Which is the fastest blockchain?
TPS, or transactions per second, refers to the number of transactions that a blockchain network can process each second. In the beginning there was just Bitcoin. But since Bitcoin’s inception, there have been many other blockchains created including Solana which says it is the fastest.
Below is a list of the fastest to the slowest. We are not listing everything; just the larger and more popular ones. We will add more as time goes.
Cryptocurrency
Transactions Per Second (TPS)
Average Transaction Time
Solana
over 65,000 TPS
0.8 sec
Cosmos
10,000
2-3 min
Avalanche
5,000
1-2 sec
EOS
4,000
0.5 sec
Ripple
1,500
4 sec
IOTA
1,500
1-5 min
Stellar
1,000
2-5 sec
Algorand
1,000
45 sec
Litecoin
56
30 min
Ethereum
15-25
6 min
Bitcoin
3-7
10 min
So the first thing we notice is that Bitcoin is rather slow compared to the other blockchains. Bitcoin has become like gold in that there is a limited supply (around 18 million in circulation and 20 million total) compared to others that have 100 million or 8 or 20 billion. So the value of Bitcoin is large but we’ll have to see if that remains as other blockchains continue to clock faster speeds and many more projects compared to Bitcoin.
Also, worth mentioning; we’re looking at the “TPS (transactions per second)” as opposed to the “Average Transaction Time.” This is a “How fast is this blockchain for everyone using it at the same time” versus a “How fast was this just for me” comparison. Yes, you should be interested in how fast it was for a single confirmation meaning YOUR transaction or exchange but for the longevity of the blockchain, it’s more important that is can handle many TPS for all users at that time. THIS is what will make the platform last and be popular amongst world wide users.
CF