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In this age of one-click shopping, we want everything now. We’ve become used to virtually instant fulfillment for everything, ranging from digital goods to ordering physical items online. The crypto space is no exception. Investors, developers and ordinary users find faster transaction times more desirable because they create a more satisfying user experience. As a result, speed is an essential benchmark for determining the potential of a crypto project.
This article will look at the transaction per second metric, how it affects the speed of a blockchain network, and the 11 fastest blockchains.
TPS (or transactions per second) refers to the number of transactions a blockchain network can carry out in one second. It represents a blockchain’s speed, because it shows how scalable and fast the network is. TPS is also referred to as throughput rate.
However, TPS isn’t the only parameter that determines a blockchain's speed. Transaction finality time (the time it takes to confirm a transaction as immutable) is just as important. Together, these parameters describe a blockchain network's scalability, which is the network's ability to handle an increasing number of transactions.