New generation cryptocurrencies tend to offer a faster transaction time compared to the first and second generations of blockchain. Transaction speed is a crucial aspect of blockchain technology. People tend to fancy those blockchain-based platforms that offer high throughput and innovative decentralized applications. It doesn’t matter how good a decentralized platform is, if its transaction time is slow or transactions aren’t cheap, it could deter many crypto enthusiasts from using it. Low transaction speed and high transaction fees are related. Usually, when the transaction per second of a blockchain-based platform is low, it could drive up the transaction fees. This is one reason Ethereum blockchain is currently working on moving from the Proof of Work network to the Proof of Stake consensus mechanism. throughout this article, we will look into cryptocurrencies that offer fast and cheap transactions.
What cryptocurrencies send the fastest?
Algorand
Algorand is a new blockchain with fast processing speed and a currency loved by users because of the fast average speeds it uses to process financial transactions.
As a decentralized blockchain-based network, Algorand is the home of a number of decentralized applications that are currently being built by leaders in the financial industry, as well as governments.
It boasts of over 1,000 transactions per second, which is incredibly fast compared to its counterparts.
Solana
Another digital currency that has one of the fastest transaction speeds is Solana. The price of this token has increased currently because of the new changes that have been introduced to the platform. This crypto that has high scalability was created in 2019, and since then it has become one of the most sought after blockchains.
It uses the Proof of Stake consensus mechanism and has a fast transaction speed of 50,000 which is one of the highest in the crypto market.
Stellar Lumens
When it comes to fast open-source networks, Stellar Lumens will be on the list. The philosophy of this platform has moved from creating financial inclusiveness for everyone to creating a system that makes it easy for the traditional financial world to merge with blockchain technology. Its transaction speed is capped at 250 transactions per second.
Which cryptocurrencies are best and cheap?
Best and cheap cryptocurrencies are relative to different investors depending on what they plan on achieving.
VeChain
VeChain offers innovative supply chain management functionalities on the blockchain. It improves business operations via distributed ledger technology.
Cardano
This platform recently released its smart contract feature after carrying out an Alonzo hard fork. Since it is highly scalable with cheap transaction speed, Cardano has captured the attention of a lot, and it may be a good cryptocurrency to add to one’s portfolio.
Polygon
With the issues that Ethereum blockchain faces, Polygon is a full-stacking solution that improves transaction speed for decentralized apps that want to build on the network. With the innovations that Polygon offers, it is surprising that its native token, MATIC, is still affordable.
Before investing in any crypto, it is advisable to do your own research by reading up whitepapers, looking at the news, trends and much more.
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Also read: How To Research Altcoins: 8 Crucial Steps