 transactions per second on average and is by far one of the most used payment processors out there. This means that, in order for blockchain networks to be up to par with real-world demand, this is the benchmark that they have to bypass.
In most cases, this benchmark has been long-passed by many cryptocurrency tokens we listed here, and as such, it is only a matter of time before cryptocurrency payments and real-world usage become mainstream.
While the technology was certainly not up-to-par when Bitcoin (BTC) first launched, that blockchain network did solve the online payments issue through a decentralized way and paved the way for the many altcoins and alternative projects we know today.
Why is transaction speed important?
The main reason as to why transaction speed plays an important aspect within the role of conducting cryptocurrency transactions throughout a blockchain network is due to the fact that it serves the role of being an indication of the networks’ capacity.
If a cryptocurrency ends up experiencing what is known as an increase in its transaction volume, then the average speed will decrease as a result.
If a blockchain project and payment system aim to be scalable on a global region, in that case, it would literally need to have the speed as well as capability of processing millions of transactions per second, and this is what many blockchain projects, which are typically in the form of altcoins aim to solve. It is also a benchmark as to how fast can you make money with cryptocurrency.
We are currently at a point in time where there is very healthy competition in this field, as new blockchain-based projects, as well as tokens, are coming out on a regular basis as a means of solving this issue as quickly as possible. However, for the time being, these ten tokens are the best options out there.
Conclusion
Hopefully, now you have a heightened perspective about what some of the cryptos with the fastest transactions are and know what you can expect within the future of blockchain technology.
Each of these projects brings something new to the overall crypto ecosystem and plays a major role in its overall evolution and eventual mass adoption.
