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The fastest blockchain; The highest speed of digital currency transaction in blockchain requires high-speed blockchains from various aspects. Blockchain is used as a basic technology in transferring assets and conducting various transactions. The most important reason for the need for fast blockchains is related to the possibility of fast and secure transfer of assets in this space. In fact, blockchain can be used not only for the transfer of digital assets but for any type of data.
Tracking Internet of Things activities is one of the services that requires high speed. Security is also considered a vital aspect in this field. Some of the features that blockchain can provide with increasing speed include providing diverse services to users.
Trading or conducting transactions in the world of cryptocurrency is also another field that blockchain serves. Some blockchains have the ability to perform large transactions faster and this attracts the attention of users.
The importance of system response time is also very important for users. According to the conducted research, the high speed of response of systems to users is very important. This emphasizes the development of decentralized systems to constantly improve their speed.
Finally, terms related to the fastest transactions, such as block construction time, network traffic, and cryptocurrency transaction speed, should also be considered. Based on these criteria, high-speed blockchains can provide the best services to users.
Now that you are familiar with the concept of speed in blockchains and we have introduced the terms related to this technology, below is a list of high-speed blockchains:
Bitcoin: With the consensus algorithm of proof of work, it performs 7 transactions per second and their finalization time is between 30 and 60 minutes.
Ethereum: With the proof of stake algorithm, it performs 25 transactions per second and their finalization time is 6 minutes.
Bitcoin Cash: performs 300 transactions per second and their finalization time is between 60 and 180 minutes.
Bitcoin Satoshi Vision: With 224 transactions per second, their finalization time is 60 minutes.
Litecoin: With 56 transactions per second and a finalization time of 30 minutes, it is considered among the slow blockchains.
Monero: with 4 transactions per second and a finalization time of 30 minutes.
Relatively fast blockchains
Cardano: With 250 transactions per second and a finalization time of 10 minutes, it is considered one of the relatively fast blockchains.
Ontology: With 5300 transactions per second and a finalization time of 10 minutes, it is among the relatively fast blockchains.
ICON: With 9,000 transactions per second and a finalization time of 10 minutes, it is considered among relatively fast blockchains.
Dogecoin: With 33 transactions per second and a finalization time of 6 minutes, it is among relatively fast blockchains.
This review shows that in the crypto world, speed is one of the main factors of interest in choosing blockchains, and each of them has different characteristics and times for conducting transactions.
