Fastest Blockchains – In order for Bitcoin, Ethereum, and other cryptocurrencies to be used at a worldwide scale one day, they must be able to process transactions fast. Why? Well, if they do not, then billions of people will be waiting for their transaction to go through for days at the current speed or “throughput” (basically the amount that can go through the network at one time). How can blockchains compete with traditional financial systems if they are slow? The following projects are making headway in solving this “scaling” problem. This speed dilemma is one of the biggest roadblocks to mass adoption.
Zilliqa – One of the Fastest Blockchains
Zilliqa is a project that prides itself on becoming one of the fastest blockchains ever. Developed by National University of Singapore researchers, the team predicts that if it has as many active computers (nodes) as Ethereum, it would be able to manage over 15,000 Transactions per second. That is nearly two times the capacity of VISA average throughput.
Zilliqa uses techniques such as “sharding” to achieve a high transaction time.
EOS – One of the Fastest Blockchains
EOS is one of the most promising Ethereum competitors. EOS.IO launched its full version in June 2018.
It constitutes a blockchain architecture that was designed to enable scaling of decentralized applications.
This is achieved through an operating system-like construct upon which applications can be built. The EOS software allows users to create accounts, databases, and much more.
Overall, EOS provides users with a blockchain architecture can even scale to millions of transactions per second (as opposed to Ethereums less than 100 transactions per second). EOS has virtually no user fees and makes it smoother to create applications
Raiden Network – One of the Fastest Blockchains
Raiden network is a project that aims to fix Ethereum’s slower transaction time.
Many call Raiden Network Ethereum’s equivalent to Bitcoin’s “lightning network”. It manages transactions without Ethereum having to manually authenticate transactions. “Micro Raiden”, an early version of Raiden Network is tailor useful for Machine-to-Machine transactions (which are often very tiny). This version of Micro Raiden (stylized “µRaiden”) was activated on the Ethereum main network.
Matrix – One of the Fastest Blockchains
Matrix is a fast blockchain by building a project with one of the largest infrastructure projects of all time, the One Road, One Belt Initiative.
In addition to great transaction speeds, Matrix makes it possible for individuals without programming expertise to build projects on the blockchain.
Plasma and Plasma Cash (for Ethereum)
Plasma is a scaling solution for Ethereum, and Plasma cash is the enhancement of Plasma. Ethereum’s tokens (Ether) and Plasma Cash are different tokens that have some blockchain interdependence to help with scaling. See: https://freestartupkits.com/articles/technology/cryptocurrency-news-and-tips/ethereum-founder-plasma-cash/