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The Interrelation of TPS and Blockchain Speed: A Crucial Correlation

TPS: The Pivotal Performance Indicator

Transactions per second (TPS) serve as a critical metric in evaluating blockchain performance. It measures the number of transactions a blockchain network can process within a given time frame, typically measured in seconds. High TPS indicates a network's ability to handle a significant volume of transactions efficiently.

TPS and Usability

TPS plays a fundamental role in blockchain usability and adoption. A blockchain with low TPS can lead to network congestion, delayed transactions, and poor user experience. On the other hand, a blockchain with high TPS ensures smooth and timely transaction processing, enhancing user satisfaction and encouraging wider adoption.

Speed Comparison of Major Cryptocurrencies

As of January 2024, a study by Statista revealed the average transaction speeds of 74 cryptocurrencies with the highest market capitalization. Solana emerged as the fastest among large blockchains, boasting a record-high TPS of over 60,000. Other notable cryptocurrencies with high TPS include:

• Ethereum: 15-20 TPS
• Bitcoin: 3-7 TPS
• Ripple: 1,500 TPS
• EOS: 4,000 TPS

Transaction Confirmation and Speed

The speed of transaction confirmation also impacts overall blockchain performance. Transaction confirmation refers to the process of verifying and adding a transaction to the blockchain, which takes time depending on the consensus mechanism used. Blockchains with faster confirmation times, such as Solana, provide users with near-instant confirmation of their transactions.

Cryptocurrencies with Fastest Transaction Times

Changelly has compiled a list of cryptocurrencies with the highest transaction speeds on the market, including:

• Solana
• Ripple
• EOS
• Tezos
• Algorand