Which blockchains are the fastest?

[examplens]

CoinGecko made a study of the fastest blockchains, it is about daily average transactions per second (TPS)
Solana reached a record high of 1,504 on 6th April.

Interestingly, Bitcoin is only on the 20th place



Source: https://www.coingecko.com/research/publications/fastest-blockchains?utm_campaign=Data%2BVisualization&utm_medium=social

What do you think, how important is speed and what does it mean for the future of each blockchain?

[un_rank]

It is no surprise that Bitcoin is 20th, it is designed to confirm transactions every 10 minutes on average while some of the other networks do it within seconds.

how important is speed and what does it mean for the future of each blockchain?

Speed is important for mass adoption, not everyone has the time to wait around for payment to be made and while it is easy to use, not everyone wants to use an off-chain solution.

But it still is a worthy trade off. Check how many times many of the other chains above Bitcoin have been exploited. Security is the all important factor any asset should have.

- Jay -

[ABCbits]

Initially i thought you're talking about confirmation time (how fast transaction included in a block), but i was wrong. Anyway, i'm surprised that Bitcoin doing good in terms of TPS when there are so many altcoin which promise high TPS or block size.

What do you think, how important is speed and what does it mean for the future of each blockchain?

Some blockchain definitely benefit from higher TPS capacity, especially ones which various usage (e.g. token/NFT creation). Although we shouldn't forget many coin have L2 or sidechain network, where we could keep using "same" coin.

[Stompix]

Anyway, i'm surprised that Bitcoin doing good in terms of TPS when there are so many altcoin which promise high TPS or block size.

It's 20 out of 25.

The top 30 blockchains were selected based on total value locked (TVL) ranking on DefiLlama on May 15, 2024.but 5 chains excluded due to insufficient data

My first thought was to see where doge is ranked and since it isn't there there was obviously something wrong, no litecoin, no cardano, and weird enough no xrp either.

[bitmover]

Visa Beats them all. 24k tps



Visa already did 24ktps when bitcoin was created.


Bitcoin isn't supposed to be faster than visa or any other altcoin.
It is supposed to be censorship resistant, borderless,  free. You shouldn't ask anyone to trander your money, even if it takes 10 minutes.

[hugeblack]

I think that these networks must be tested before we can say that they are the fastest. If the block size is large and each block is mined after about 3 seconds, the blockchain will be the fastest, but in terms of security, you need more than one confirmation to say that your transaction is safe.
Therefore, the term "fastest" must take into account the block size, network congestion, and the number of confirmations necessary to say that a transaction is secure.

[NotATether]

Litecoin and Dogecoin not even making the list is madness. Particularly Dogecoin. Aren't these coins using a much lower PoW block generation time?

And where is Bitcoin Cash in all this? I thought that was supposed to be the one with bigger block size and thus more throughput. Did everyone just turn off their BCH mining machines all of a sudden?

[garlonicon]

Visa already did 24ktps when bitcoin was created.

I don't know, if it is comparing apples with oranges. Because in Bitcoin, after 10 minutes, you have a single confirmation, which is hard to revert. However, if you use VISA, then finalizing your transaction in a similar way can take, I don't remember, 180 days? (I mean, the time to make it irreversible, and to block all chargebacks).

Also, another thing is hashrate. If you take for example BCH, and say, that their speed is 60 transactions per second, then you should also consider, how reversible their blockchain is. Because reaching a single confirmation on BTC, will probably be equal to a lot of confirmations on BCH. According to coin.dance, BCH has 0.56% of double SHA-256 hashrate. Which means, that the same hashrate, which can reverse a single BTC block, can be used to mine around 200 BCH blocks (and for that reason, they consider the chain as final, if something has 10 confirmations, and that change is also their double-edged sword, because by having something like 5-6% of BTC hashrate, you can finalize things on BCH).

When you use many services, like exchanges, then note that they can credit your BTCs after a single confirmation, or something up to six confirmations. It is rock solid. However, if you have some CPU-mineable altcoin, then guess what: it is very common, to have a chain with one minute block time, and see, that you need 100 or 120 confirmations, to get it accepted. Which means, that the total time of waiting in many altcoins is similar or worse than in BTC, because you have to wait for more than a single confirmation anyway.

I guess if people want to compare Bitcoin to VISA, then Lightning Network is a better comparison. Or maybe even some sidechains. Because in that case, you have a weaker security model, so you can have faster confirmation time, and process more transactions per second. And also, there is more room for chargebacks, if things are not immediately confirmed on-chain, and those kinds of payments are queued, and published later (when you close your LN channel, or when you peg-out, and leave some sidechain, then you can compare that time of "getting things on-chain", with those 180 days to "get things irreversible" in VISA).

[bitmover]

Litecoin and Dogecoin not even making the list is madness. Particularly Dogecoin. Aren't these coins using a much lower PoW block generation time?

Litecoin has a 2.5 minutes blocktime.
While dogecoin has a 1 minute blocktime.

Those coins has faster blocktimes, but this is just a design decision, just a different parameter in the code. Which has pros and cons.

They are faster , but they do not have superior technology compared to bitcoin

[Stompix]

Bitcoin isn't supposed to be faster than visa or any other altcoin.
It is supposed to be censorship resistant, borderless,  free. You shouldn't ask anyone to trander your money, even if it takes 10 minutes.

The part about free is not true, it was never free to move bitcoins, far worse than that it's the only payment method where you have to pay twice or thrice because you pay with three bills instead of one. But for the rest, yeah the actual advantage is in those things.

I don't know, if it is comparing apples with oranges. Because in Bitcoin, after 10 minutes, you have a single confirmation, which is hard to revert. However, if you use VISA, then finalizing your transaction in a similar way can take, I don't remember, 180 days? (I mean, the time to make it irreversible, and to block all chargebacks).

It's no longer 1999.
My business takes cards payments, the sum from the sale is immediately credited to your account and I can use that next minute to pay for my suppliers with it, I don't have to wait weeks or days to use that money, if a chargeback happens it gets taken from the sum but it's not like they are holding your money hostage.

Also not being able to receive a chargeback is not a true 100% advantage.
Shoppers love chargebacks, and sellers hate it, there are thousands of cases on BTT in the hundreds of scams where a chargeback option would have been great, of curse it would have triggered probably the same number of abuses, but you can't view it as a definitely positive.

[bitmover]

Bitcoin isn't supposed to be faster than visa or any other altcoin.
It is supposed to be censorship resistant, borderless,  free. You shouldn't ask anyone to trander your money, even if it takes 10 minutes.

The part about free is not true, it was never free to move bitcoins, far worse than that it's the only payment method where you have to pay twice or thrice because you pay with three bills instead of one. But for the rest, yeah the actual advantage is in those things.

I was not saying about moving bitcoin for free, but the freedom to move them as you wish, without asking for permition. I should have  used the word permitionless, or freedom...

[Agbe]

I think that these networks must be tested before we can say that they are the fastest. If the block size is large and each block is mined after about 3 seconds, the blockchain will be the fastest, but in terms of security, you need more than one confirmation to say that your transaction is safe.
Therefore, the term "fastest" must take into account the block size, network congestion, and the number of confirmations necessary to say that a transaction is secure.

You have spoken well, I was surprised to this ranking because the last time when I was trying to use Solana the network was congested and that lasted for about 3-4 months and here a network that was congested for all those months is the number one in the list. And I also made research on the fastest Blockchain and the op is right. I will not dispute about the fact on bitcoin because bitcoin network is not fast. And the position with Ethereum is good. I think this can also make the developers of bitcoin to sit up and clean up their blockchain so that the network will fast. We have to test the network as users so we can know which one is the fastest. +karma.