How To Choose The Best Blockchain? Fastest Blockchain Comparison 2022

The industry of blockchains is full of big names. This competition contributes to further technology development. With this broad range of distributed ledgers, software engineers and end-users are slightly confused. Sometimes they have to make a difficult choice when they need to create dApps or simply transfer tokens to their counterparts. If you have a similar problem, below you can find the description of the top blockchains and a special table where we describe the top blockchains in terms of transaction speed, finality, and costs.

Tezos

General information:

Transactions per second: 50

Transaction fee: $0.00232

Transaction finality: 30 minutes

Consensus mechanism: Liquid Proof of Stake (LPoS)

Tezos was one of the closest Ethereum competitors around the middle of 2010. The platform was launched in 2014 by the Breitman family. The Tezos Foundation was registered in Zug, Switzerland. The foundation was launched in 2017 and helped the project with additional funds.

Tezos uses the liquid proof of stake consensus mechanism, which uses nodes to create new blocks. Being more eco-friendly, LPoS shows better performance when it comes to transaction speed and scalability. While Bitcoin and Ethereum can hardly handle up to 15 TPS, Tezos can show an impressive 50 TPS, which looks revolutionary as compared to the main competitors shown on CoinMarketCap. Transaction fees are also comfortable as you will have to pay $0.00232 per transaction on average. This is not the lowest fee possible when comparing Tezos with other modern blockchains.

Tezos is an on-chain governance blockchain, which means that all the proposals on the network upgrades need to pass the community vote first. This model helps the blockchain to avoid hard forks. The mainnet of the distributed ledger was launched in 2018. As of Late 2021, there are 400+ nodes validating transactions on Tezos.

Binance Smart Chain

General information:

Transactions per second: 62

Transaction fee: $0.01

Transaction finality: 1 minute 15 seconds

Consensus mechanism: Proof of Stake Authority (PoSA)

Binance Smart Chain is an attempt by the most popular cryptocurrency exchange to create a decentralized network for various purposes. BSC platform was launched in 2020. This is a smart contract platform that mimics the functionality of Ethereum and EOS.

This is not the first attempt of Binance to launch its own network. The previous one was called Binance Chain. BSC was created to introduce smart contracts into the Binance ecosystem. According to the officials, they avoided adding smart contracts to Binance Chain to prevent to avoid losing effectiveness and network speed. Binance developers have found the solution in creating a parallel chain to host smart contract functionality.

BSC is not a new blockchain. To build it, the team forked Go Ethereum and added some upgrades to differentiate it from Ethereum. They have introduced the proof of stake Authority consensus mechanism, which allows the administration to have control over the whole network. While this approach decreases the level of decentralization to the lowest amounts, it allows the network to show higher speed and minimize transaction costs.

Cardano

General information:

Transactions per second: 1,000

Transaction fee: $0.02

Transaction finality: 2 minutes

Consensus mechanism: Ouroboros Proof of Stake (OPoS)

This public blockchain platform was launched in 2015 by former Ethereum developer, Charles Hoskinson. The open-source and decentralized network uses the proof of stake protocol, which, according to its founder, contributes to higher speed and scalability while consuming less energy. Cardano Foundation, registered in Zug, Switzerland, supervises and manages the development.

Cardano is a two-layer blockchain. The native ADA token is a part of the settlement layer, which plays the same role as Bitcoin on the Bitcoin blockchain. There is also a computation level, which is similar to that of the Ethereum network and is responsible for smart contracts to be launched and run.

Cardano introduced Plutus, a special programming language to write smart contracts. With Marlowe, non-programmers received a strong tool to build their smart contracts on this blockchain.

With Ouroboros PoS consensus mechanism, Cardano competes with other Proof-of-Work and proof of stake-based blockchains like Bitcoin, Ethereum, EOS, Tezos, and others in relation to speed, scalability, and fees. The blockchain can process up to 1,000 transactions per second for a fee of $0.02 each. The transaction finalization time is two minutes.

Tron

General information:

Transactions per second: 2,000

Transaction fee: No fees

Transaction finality: 1 minute

Consensus mechanism: Delegated Proof of Stake

Unlike many other blockchains of a kind, Tron uses three layers to provide higher speed and scalability. The first one is called the “core” layer. This part of the Tron blockchain ecosystem is designed to compute the instructions and to send them to the Tron Virtual Machine. The layer also executes the logic of those instructions.

The second layer is responsible for wallet and app creation, it is also known as the Application Layer helps effectively allow software engineers to interact with the TRON system.

While the third layer is designed to segment stored data.

Tron blockchain is based on the delegated proof of stake consensus mechanism. The network is operated by 27 super representatives (nodes) that validate all transactions and are responsible for maintaining the system’s history.

Unlike other PoS networks, Tron chooses those 27 super representatives every six hours. They collect new TRX tokens as a reward for new blocks. Apart from super representatives, the blockchain is run by other types of nodes that propose new blocks and vote on various protocol decisions.

With all those innovative solutions, Tron produces 2,000 transactions per second with the operation finality time of 1 minute.

Stellar

General information:

Transactions per second: 2,000

Transaction fee: $0.000004

Transaction finality: 4 seconds

Consensus mechanism: Federated Byzantine Agreement (FBA)

Stellar stands out from the other blockchains for its unique consensus mechanism. While most modern distributed ledgers use proof of work or proof of stake (with many variations), Stellar is based on the Federated Byzantine Agreement.

This blockchain uses the concept of quorum and quorum slice. Each quorum contains a group of quorum slices. The node can participate in a quorum slice and the latter can contain more than one node. All nodes together are responsible for validating transactions. They are interdependable. Nodes in neighbor quorum slices must intersect with each other.

The Stellar blockchain ecosystem offers a special decentralized exchange where users can change their assets right away (they don’t need to go to a centralized exchange to do that).

By using this unique approach, the Stellar blockchain team managed to reach a rather high transaction throughput of up to 2,000 TPS. When it comes to transaction fees, Stellar is one of the cheapest blockchains around with about $0,000004 per transaction. The transaction finality time in this blockchain is 4 seconds, which also looks very impressive, but is still not the best result in the industry.

EOS

General information:

Transactions per second: 3,900

Transaction fee: No fees (need bandwidth by staking)

Transaction finality: 2 minutes 30 seconds

Consensus mechanism: Delegated Proof of Stake (DPoS)

The EOS blockchain is designed as a platform for decentralized applications. The team behind the decentralized ledger attempted to solve the main problems that all previous blockchains had, including the lack of scalability, low transaction speed, and high fees.

Those are not the only goals that the project administration wanted to achieve. EOSIO uses WebAssembly programming languages like C++, Python, and Java instead of creating new languages to develop dApps.

When it comes to the management of the project, all the updates that take place on this blockchain pass through the voting system.

EOS uses the delegated proof of stake consensus mechanism, which is a good solution to make a blockchain more scalable and to add speed to transactions. Currently, the network’s throughput is about 3,000 TPS, which makes it one of the fastest blockchains nowadays. The EOS team claimed to liberate users from paying fees. However, EOS tokens are still needed for transaction validation. The transaction finality parameter is not as good as in previously described blockchains like Stellar or Tron, but it is rather high when compared to blockchains like Bitcoin and Ethereum.

Velas

General information:

Transactions per second: up to 75,000

Transaction fee: $0.00001

Transaction finality: 1.2 seconds

Consensus mechanism: Delegated Proof of Stake (DPoS)

The Velas blockchain aims to solve all the common problems that modern blockchains have. This network is based on the best part of the Solana code combined with significant upgrades. The Velas team has also decided to add Ethereum Virtual Machine to allow developers to deploy any Ethereum-based dApps on the Velas blockchain.

Velas uses the delegated proof of stake consensus mechanism, which allows the network to be both sustainable and scalable. Developers and end-users benefit from the high transactions per second of up to 75,000  and low fees of $0.00001. This is currently the best speed and cost in the industry. Velas is continuously working on improving the blockchain’s performance.

This distributed ledger invests a lot in the development of its ecosystem. Velas has launched a lucrative grant program with up to $100 million that is distributed to the teams and the developers contributing to the project’s ecosystem.

OpenChain

General information:

Transactions per second: Over 50

Transaction fee: No fees (needs bandwidth by staking)

Transaction finality:

Consensus mechanism: Partitioned Consensus Mechanism

Openchain is an open-source DLT or distributed ledger platform for companies who want to generate and manage digital assets in a secure, sustainable, and productive way. In contrast to Bitcoin-based brackets, it uses a consensus method called partitioned consensus and only one person has the access to review each OpenChain operation.

As an alternative to a centralized ledger, each organization is responsible for managing its OpenChain version to serve as the network’s interface and customer-server is more efficient and long-lasting than a peer-to-peer framework.

This blockchain network has no miners, as a result, the asset supervisor can approve exchanges immediately with no fee. OpenChain has numerous benefits, including its scalability and extensibility, two-way peg capability, unanimous application programming interface (API), and smart contracts functionality.

Corda

General information:

Transactions per second: 15 to 1678

Transaction fee: first 10,000 transactions a year are free

Transaction finality:

Consensus mechanism: Validity Consensus and Uniqueness Consensus

Corda’s status as a blockchain or decentralized ledger is a common debate. While connecting exchanges cryptographically, a radically new consensus mechanism is used, but it does not cluster multiple transactions periodically into a block. When contrasted to other blockchains, this system works all exchanges promptly, making it more efficient.

Using the satisfactory primary nodes in 2021, the R3 consortium has a strong customer base in the banking sector. To process the fastest cryptocurrency in 2021, Corda developed a user-friendly currency exchange and smart contract platform that provides reliable security for transactions. A few of the biggest Corda supporters are the Bank of America, Microsoft, and HSBC.

Some of Corda’s features include good privacy, an open network, and interoperability with other blockchains. Corda faces stiff competition from several different financial blockchains despite its recent rise to prominence. Corda has the potential to become the leading exchange network for insurance.

Hyperledger Fabric

General information:

Transactions per second: 3,000

Transaction fee: No fees (needs bandwidth by staking)

Transaction finality:

Consensus mechanism: Crash Fault Tolerance (CFT)

DAH’s Tamás Blummer (IBM) and Christopher Ferris (DAH) presented their Hyperledger Fabric concept on March 29th, 2016. Based on the submission date, incubation began on March 31st, 2016. Corda left incubation on March 2nd, 2017, and has been operating in the marketplace ever since.

The Hyperledger Fabric platform is most known for creating secluded solutions and applications. The platform has elements such as instant enrollment assistance and consensus are all possible with this technology. Hyperledger Fabric has a flexible, configurable, and decentralized design that can accommodate a variety of sophisticated use scenarios.

Since the network nodes are operated by the parties connected in a network, Hyperledger Fabric can process up to 20,000 transactions per second (TPS). It can be expanded to 3,000 TPS with reconfigurable modules all with no transaction fees.

Hyperledger Fabric’s ability to function as a network of networks is also a major selling point. It’s common for organizations to have distinct connections within their networks, Hyperledger’s network users collaborate but keep some information private. Buyers can communicate with a variety of vendors selling identical products. Individuals might often prefer a private exchange between buyers and sellers that is not accessible to all vendors. This is possible due to a component named “channels” in Hyperledger Fabric’s framework.

The Fabric platform provides a secure and scalable alternative when it comes to confidential transactions and contracts. Some other Hyperledger Fabric’s distinguishing characteristics include great modular, slim suspension of finality, a pluggable consensus mechanism, and data querying.

 

Email – info@velas.com

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