The Internet Computer is the only blockchain protocol that is really fast, with a TPS of 11500 and transaction finality of 1 second. This takes us back to the slow internet experience days. Imagine if Instagram or Twitter were built on these, it would mean waiting for 14 minutes or even 30–60 seconds every time you take action like posting, commenting, or searching. Even for Solana, while theTPS is 2000–3000 TPS, it takes 21–46 seconds for transaction finality. In contrast, Ethereum does 15–20 TPS, resulting in an action on the chain completed in 14 minutes. To give it context, Visa does around 1,700 transactions per second (TPS) on average (based on a calculation derived from the official claim of over 150 million transactions per day). Webspeed means giving consumers of dApps the performance they expect of apps hosted on centralized cloud (Azure, AWS, IBM, Google Cloud, etc), which is currently not the case for decentralized blockchains.Ī recent study done by Coincodex compares the Top 6 Layer 1 blockchains on various parameters, speed being one of them. And here is where web speed becomes an important concept. The Internet Computer is the only blockchain that can scale with security, thus solving the so-called “Blockchain Trilemma.”įor mass adoption, the consumer experience needs to be the same at scale and the same as their internet surfing experience when it comes to speed. Other blockchains like Solana, Cardano, Avalanche, etc., are trying to solve scaling, but usually, they are at the cost of security, one of the most significant pillars of blockchain technology. Blockchain’s sluggish transaction speed is a major concern for enterprises that depend on high-performance legacy transaction processing systemsĭeFi has found a home on the Ethereum Blockchain for high-value transactions, where users don’t mind compromising speed. A Deloitte Insights report says this on barriers to the adoption of blockchain technology: One major reason: as a means of processing transactions, blockchain-based systems are comparatively slow.
However, most blockchain protocols face scaling issues that prevent mass adoption. It began with Defi (Decentralized Finance), then store of values assets like Art NFTs, gaming, and now even social media apps are slowly but steadily moving towards a decentralized future. Everything from banking to social media, web services, and utility apps, all began facing transparency & trust issues. The internet world seems almost perfect.Īnd then, the world said hello to the blockchain Smart Contract revolution, and suddenly the problems of large organizations with centralized control started becoming obvious.
Even actions that need verifications like money transfers and ticket bookings happen at the speed of a click. Thanks to 4G and now 5G, we live in a world where we expect websites and apps to load and respond to our commands in milliseconds. Those few seconds or minutes were so frustrating that one felt like just breaking the computer. Remember the days of slow internet connections? When you would surf a website and that “loading” bar would just go on and on.
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