Most Blockchain network in the market are slow, with Bitcoin only able to process up to 7 transactions per second (TPS). While, Ethereum can only process up to 25 TPS. These are shockingly slow transaction speeds for two of the most widely used cryptocurrencies in the world.
In this article, we share explanations of blockchain transaction speed and then provide information on the cryptocurrency regarded as the fastest blockchain with high transaction speed on the market, as of 2019-2020.
Blockchain Transaction Speed Explained
Transaction speed of a Blockchain refers to the rate at which a transfer of data happens from one account to the other. The transaction speed of a Blockchain is considered high if a transaction on the network is confirmed quickly, within a matter of seconds.
The transaction speed of a blockchain depends on various factors such as block size, block time, transaction fees, and network traffic.
Now that you’ve learned the basics of Blockchain transaction speed as explained above, let us look at the only few blockchains that boasts a high transaction speed.
EOS: The Fastest Blockchain with High Transaction Speed (2020)
As of 2019-2020, EOS is considered the fastest blockchain to enter the cryptocurrency market. Their aim is to build a network to process millions of transactions per second. The primary goal of EOS is to build a decentralized blockchain that process fast and free transactions. It allows for smart contracts to be built on top of it, just like Ethereum.
EOS was launched in June 2018, and is popularly cited in articles on blockchain transaction speeds. According to the Blockchain Council, EOS crossed 3,000 transactions per second (TPS) during initial stage of its mainnet launch and thus broke two records:
- Became the fastest blockchain.
- Became the first cryptocurrency to surpass the transaction speed of Visa (1,700 transactions per second on an average).
The EOS network currently has an all-time high of: 3996 TPS. However, it claims to be able to process 50,000 TPS.