Ethereum is trying to correct this, with upcoming sharding and layer-2 scaling solutions expected to improve transaction speeds. Users generally have to pay “gas” fees per transaction that vary depending on traffic and which peaked at a whopping $1,000 in 2021 due to network congestion. This rate is much higher during periods of extreme network congestion, and finalizing transactions can take over 14 minutes. Ethereum: 15-20 TPS / 14 minutes finalityĮthereum generally handles 15-20 TPS, with a block finality time of 14 minutes. But third-party measurements have shown Cardano currently supporting only roughly 2 TPS. Its layer-2 scaling solution, Hydra, is said to theoretically enable up to one million TPS and instantaneous block finality. Cardano: 2 TPS / 10-60 minutes finalityĬardano can purportedly process 250 TPS, with a reported block finality time of 10 minutes to an hour, depending on network congestion. TPS refers to how many transactions the blockchain can successfully process in a second block finality represents the duration between a block's initiation and its final, irreversible settlement on the distributed ledger. This involves two specific aspects: transactions per second (TPS) and block finality or transaction finality. One of the key metrics determining the efficiency of a blockchain network depends on how fast it can process transactions. Layer 1 TPS comparison: Transaction speed In the sections that follow, we are going to analyze the blockchain performance of the leading Layer 1 networks in the industry based on their transaction speed, time to finality, scalability, node count, storage costs, cloud service dependency, energy efficiency, and end-use key management. Layer 1 blockchain comparison: An in-depth performance analysis For example, Ethereum's energy efficiency has improved greatly since the PoS transition in 2022 and now stands at 0.03 kWh. Check the sections below for more information.
Please keep in mind that some other data presented in the graphic changed since the image was first made. With this in mind, let's compare six blockchains - Ethereum, Cardano, Solana, Avalanche, Algorand, and Internet Computer - based on these parameters. Though it can be difficult to compare blockchain protocols owing to differences in performance metrics and data, elements like transactions, scalability, nodes, and energy efficiency can help assess their relative merits.
But Bitcoin and Ethereum are both limited in their performance, leading many to believe that blockchains are inherently slow, expensive, and difficult to scale.Īn array of layer-1 protocols have emerged that aim to improve these shortcomings across different use cases. Then the introduction of Ethereum smart contracts enabled the growth of decentralized applications (dApps) beyond the control of centralized corporations. Satoshi Nakamoto’s development of Bitcoin and blockchain signaled the potential to revolutionize global finance. Characteristics like transaction speed, finality, scalability, node count, storage costs, and energy efficiency underline the performance of a Layer 1 network and paint a picture of its blockchain performance. Layer 1 blockchain performance comparison can help you decide which L1 network is best for your needs.
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