In the current financial system, customers are tired of long waiting and payment validation time. Imagine sending money from one country to another country via banks. Usually, it would take around 2–3 days, more the customers have to bear excessive transaction costs. In order to help such customers, blockchain came to the rescue.
Blockchain transactions can be validated 24/7 without the help of any 3rd party, so customers don’t have to pay sky-high transaction fees. But here is the thing, since new technologies always come with certain issues, so does blockchain. And in the case of cryptocurrencies, it is ‘TPS’ (transactions per second). Even though most of the blockchain transactions are processed from seconds to minutes or sometimes even hours, yet most of them can’t cope up with the speed associated with Visa, Master Card or Paypal. For example, Paypal processes almost 193 transactions per second while Visa processes from 15,000–20,000.
On the other hand, we all know that Bitcoin and Ethereum have been the top trending currencies on almost every single exchange. But do you know how many transactions both of these cryptocurrencies can handle? You will be shocked to find out that Bitcoin handles 7 while Ehtereum handles 20 TPS. This is far lower than Paypal and Visa, and if blockchain technology has to break grounds, it has to exceed current network transaction speed.
Here are the top 5 major blockchains listed in the descending order. Please note that we aren’t considering the small blockchain based startups that claim to have gained millions of TPS. Apart from Futurepia, we just took the cryptocurrencies based on their market cap.
a) Futurepia
Futurepia is a distributed social media Mainnet based on blockchain technology. It is based on DDPoS(Double Delegated Proof of Stake), a new consensus algorithm that solves the problem of the existing DPoS (Delegated Proof of Stake) method, which is called 3rd generation blockchain technology. In DDPoS, as Block is created in each round, the master node (BP) and the Futurepia node (BO) become representative nodes in random order. Because of this, the risk of collusion between master nodes decreases and improves the processing speed.
Futurepia mainnet’s speed has been verified to be 300,000 TPS and has been certified by the KOLAS (Korea Laboratory Accreditation Scheme).
Check out their Telegram community: https://telegram.me/futurepia_blockchain
b) EOS
Launched in June 2018, EOS is probably the most famos mainnet for its speed. When EOS was launched, it was called as ‘Ethereum Killer’ and when it crossed 3,000 TPS, it was a big news in the town as it broke two major record:
a) Becoming the fastest blockchain and
- First time ever a cryptocurrency overpassed the Visa TPS speed (which averages 1700 at that time)
Just like Futurepia, EOS is also platform for DApps where developers build blockchain based decentralized apps on EOS’s underlying infrastructure. Currently, they claim to have gained the speed of 50,000 TPS.
c) Ripple
Ripple is one of the fastest and secure blockchain. It offers 1,700+ TPS on average. Ripples transaction speed could be the key to its rise as the next generation peer-to-peer payment platform provider.
d) NEO
NEO is one of the emerging blockchain claiming to have 1000–10,000 TPS speed. Just like Futurepia and EOS, they offer a platform for DApps, provide certain APIs for DApp developers. According to their website “ It utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts. Using a distributed network, it aims to create a “Smart Economy”
But they claim that by 2020 they will be able to achieve 100,000 TPS which Futurepia has already achieved.
e) Bitcoin Cash
Bitcoin cash can handle upto 65+ transactions per second on average (more than Litecoin that is capable of handling around 56 TPS). Both Bitcoin cash and Litecoin are among the top 10 cryptocurrencies based on their market cap, even though Bitcoin Cash has block size issues.
About Author: Majid Mushtaq did his Masters in Industrial and Management Engineering from Hankuk University of Foreign Studies (KGSP Scholarship 2015). He codes in Python, C++, Matlab and expert at social media marketing tools like Hootsuite, Hubspot, Shortstack, Wordpress and Mailchimp. In the past, he has worked with Korea.net and Korea Tourism Organization as a blogger and has represented Pakistan at 18 countries. He is currently owner of Korea Diaries — A blog journey through Korea blog through which he shares his love for Korea and Korean culture.