- Transactions Per Second (TPS) is mostly regarded as a top consideration for determining the speed and efficiency of a blockchain.
- Solana has an efficient speed strength of 50,000 TPS, making it one of the fastest networks in the space.
According to recent research, the Solana blockchain is faster than Algorand and Tron. In a list of the fastest blockchains in the cryptocurrency space, Solana outclasses some of its peers, earning a reputation as one of the best blockchains.
With the league of existing blockchains, speed and safety are the top factors investors and developers consider before committing to a particular blockchain. The efficiency of a blockchain is rated by how swiftly it can process transactions.
Major attributes of Algorand and TRON
Algorand is making a wave of offering a relatively high transaction speed. Found in 2019, the blockchain has a TPS strength of 1,300. The project is attempting to increase it to 3,000. The blockchain utilizes a Pure Proof-of-Stake (PPoS) consensus mechanism. This system of PoS doesn’t require validators to lock up their funds to participate in the validating process. Algorand picks validators randomly and incentivizes them for their contribution to the network. Algorand is commonly referred to as a multi-layer structure that ensures the swift processing of transactions while prioritizing security. However, its 1,300 TPS still falls short of Solana’s.
Tron is a decentralized blockchain-based operating structure designed by the Tron Foundation. The blockchain has a speed strength of 2000 TPS, and it’s capable of processing transactions in 5 minutes. The blockchain has been utilized by numerous projects because it segments different kinds of ecosystem data.
How Solana reigns supreme over its peers
Solana has gained major recognition in the digital asset sphere due to its strength in processing transactions swiftly. The blockchain has an efficient speed strength of 50,000 TPS an impressive figure that has attracted numerous DApps and NFTs projects. With NFT collections, Solana has established itself as a worthy competitor against the dominance of Ethereum.
This giant stride coincides with the low on-blockchain fee Solana charges. Since its creation in 2017, the blockchain has attracted over 350 projects as its TPS and low fee appeal to many developers. Worth noting that the Solana blockchain combines both proof-of-history (PoH) and proof-of-stake consensus mechanisms.
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With the attributes listed above, Solana seats above Algorand and Tron on the list of the fastest blockchain. Though, both Algorand and Tron are working on future updates that will aid them to process transactions faster. Currently, they fall short of Solana on numerous metrics.