The Great DLT Race To Scale With Skill For Blockchain Projects In 2019 Heats Up
The Best-Scaling Blockchain Projects In 2019
Scalability has been one of the largest problems that cryptocurrencies were facing ever since Bitcoin itself was launched. The issues were recognized even before they became a problem in practice, and for the last 10 years — developers were attempting to find a solution.
While some of the new coins implemented new designs that would help them tackle the issue right from the start, older coins like Bitcoin, Ethereum, and others, are still trying to find a solution. For now, several promising projects are in development, although it will likely be a while before they appear.
However, when it comes to newer coins, not only have they managed to find solutions right from the start, but they also started competing with one another. The competition is believed to be healthy by many, as new and better ways of scaling are being discovered as a result, which may lead to faster crypto adoption. Better scalability also leads to quicker transactions, larger numbers of TPS, as well as cheaper transaction fees. With that in mind, let's see which projects are currently leading when it comes to scaling.
At the time of writing, Qtum is believed to be the project with the highest scalability, and it can reportedly handle around 10,000 transactions per second. This is a massive improvement when compared to Bitcoin, which can only handle 4-7 TPS or even Ethereum which is only slightly better with 15 TPS.
Qtum's developers claim that transactions are confirmed instantly, which makes it one of the best projects in this regard, second only to Aelf, which claims to be able to manage 15,000 TPS. However, it is also noteworthy that these are Qtum's own estimates, with no third parties which can confirm or deny these claims.
XRP is currently the second largest coin by market cap, but its market cap is not the only thing that has made this project popular and important in the crypto world. According to Ripple, the company that created XRP, the coin can handle as many as 50,000 TPS. However, while this is the upper limit according to the firm's claims, it is confirmed that XRP handles 1,500 transactions with no issues. It is also noteworthy that the project needs only 4 seconds to settle the payment, which puts it near the top not only regarding scalability but also speed.
It should also be mentioned that XRP operates in a different way than other cryptocurrencies. The biggest difference is that it does not use a traditional blockchain, and instead, the company uses the Ripple protocol consensus algorithm, a technology that they developed themselves.
TRON is a relatively new project which was originally launched on Ethereum's network. In June 2018, it launched its MainNet, which was followed by a token migration. TRON's native blockchain was designed to be far more scalable than that of ETH, and it can handle around 2,000 TPS, according to the company. Another claim was made by the coin's creator, Justin Sun, who stated that TRX is 80 times faster than ETH, which indicates that TRON can achieve around 1,200 TPS. However, this information is also not confirmed by any third party.
EOS is another project that has existed for longer than its native blockchain, which was also launched only last year. In July 2018. Dan Larimer, the Chief Technology Officer at EOS, reported that the coin could handle 2,351 TPS. However, several months later, the coin was tested by a company called Whiteblock, which reported that the real number of TPS is at around 50. They claimed that they tested the coin in real-world conditions and that its performance is lower than what was initially believed.
Stellar is a project that has a similar goal to that of XRP, which is to provide fast transactions through a system that is superior to technology currently used by banks and financial institutions. While it was also created on the Ripple protocol, this project aims to provide its services to individual, instead of banks themselves, which is what XRP is doing.
Another big difference is that Stellar supposedly has lower TPS number, which is at around 1,000. While still much better than Bitcoin and other older projects, However, a company called Barclays decided to test Stellar, and its results were quite unexpected, as the company found that Stellar can handle nearly 10,000 TPS or 36 million of transactions per hour.