The 5 Fastest Cryptocurrencies On The Market

Many startups promise fast transaction speeds on their cryptocurrencies. Exchange giant Binance ranked the fastest cryptocurrencies and these are the top 5.

Fastest Crypto

Blockchain technology and the growing cryptocurrency industry have brought a wealth of cryptocurrencies into existence. There are currently over 1,600 cryptocurrencies on the market, an amount that’s inclined to grow, with myriads of incoming ICOs, crypto and blockchain projects. These coins take the form of an altcoin or token. An altcoin is any cryptocoin other than the original Bitcoin, which runs on its own independent blockchain, in which transactions occur. A token is a cryptocurrency that is built on top of another coin’s blockchain. Tokens can also be a representation of an asset or utility.

Although the inception of new crypto coins keeps the industry active and innovative, each coin does not produce the same performance. One such performance is the transaction speed, or how fast a cryptocoin, through its blockchain can process a cryptocurrency transaction. The faster a token or altcoin is, the more favorable it will be to crypto holders and enthusiasts.

While many startups promise fast cryptocurrency transaction speeds through their altcoins or tokens, these claims are largely unproven. These claims require a wide range of trials and testing to affirm any assertions made about crypto speeds. Thus, it is always imperative to register claims with a bit of skepticism. With this in mind, there are still some cryptocurrencies that are noticeably faster than others.

Binance, one of the world’s largest and most popular cryptocurrency exchanges has ranked the fastest cryptocurrencies on the market. The following highlights the top 5 fastest cryptocurrencies and their respective blockchains or digital ledgers, that the exchange has graded.

Nano (XRB)

Nano CoinNano (previously called RaiBlocks) is a trustless, low-latency cryptocurrency. It implements a novel block-lattice architecture, in which each account has its own blockchain and obtains consensus via delegated Proof of Stake voting. The company behind Nano offers instantaneous transactions with no fees, as well as unlimited scalability, making the coin suitable for peer-to-peer transactions. The nano network requires low resources, no high-power mining hardware, and can process high transaction input. Nano is good for arbitrage and processes transactions at a virtually instant rate.

Deposit Time: 3 seconds
Block Time: 3 seconds
Required Confirmations: 1

Stellar Lumens (XLM)

StellarStellar Lumens is a payment technology built upon the Ripple blockchain. Stellar strives to work with developing markets instead of banking systems and other financial institutes. Unlike Bitcoin, Stellar uses a quorum, instead of an entire network to validate a transaction, which is a part of the whole pool, making it super fast in conducting transactions. It is considered a viable token for small banks, inside-corporation transactions, small businesses and nonprofits. Stellar Lumens has a nominal fee, called a base fee, which is associated with each transaction. The base fee is used to avert users the intention of flooding the network with transactions (known as a DoS attack). The base fee is currently at 0.00001 XLM, a fraction of a penny. No one can profit from the base fee. The technology giant IBM uses the Stellar network for transactions made across countries in the South Pacific.

Deposit Time: 5 seconds
Block Time: 5 seconds
Required Confirmations: 1

Ripple (XRP)

RippleRipple is an ecosystem, comprising of a real-time gross settlement system (RTGS), a currency exchange and a remittance network. It uses a common ledger managed by a network of independently verifying servers that continuously compare transaction records. Thus, Ripple doesn’t function on the high energy and intensive proof-of-work method that Bitcoin uses. It is based on a shared public database that relies on a consensus process between validating servers to provide integrity. The validating servers can belong to anyone, from individuals and groups to banks and other financial institutions. The ripple coin (XRP) can execute almost instant money transfers between two parties. The system can exchange any currency, which includes fiat, gold and airline miles. Ripple is not a blockchain. It uses a HashTree to outline data into a single value that gets compared across a host of validating servers that reach a consensus.

Deposit Time: 10 seconds
Block Time: 10 seconds
Required Confirmations: 1

Gas (GAS)

GasGas is an alternative token to Neo and is built on the Neo blockchain, which has its own smart contracts called NeoContracts. Those who pay in Gas deploy these smart contracts. Gas is not an independent token. Rather, it is an auxiliary to the Neo system’s primary coin Neo. Gas was created to pay regular dividends to users on the Neo network. Users can claim Gas on exchanges, hardware wallets and software wallets. Like its main and preceding coin, Gas is capped at 100 million tokens, slated to reach its circulation in 2039. Gas fees correspond with the computing resources consumed by the contract. The fees are distributed to bookkeepers. Rewarding them for their activity on the network. Neo ties with gas in the number 4 slot in the top 5 fastest cryptocurrencies.

Deposit Time: 1 minute, 40 seconds
Block Time: 20 seconds
Required Confirmations: 5

Iota (MIOTA)

IOTAIota runs on the Iota distributed ledger, the first open-source and permissionless ledger built to serve the future of the Internet of Things with microtransactions, no fees and data integrity for machines. Iota solves some of the inefficiencies of the blockchain, as it is based on the revolutionary distributed ledger technology called the Tangle and known as a blockchainless blockchain. Iota implements a secure, scalable and feeless transaction settlement layer, allowing both machines and humans to take part in permissionless economies, such as the Machine Economy Iota is building. To participate in Iota’s network, users must perform small computational work to verify two previous transactions. Instead of creating a hierarchy of roles and responsibilities, each participant gets the same rewards. In order to make a transaction in the Tangle, two prior transactions have to be validated and the reward for the validation is the verification of a user’s own transaction by some subsequent transaction. Iota is fee-free.

Deposit Time: 2 minutes
Block Time: 2 minutes
Required Confirmations: 1

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The 5 Fastest Cryptocurrencies On The Market
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The 5 Fastest Cryptocurrencies On The Market
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Many startups promise fast transaction speeds on their cryptocurrencies. Exchange giant Binance ranked the fastest cryptocurrencies and these are the top 5.
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Ibinex News
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