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Transaction speed is another key consideration that has gained a lot of importance for users and investors in the ever-shifting environment of digital currencies. The efficiency of the transaction is recognized to increase the convenience of cryptocurrencies and make them more suitable for use as a payment method. As our focus lies on cryptocurrencies with the possibility to perform fast transactions, the article will showcase some of the most significant digital coins worthy of the title.
Ripple (XRP) is among the fastest coins in the market concerning speed of transactions. Ripple is mainly used for cross-border real-time payments, this means that Ripple’s technology is optimized for speed. Withdrawing and depositing XRP is one of the fastest methods that can be found in the crypto community as it takes 3-5 seconds to confirm a transaction.
Why Ripple is Fast: Instead of mining, Ripple has a consensus mechanism that enables the platform to process transactions in a matter of seconds. This consensus mechanism means that transactions are approved and cleared in a matter of seconds, making XRP appropriate for cross-border settlements and the like.
Cross-border payments
Real-time gross settlement systems abbreviated as RTGS.
Microtransactions
Stellar is another altcoin that is quite famous because of the high speed in the confirmation of their transactions. Originally just a Ripple clone, Stellar aims its solution specifically at international money transfers and for people who currently lack bank accounts. It takes an average of 2 to 5 seconds for a transaction to go through on the Stellar network, thus is among the fastest coins in the market.
Why Stellar is Fast: It has taken years of hard work and the inclusion of the consensus protocol of Stellar which enables fast completion of transactions without any mining involved. The network is being built for a high volume of transactions especially at a very low cost, which helps improve its speed.
Cross-border transactions
Remittances
Microfinance
Nano calls itself ‘the internet of money cryptocurrency’ and is intended to be ultra-fast and free of any fees. The uniqueness of this wallet is that while most other cryptocurrencies operate using blockchain, Nano has what is called a block-lattice structure where every account has its blockchain. This kind of architecture enables almost real-time possibility to transact, with confirmation time usually not exceeding one second.
Why Nano is Fast: Nano’s block-lattice structure means that the blocks can be processed independently from the others and arbitrarily; there can be as many blocks as needed to complete the transaction. This causes an extremely fast rate of transaction and no fees hence making Nano ideal for daily use.
Micropayments
Everyday transactions
Peer-to-peer payments
EOS is yet another cryptocurrency well-featured for faster TPS and highly scalable. Created as the distributed computing network designed for hosting smart contracts and decentralized applications (dApps), EOS can process thousands of transactions per second with very little delay. EOS transactions normally take only a few seconds to get processed and confirmed.
Why EOS is Fast: EOS uses the delegated proof of stake consensus model as its consensus model, which enables fast production of most blocks and fast validation. Of note, the DPoS model also allows EOS to transact with high throughput, thus placing it as one of the most performant and scalable blockchain solutions.
Decentralized applications (dApps)
Smart contracts
Enterprise solutions
Dash is a cryptocurrency that from early on has been designed for fast, secure, and private transactions. Dash incorporates a feature of fast confirmation called InstantSend through which a transaction can be completed in less than 1. It can reach a confirmed transaction in just 5 seconds, thus making it among the fastest usable cryptocurrencies.
Why Dash is Fast: InstantSend works to lock a transaction, and prevent it from going through, until it is confirmed almost immediately by the masternodes on the Dash network. Point-of-sale application is of utmost importance in this case since it can be very time-sensitive at times.
Instant payments
E-commerce
Retail transactions
Algorand is a cryptocurrency that was created recently but has received a lot of attention mainly due to the faster processing of transactions and high levels of security. The time it takes to perform transactions in the Algorand network is normally between four and five seconds, making Algorand one of the fastest blockchains.
Why Algorand is Fast: Algorand supports a pure proof-of-stake (PPoS) and this makes the finality of transactions to be very fast. This system not only enables fast transactions but is also safe and malleable which again can transact, a considerable number of transactions at once.
Financial applications
Tokenized assets
Decentralized finance (DeFi)
The speed is getting to be a factor frequently used in cryptocurrencies, especially as those currencies are integrated into buying/selling processes. Out of all the cryptocurrencies described in this article Ripple (XRP), Stellar (XLM), Nano (NANO), EOS (EOS), Dash (DASH), and Algorand (ALGO) are already offering some of the fastest transaction processing times for various use cases ranging from cross-border payments, to microtransactions. So the time is ripe and these top cryptocurrencies with fast transactions will continue to help define the future of the crypto-crypto markets and online payment.
