Which Coins Have the Quickest Transaction Time?

One major reason why many investors invest in Dash coin and other popular cryptocurrencies today is because of their fastness in carrying out transactions at a lower cost too.  However, the time taken to complete various cryptocurrency transactions has always varied based on the coin and its network. Hence, some coins today have been identified as having a strong network and can execute multiple transactions within a second. Others have been considered slower or lagging.

The ability of a given cryptocurrency to complete transactions within the shortest time interval is described as throughput. Only coins with strong scalability can execute many transactions within a short interval and at a greater speed too.

While Bitcoin for instance can process up to 10 transactions per second, Ethereum which is more scalable than Bitcoin can complete up to 20 transactions per second at a greater speed too. This is because Ethereum is currently more scalable than Bitcoin, especially with its network upgrade in September to the Proof-of-stake mechanism. This work has therefore examined the top ten coins with the quickest transaction time. This will make it easier for investors seeking highly scalable coins to know the best to pick from. 

What is scalability?

The term Scalability is used to describe those coins with a very strong network and able to complete a large volume of transactions on their blockchain within a short time. The degree of scalability for various Cryptocurrencies varies across the network. Often the proof-of-stake mechanism is found to be more scalable than the Proof-of-work mechanisms. Bitcoin still uses the Proof-of-work mechanism hence it is less scalable compared to Ethereum, Cardano, Solano, etc. 

Top six coins with the quickest transaction time

  • Algorand: Algorand is a self-supporting, permissionless proof-of-stake blockchain; offering high protection for coins and can execute transactions at a high speed. This coin has an inbuilt Immediate Transaction Finality (ITF) which supports an instant execution. Hence, the network can execute multiple transactions within a second. Presently, the Algorand network can execute upto 1,000 transactions per second on its network. 
  • Nano: Nano is one of the fastest decentralized networks for carrying out transactions today. Nano prides itself today as being able to execute transactions in less than a second. The Nano network has a block-lattice Blockchain which makes it so fast and able to perform multiple transactions within a second. 
  • Cardano: Cardano is often described as the third-generation blockchain that aims to integrate the features of Bitcoin, Ethereum, and Litecoin into one network to produce an advanced system, able to execute transactions within a second. The Cardano network uses a proof-of-stake mechanism called Ouroboros which helps to increase its scalability and security of the network. The Cardano network can withstand up to 257 transactions per second on its network today.
  • Stellar: Stellar is a decentralized network built to support a direct peer-to-peer transfer which helps to increase its speed in completing transactions. The Stellar blockchain has an inbuilt consensus protocol that strengthens its network and supports fast transactions. Stellar ledger has a limit of 1,000 operations per ledger and can complete 250 transactions within a second.
  • Ripple: Ripple is one of the fastest decentralized networks for running smart contracts. The Ripple network is highly scalable and boasts of completing over 1,500 transactions per second. 
  • Solana: Solana is an open-source crypto project designed to support the creation of a decentralized app (DApp). It has a strong proof-of-stake consensus protocol which makes it possible for it to perform a large volume of transactions within a second. The Solano network can execute over 50,000 Transactions per second. 

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