TPS, or Transactions Per Second, serves as a pivotal metric defining the speed and efficiency of a blockchain network. TPS quantifies the number of transactions a blockchain can process within a one-second timeframe, indicating its scalability and throughput capabilities.
High TPS ⏳️is a sought-after feature as it ensures faster transaction confirmations, reduced congestion, and enhanced user experience. Blockchain networks with robust TPS can handle a larger volume of transactions simultaneously, making them suitable for various applications, from cryptocurrency transactions to decentralized applications (DApps) and smart contracts.
Why Blockchain Transaction Speed is a Game-Changer!
As the cryptocurrency industry boasts millions of users, a high Transactions Per Second (TPS) rate is crucial. Increased cryptocurrency usage translates to more transactions, and a slow network results in congestion, causing prolonged transaction wait times.
While cryptocurrency transactions typically incur low fees, users seeking faster processing opt for higher fees to attract miners. However, this practice has led to a widespread increase in fees, rendering transactions unaffordable for many. This highlights the significance of Transactions Per Second as a crucial metric in any blockchain, influencing the overall cost and accessibility of transactions.
The tree fastest Blockchains are:
🥇Solana 100 000 TPS
🥈Polygon 65 000 TPS
🥉Erlond 15 000 TPS