Nowadays, only a small percentage of today’s transactions are carried out in cash. Customers use debit and credit cards, bank transfers, payment apps, and many other forms of electronic payment.
When Bitcoin launched, it promised a payment revolution—a way for people to exchange digital money without the need for an intermediary (like a bank or government). Payments could be processed almost instantaneously rather than over several days. Plus, it would be cheaper and more secure.
Unfortunately, at its current state, the Bitcoin network has proven to be too slow and volatile to make it a realistic global digital payment option. In terms of technology, Bitcoin is a pioneer. However, it is inevitable that one single scaling solution can not provide the optimal solution.
Many other coins have proposals they are working on to provide different solutions. Let’s look at the average transaction time of five coins that are believed to be the fastest.
Algorand (ALGO) is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. The system is said to be secure, scalable and efficient. Algorand currently allows for 1,000 transactions per second with a ledger close time of approximately five seconds.
Cardano (ADA) open-source project also aims to “redistribute power from unaccountable structures from the margins to individuals, helping to create a society that is more secure, transparent, and fair.”
The Cardano blockchain network allows for 257 transactions per second, and it just recently launched its smart contract platform testnet called Alonzo.
Celo (CELO) is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users by using phone numbers as public keys. Celo has a ledger close time of approximately five seconds, with 1000 transactions per second.
Ripple (XRP) was created to be a speedy, less costly, and more scalable alternative to other digital assets and existing monetary payment platforms like SWIFT. XRP boasts 1,500 transactions per second, costs $0.0003 per transaction, and settles in 3 seconds.
Solana (SOL) is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain. Solana currently supports 50,000 TPS (transactions per second).
RoboFi (www.robofi.io) is a Defi platform that envisions a marketplace for revolutionary Dao crypto trading bots. Through its IBO (Initial Bot Offering) system, community members can maximize their earnings in an easy, simple, and secure way. We create a safe and transparent environment based on blockchain technologies that help developers bring crypto trading bot platforms to the market. In addition, individuals will have easy access to these bot applications, thereby generating more earning opportunities. RoboFi ecosystem is fueled by the $VICS token.