There is a growing popularity of blockchain technology in almost every industry and organization. The capabilities of blockchain technology are not limited to cryptocurrency alone is utilized in various fields. The functions and features offered by blockchain are unmatchable.
The demand for blockchain technology also increases with the growth of decentralized applications. Speed and efficiency are two factors that contribute to the increasing demand for blockchain networks. Most industries or organizations consider these factors before choosing the right blockchain network.
Even though there are different kinds of blockchains, let us look at some of the fastest L1 blockchains through this article. The article aims to introduce each layer 1 blockchain and how they differ from one another.
Understanding Layer1 Blockchain Technology
Layer 1 blockchain is the foundational blockchain platform where all the transaction processes are verified and recorded. Layer 1 focuses on major functions and operations happening on the main chain. It is much more important than Layer 2 which acts as the secondary layer. Layer 1 can be considered as the decision-making body that determines the speed of all the transaction processes.
Top 7 Fastest L1 Blockchain
These 7 L1 blockchains have been selected based on their speed and efficiency which are the major factors determining the success of the blockchain.
1. Solana
Solana can be considered as one of the fastest Layer 1 blockchains. This blockchain is a significant addition to the blockchain ecosystem. The unique architecture of Solana contributes to the exceptional speed of the blockchain network. It features advanced technological elements like Proof-of-History and Tower BFT that accelerate much faster transactions.
The Proof-of-History system allows the nodes to quickly verify the various transactions. These features also allow the blockchain to handle a large amount of transactions efficiently. Solana is one of the leading blockchains in the crypto industry.
2. Ethereum 2.0
Ethereum 2.0 can be considered as the redefined or revised version of the Ethereum blockchain. This blockchain network is one of the fastest Layer 1 blockchain with its significant features and elements. Ethereum 2.0 uses proof-of-work mechanisms making the transaction process much efficient and secure. The speed of the transactions can be attributed to the shard chains that allow parallel transaction processing.
3. Sei Labs
It is an innovative blockchain that takes the efficient features of the leading Solana and Ethereum blockchain networks. It is one of the first parallelized EVM-compatible networks. This advanced blockchain offers top-notch speed, efficiency, and security features.
The major goal of SEI is to make cryptocurrency available to the public easily. It adopts a community-based approach towards the enhancement of decentralized applications.
4. Fantom
Fantom blockchain is well known for its high-speed transactions that complete the process in one second. Compared to other popular blockchains, Fantom is one of the few to be compatible with Ethereum Virtual Machines (EVM).
The blockchain has gained popularity for providing high-speed and efficient transactions at much lower costs. It has also become a major choice among many investors due to its easy-to-use tools and simple interface.
5. Aptos (APT)
Aptos is a Layer1 blockchain that was created out of the Meta blockchain that was gradually abandoned. This blockchain uses the Move programming language allowing it to feature improved scalability, security, and usability. It features a parallel execution engine that allows for much faster transactions with lower costs making it a significant blockchain.
6. Avalanche
Avalanche utilizes smart contracts and has remained a top choice for various decentralized applications. The transaction speed of the blockchain is one factor that makes it stand out. It boosts the transaction speed up to 6,500 per second making it a major competitor to Ethereum blockchain. The blockchain operates on a Proof-of-Stake mechanism thus helping the blockchain to provide increased scalability and security.
7. SUI
SUI blockchain is well known for its low-latency transactions. The blockchain project mainly focuses on providing high-speed transactions and increased scalability thus making it a suitable platform for decentralized applications. The smart contracts of the blockchain utilize a Move programming language that allows it to execute secure and efficient transactions.
The Bottom Line
The demand for blockchain networks will continue to increase because of the services offered by it. Apart from speed and efficiency, many other other factors determine the quality and success of the blockchain.
However, blockchains providing high-speed transactions remain one of the features that makes them a favorable choice. In the coming days, more new blockchain networks are expected to overtake the existing fastest networks.
