Skip to content

Is Solana The Fastest Blockchain (Explained) 

  • by

Solana is one of the most talked-about solutions on the internet today. Besides its revolutionary Proof-of-History consensus model, it gets plenty of praise for its transactional speeds.

But is Solana the fastest blockchain? Let’s find out below. We’ll also explore:

  • Solana’s actual transaction speed
  • Why Solana is faster than Ethereum
  • What other crypto coins are as fast as Solana

Is Solana The Fastest Blockchain?

No. Solana isn’t the fastest blockchain, but it’s among the top fastest blockchains in cryptocurrency. 

Today, faster blockchains are clocking faster transaction speeds. Techpay and Bitgert are perfect examples of such blockchains.

Let’s look at why Solana is one of the fastest networks. 

Consensus Mechanism

Solana runs the revolutionary Proof of History consensus mechanism on top of the Proof of Stake consensus. PoH helps enhance the performance of the network. 

Leader nodes on the network create timestamps on all blocks mined on the blockchain. PoH allows validators to access entries and check the nodes without a specific pattern before voting them into the blockchain.

That reduces the time taken to mine and validate new blocks onto the chain

Transactions speeds

As of this writing, Solana has a capacity of up to 65,000 transactions per second. Such speeds place Solana ahead of its top competitors, including Ethereum, Cardano, and Bitcoin.

Block times

Solana has an impressive block processing time of about 400 milliseconds. With better hardware, you can enjoy faster and more consistent speeds on the Solana network. 

Validator Nodes

Today, Solana has some of the most active validators on its chain. The mainnet can use any and all of its 1800+ validators to ensure smooth transactions and faster block times. Rewards for validators participating in the validation process are another motivation for enhanced transaction speeds. 

Which Is The Fastest Blockchain?

TechPay Coin blockchain is the world’s fastest real-time blockchain today.

TechPay holds an incredible transaction speed of 300,000 Transactions Per Second and a time-to-finality of 15 seconds. Also, it takes a 1-second interval to confirm a block on the TechPay coin network. 

In comparison to its close competition Solana, TechPay is five times faster. 

How Fast Is Solana?

Compared to most top blockchain networks, Solana is blazing fast. 

As per the Solana website, Solana manages an average of 3000+ TPS at any time, which can increase. Created to compete with Ethereum’s 15TPS, Solana delivers a high-performance blockchain that can host smart contracts, DeFi, DAOs, and more. 

In theory, the Solana network tops off at roughly 710,000 TPS. However, that remains to be seen. Solana may achieve these speeds with some adjustments to its network security.

Why Is Solana So Fast?

Solana (SOL) is fast because of PoH and node leaders using robust hardware to mine network blocks. Also, verifier nodes must check and confirm every transaction and its legality. 

Is Solana Faster Than Visa?

Yes. Solana is faster than Visa. 

Solana can handle 65,000 transactions per second, which is approximately 30 times faster than Visa. As of this writing, Visa tops out at about 1,700 transactions per second.

Why Is Solana Faster Than Ethereum?

Solana is faster than Ethereum because of its high transactions per second. Solana has a record of 65,000TPS, while Ethereum supports only 15 TPS.

The Proof of History mechanism on the blockchain increases Solana’s efficiency.

We also wrote an article about whether Solana Is Faster Than XRP.

Is Solana The Best Blockchain?

Not really. Solana has its strengths and use cases, but other blockchains can perform just as well or better. Let’s explore some elements that support this argument.

Security

Solana keeps its network safe through node verification. There are more than 1700 nodes worldwide, meaning there are fewer chances of unexpected attacks from hackers.

However, Solana has been hacked several times. A recent hack on the Solana Wallet saw over 8000 wallets compromised, and over $8,000,000 worth of crypto drained.

On the other hand, no known exploit has ever succeeded against Bitcoin (at the time of this writing)

Multi-purpose Blockchain

The sole purpose of the Solana blockchain is to solve Ethereum’s shortcomings.

Solana offers a platform for the scalability and creation of decentralized applications like NFTs, Web3 apps, DeFi, and metaverse.

But as yet, a vast majority of all NFTs, Web3, and DeFi solutions are on the Ethereum network. Although Solana is just as good, it is yet to receive such wide adoption.

Low Fees

Solana is among the blockchains with the lowest transaction fees. Developers and users pay gas fees of about $0.01 and below. If you are looking to create dApps, Solana would be the best platform to grow. 

Community

When you choose to be part of the Solana network, you join a large community of developers, investors, and users on their social media platforms. For instance, today, they have an estimate of:

  •  80,000 Telegram fans, with 5000 active participants.
  • 150,000 Redditers members and 160 active users
  • 132,256 Discord members, 14000 active participants
  • Twitter leads with over 1.9million followers. 

Is Solana Better Than Bitcoin?

It depends on what you want as a user. 

While Solana offers more scalability and functionality than Bitcoin, crypto diehards still see Solana as a risky investment.

Bitcoin has a better reputation than most crypto coins because it continues to offer its users a reliable store of value and security. 

Value

Bitcoin has a higher value in market price, market capitalization, and volumes traded daily. 

Usability

Solana offers better scalability and functions than Bitcoin. Today, you can build dApps and services on the Solana network than with the Bitcoin blockchain. 

What Other Crypto Are Considered Fast?

Beyond Solana and its exciting speeds, other capable cryptos have incredible speeds too.

  • TechPay (TPC) – 300,000 TPS
  • Bitgert (BRISE) – 100,000TPS
  • Cardano (ADA) – 1,000 TPS
  • Cosmos (ATOM) – 10,000 TPS
  • Algorand (ALGO) – 1000 TPS

Final Thoughts

A quick recap: Solana is one of the fastest blockchains in the crypto market today. It has a capacity of up to 65,000 TPS, much faster than Visa and Ethereum.

Although it is one of the best cryptocurrency projects, it has some drawbacks. It could become a proper contender for Ethereum’s top spot with better development.