5 blockchains with the fastest transaction speeds

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Ever since their inception, two of the oldest and biggest blockchains, Bitcoin and Ethereum, have struggled with sluggish processing speeds and high transaction fees. Developers have recognised these issues and have produced some nifty innovations to address them. The result? New-age blockchains with blisteringly fast transaction speeds and nominal transaction fees. Therefore, if you are thinking about dipping your toes into crypto waters, it’s worth considering these smart chains, in addition to their mainstream counterparts. Here are five of the fastest blockchains listed in descending order of transaction per second (TPS): (Image: Shutterstock)

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No. 5: Cosmos | It has thus been christened the ‘Internet of Blockchains.’ Its native ATOM token is trading at $23.99 after climbing 5.90 percent over the last 24 hours. Its market capitalisation is $6.8 billion, with no hard cap on the number of tokens in circulation. (Image: Wikimedia)

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No 5: Terra | Terra takes the same spot as it uses the Cosmos Tendermint Engine and can manage 10,000 TPS with ease, however, it is still a growing network. Terra’s native LUNA token is priced at $88.88, up by 16.20 percent over the last 24 hours. It is a rapidly growing blockchain with a market capitalisation of $31.5 billion. (Image: Reuters)

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No 4: Fantom | Its native FTM token is currently trading at $1.14, up by 6.80 percent in the last 24 hours. It has a hard-capped limit of 3.175 billion tokens, of which  2.55 billion are in circulation with a market capitalisation of $2.8 billion.

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No 3: Solana | Solana was once the fastest blockchain boasting 50,000 TPS with gas fees as low as $0.000025 per transaction. However, the network has witnessed several outages, which have caused the price of its native SOL token to retrace its steps lately. SOL is currently trading at $101.88, up by 5.56 percent over the last 24 hours. Its market capitalisation stands at $33.9 billion. (Images: Shutterstock)

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No 2: Polygon | The Polygon has a peak processing capacity of 65,000 TPS. It adds scalability to the autonomous operations of smart contracts powered by the Ethereum blockchain, thus earning the title - ‘Internet of Ethereum’. The network has a hard cap of 10 billion tokens, of which 7.81 billion MATIC tokens are currently in circulation with a market capitalisation of $10.94 billion. MATIC is presently trading at $1.40, up by 7.14 percent in the last 24 hours. (Image: Twitter/Polygon)

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No 1: Bitgert | The BRC20 blockchain by Bitgert is the fastest one to exist so far, with a blinding speed of 100,000 TPS. The blockchain maintains this efficiency despite a near-zero transaction fee of $0.00000001 per transaction. BRISE is presently trading at $0.000001294, up by 32.20 percent over the last 24 hours. Its current market capitalisation stands at $552.4 million. (Image: Twitter/Bitgert)