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 (https://robofi.io/home/) 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.
VICS token has a distinctive and enticing concept. VICS is the BEP-20 token, built on the Binance smart chain. It is a core utility token in the RoboFi ecosystem, the reliable crypto trading bot marketplace. One important utility is to own the governance token of DABots and participate in an IBO (Initial Bot Offering) to receive additional incentives. VICS is available on major exchanges for trading.
I'm Carina, a passionate crypto trader, analyst, and enthusiast. With years of experience in the thrilling world of cryptocurrency, I have dedicated my time to understanding the complexities and trends of this ever-evolving industry.
Through my expertise, I strive to empower individuals with the knowledge and tools they need to navigate the exciting realm of digital assets. Whether you're a seasoned investor or a curious beginner, I'm here to share valuable insights, practical tips, and comprehensive analyses to help you make informed decisions in the crypto space.