Which cryptocurrency is fastest

It has struggled to scale efficiently and adapt to the demands of its users for quite a while. Now, it even offers off-blockchain, second-layer solutions as a quick way to carry out micro-transactions. This scalability problem is not unique to Bitcoin, though. It affects all cryptocurrencies, and it has led to the creation of many different ones, all claiming to have solved the problem.

And, what is the fastest cryptocurrency? Ethereum ETH Launched in , Ethereum was one of the first blockchains to offer smart contract capabilities. As a result of its smart contract functionality, the network has become the dominant blockchain for the deployment of decentralized applications dApps , such as Uniswap, SushiSwap, Aave and Compound. With increasing demand, its native cryptocurrency, Ether ETH , also referred to as Ethereum, has become an extremely popular medium of exchange.

In addition to higher throughput, a new block is added to the Ethereum blockchain every Wallet-to-wallet transactions via Ethereum can, therefore, be processed far quicker than Bitcoin. The current speed for transferring Ethereum between wallets is an average of 1 to 15 minutes.

Although, the transaction speed between a wallet and exchange can take between 5 and 30 minutes which also depends on the number of confirmations set by the exchange. For more information, read this article which explains how long Ethereum transfers take between wallets and exchanges. By introducing a second consensus layer, known as the Beacon Chain or Ethereum 2. To learn more, read our full guide on Ethereum and the impact of the Beacon Chain upgrade. The stablecoin is supposedly fully backed by cash and asset reserves to maintain its USD 1 equivalent which is frequently audited.

Tether is an extremely useful digital coin in the market as it is used by investors on the top cryptocurrency exchanges to convert between other coins given its relatively stable nature in a volatile market. It also represents a familiar unit of account to transfer money between wallets. The ERC protocol of Tether that runs on the Ethereum network has an average transfer time of 5 minutes between wallets.

A faster USDT transaction speed can be obtained by sending the tokens on the Tron network and with lower fees. Litecoin LTC Litecoin is an open-source peer-to-peer digital currency and blockchain that is a fork of Bitcoin. Therefore, Litecoin can process transactions on the network up to 4 times faster than Bitcoin.

Bitcoin with the Lightning Network Bitcoin transactions sent via the layer-2 Lightning Network can be processed significantly quicker than the original blockchain. The Lightning Network started development in and acts as a layer-2 scaling solution for Bitcoin. While maintaining the flexibility of decentralized application deployment, Solana wanted to address the congestion and, therefore, scalability issues suffered on Ethereum.

Related: Solana vs. Ethereum: Which is better? The capacity of Solana means that the native token SOL, and Solana-based tokens, have been reportedly sent wallet-to-wallet in 5 to 20 seconds. To learn more about what can affects the speed, read our article on how long it takes to transfer Solana. Terra LUNA Terra is a blockchain protocol that was developed using the open-source Cosmos layer-0 decentralized network and the Tendermint consensus mechanism.

The protocol focuses on the creation of decentralized stablecoins, but can also facilitate the deployment of decentralized applications. As a result of the Tendermint consensus mechanism, the Terra blockchain can process a documented 10, TPS and a new block is added to the blockchain every 6 seconds. Launched by Ripple, a global payment solutions company, the XRP Ledger was specifically developed to become a network adopted by financial institutions.

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