Scalability is one of the biggest issues of blockchain technology. However, some platforms have managed to crack the code and provide the most scalable blockchains with highly efficient block time and transaction speed. Read all about the 10 most scalable blockchains in the current crypto market.
What Is Blockchain Scalability?
One of the main functions of blockchain networks is handling transactions and user activity, which is referred to as blockchain scalability.
The better a blockchain’s scalability, the more and faster transactions it can process, the larger data packs it can handle, and the better it can maintain decentralization.
Blockchain scalability affects the network’s performance, security, and general functionality, but there are reasons that add to the importance of scalability. Let’s see what they are.
Why Is Scalability Important?
Blockchain scalability is important because as the networks grow and gain popularity, more users will be attracted to the network, and more transactions will be conducted that need to be processed.
If the blockchain is good at scalability, it can process a larger number of transactions more quickly and efficiently.
Also, scalability is essential because it empowers the network to process increasing amounts of work or users, i.e., to maintain or enhance performance.
It is a critical factor since it ensures functionality and long-term success of the network as demand for the blockchain network increases over time.
Although scalability is an integral part of the blockchain, many blockchain networks face scalability issues. How do they face these issues? Follow me to the next section to find out.
What Is The Scalability Problem In Blockchain?
As mentioned above, blockchain networks improve over time to attract more users and execute more transactions. This is when the problem arises as some blockchain networks don’t have enough capacity to handle the increased number of transactions/ users.
This problem can decrease the transaction speed and time but increase the transaction fees. That’s why many platforms are emerging with a single priority to provide solutions for the blockchain scalability issue.
The following sections will introduce some of the most scalable blockchains. Keep scrolling!
The 10 Most Scalable Blockchains
So far, we’ve learned that scalability is a key element of a blockchain network. The following list introduces the ten most scalable blockchains in the crypto market.
- Ethereum 2.0
- Solana
- Binance Smart Chain
- Polygon (formerly known as Matic Network)
- Avalanche
- Elrond
- Cardano
- Algorand
- Polkadot
- Chainlink
Let’s learn more about these ten most scalable blockchains and then compare them to see which ones are even more scalable.
Ethereum 2.0
Although the above list is not in order, our number one in the list of the ten most scalable blockchains is Ethereum 2.0.
Ethereum 2.0, aka Serenity, is the upgraded version of the Ethereum blockchain, developed to provide solutions for Ethereum’s scalability issues.
Using a Proof-of-Stake (PoS) consensus mechanism adds to the efficiency and speed of block validation in Ethereum 2.0.
Also, sharding enables Ethereum 2.0 to process multiple transactions in parallel.
Thanks to such advancements, Ethereum 2.0 expands its processing capacity and decreases latency, which leads to better scalability.
Main Features
Ethereum 2.0 introduces several key features that address the limitations of the previous version. These are:
- Increased Scalability: Prior to Ethereum 2.0, the network’s capacity was constrained and could handle only a limited number of transactions per second.
By introducing sharding, Ethereum 2.0 divides the network into 64 parallel chains, allowing for faster transaction validation and a substantial increase in the overall transaction throughput. - Better Sustainability: Ethereum’s transition from a Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS) has dramatically reduced its energy consumption.
PoS relies on validators who stake their ETH to secure the network, and thus there will be no need for energy-intensive mining. This shift has made Ethereum a much more environmentally friendly platform. - Staking: Users can stake their ETH to earn rewards for contributing to the network’s security. Validators with larger stakes have a higher chance of being selected to validate transactions and receive rewards.
This system democratizes participation in Ethereum and allows anyone with sufficient ETH to become a validator.
Solana
A famous Ethereum killer – Solana – is one of the blockchains developed to provide solutions for scalability issues in decentralized platforms.
Using a Proof-of-History consensus mechanism, Solana came up with a quick and predictable method to order transactions.
Also, using parallel processing, Solana can process multiple transactions at the same time and reach a significant transaction throughput of up to 65,000 Transactions Per Second (TPS).
Owing to these features and innovations, Solana is one of the most scalable blockchain networks and home to DApps with fast and low-cost transactions.
Main Features
The following are the major features of Solana that make it a promising platform.
- Scalability: Solana’s unique Proof of History (PoH) consensus mechanism combined with Proof of Stake (PoS) enables it to process thousands of transactions per second.
- Low Transaction Fees: Solana’s efficient architecture results in lower transaction costs compared to other blockchains like Ethereum.
- Fast Transaction Speeds: Given that Solana’s architecture allows for rapid transaction confirmation times, it is well-suited for time-sensitive applications.
- Ecosystem Growth: Solana has a growing community of developers, projects, and users, that is supported by initiatives such as the Solana Foundation grants.
Binance Smart Chain
Binance Smart Chain (BSC) is created by Binance Exchange to improve speed and fees in developing DApps.
BSC’s version of the PoS algorithm is called the Delegated-Proof-of-Stake (DPoS), which provides better block validation speed and high transaction throughput.
Also, using cross-chain technology, BSC transfers assets among various blockchain networks.
All these features result in good scalability of Binance Smart Chain, making it a suitable platform for developing fast and cheap DApps.
Main Features
These are some of the main features of BSC:
- Independent Blockchain: BSC is a separate blockchain from Binance Chain, i.e. meaning that it can operate independently even if Binance Chain were to cease operations.
- Ethereum Compatibility: Since BSC supports Ethereum-compatible smart contracts, it is easy for developers to build or migrate decentralized applications (dApps) and other tools onto the BSC network.
- Staking and Governance: BSC uses a proof-of-staked-authority consensus mechanism that enables users to stake Binance Coin (BNB) to contribute to network security and participate in community governance.
- Native Interoperability: BSC can seamlessly communicate with Binance Chain. This allows users to easily move cryptocurrencies between the two networks.
Polygon
Polygon (Matic) is a Layer-2 scaling solution developed to conquer scalability issues and network congestion problems. Using its version of the PoS algorithm and side chains, Polygon reduces the transaction load from the Ethereum network.
These features of Polygon result in low-cost and fast transactions while keeping the Ethereum main chain secure.
Thanks to all this, Polygon enjoys high scalability and improved performance and is a suitable platform for DApps.
Main Features
Polygon offers a number of important features, such as:
- Interoperability: Polygon allows for seamless asset transfers between Ethereum and other blockchains.
- Developer-Friendliness: Polygon provides a range of tools and resources to simplify the development of decentralized applications (dApps) on its platform.
- Community-Driven: Polygon benefits from a vibrant community of developers, users, and supporters who actively contribute to its growth and development.
Avalanche
Next on the list is Alavanche, a DeFi platform developed to improve transaction speed and efficiency while supporting various DApps.
Avalanche’s consensus mechanism is called Avalanche-X, which enables the parallel processing of transactions and results in better transaction throughput.
Also, thanks to being a multi-chain, Avalanche streamlines developing customized blockchain networks for particular use cases.
For these features, Avalanche is a scalable network with fast and efficient transactions.
Main Features
As a blockchain platform, Avalanche offers several unique features.
- Consensus Mechanism: Unlike traditional proof-of-work or proof-of-stake models, Avalanche makes use of a probabilistic approach.
Validators sample a small subset of other validators to reach a consensus, and this process is repeated multiple times to ensure finality. This mechanism enables Avalanche to achieve high transaction speeds and sub-second finality. - Subnets: These are dynamic subsets of validators that work together to achieve consensus on the state of specific blockchains. Subnets allow developers to create customized blockchains within the Avalanche network.
- Security and Decentralization: The consensus protocol of Avalanche is designed to be resistant to attacks.
Moreover, Avalanche distributes its validating power across a wide range of participants, which makes it more decentralized than networks that concentrate power among a few validators or miners.
Elrond
Elrond is a next-generation blockchain platform developed to increase speed and efficiency in transactions. Using a Secure Proof of Stake (SPoS) allows Elrond to validate blocks quickly and increase throughput.
Also, Elrond is one of the networks using sharding technology, which can let it execute multiple transactions at the same time to improve scalability.
Main Features
Elrond has several essential features, including:
- High-Speed Transactions: Elrond’s sharding technology enables it to process a large number of transactions quickly.
- Enhanced security: The platform uses secure proof of stake (SPoS). This is a consensus mechanism that is designed to ensure the network’s security and integrity as well as to support a large user base.
- User-Friendliness: Elrond offers developer tools and features to simplify the creation and deployment of decentralized applications.
Cardano
Cardano is developed to help decentralization by enabling developers to create various DApps using smart contracts.
Cardano uses a special consensus algorithm, Ouroboros, which increases scalability, security, and sustainability.
Cardano’s version of PoS lets it validate blocks efficiently and consume less energy.
Owing to its multi-layer architecture, Cardano can process multiple transactions, resulting in high scalability.
Main Features
Cardano has quite a few unique features that include:
- Decentralized Network: Built entirely on scientific and mathematical principles, Cardano’s blockchain is highly decentralized. This is to make sure that control and decision-making power is distributed among its participants rather than concentrated in the hands of a few.
- Smart Contract Capability: Cardano’s blockchain supports the creation of smart contracts, self-executing contracts with terms directly written into code. This enables the development of decentralized applications (dApps) across various industries.
- Instant Transactions: Cardano offers fast and efficient transactions with minimal fees.
Algorand
Algorand prioritizes speed and security in transactions and uses a Pure-Proof-of-Stake (PPoS) consensus mechanism, which enables it to validate blocks in an efficient way.
Also, Algorand uses a cryptographic sortition protocol to randomly select block proposers to enhance security. Using the sharding technology lets this network process a large number of transactions, i.e., enhance scalability.
Main Features
Let’s see what features of Algorand make it stand out.
- User-Friendly Programming: Algorand employs programming languages like TEAL, Clarity, Reach, and Python, which are more developer-friendly than Solidity used in Ethereum. These languages offer better code readability and reduce the risk of bugs.
- High Transaction Speed: Algorand has fast transaction speeds with block proposal times of 0.5 seconds and block finalization times of 2.5-4.5 seconds.
- Scalability: The Proof of Stake mechanism enables Algorand to handle a high volume of transactions with a potential throughput of 45,000 TPS.
- Forkless Nature: Unlike other blockchains that may experience forks, Algorand avoids this issue. This is quite important for NFTs and other digital assets given that it prevents the creation of duplicates and potential disputes over ownership.
- Developer-Friendly Ecosystem: Algorand provides a supportive environment for developers, including tools, frameworks, and opportunities to contribute to the platform’s growth.
Polkadot
Another multi-chain protocol that focuses on interoperability between blockchains and supports DApps is Polkadot.
Its version of the PoS algorithm is called Nominated-Proof-of-Stake (NPoS), which improves block validation and throughput.
Since Polkadot is a multi-chain network, it can create multiple parallel chains to enhance blockchain scalability.
Main Features
Polkadot offers several useful features. These include:
- Scalability: Polkadot’s sharded architecture allows it to process many transactions simultaneously on different chains. Thus, there will be no bottlenecks that occur in traditional single-chain networks.
- Interoperability: Polkadot offers unique interfaces that enable communication and data transfer between different blockchains. This is necessary for activating smart contracts with data from external sources, such as exchanges or companies.
- Architecture: Polkadot provides various ways to build applications, including Smart contracts (for simple applications), Parachains (for complex runtime logic that are too expensive for smart contracts), and Parathreads (which are similar to parachains but less expensive to secure).
Chainlink
As a decentralized Oracle network, Chainlink provides safe and trustable data to smart contracts on many blockchain platforms.
Aiming to fill the gap between smart contracts and real-world data, Chainlink streamlines DApps’ development by accessing off-chain data.
Parallel processing of multiple requests allows Chainlink to provide better scalability.
Main Features
Chainlink has a number of important features that make it valuable. These features are:
- Off-Chain Architecture: Chainlink operates off-chain, meaning that it connects nodes to data sources through APIs. This allows it to access a wide range of external data.
- High-Quality Data Feeds: Chainlink offers reliable and accurate data feeds, such as cryptocurrency price feeds. These feeds are important for decentralized finance (DeFi) applications.
- Verifiable Randomness: Chainlink’s Verifiable Random Function (VRF) provides a provably fair and tamper-resistant source of randomness for blockchain applications like gaming, lotteries, and NFT minting.
- Proof of Reserve: This feature enables the verification of off-chain reserves backing on-chain assets to improve transparency and trust in tokenized assets and wrapped tokens.
- Cross-Chain Interoperability: Chainlink’s Cross-Chain Interoperability Protocol (CCIP) facilitates data and value transfer between different blockchains.
A Comparison of The 10 Most Scalable Blockchains
The following chart compares the ten most scalable blockchains listed above to help us choose the best of the bests!
Just remember that scalability is not all we need in choosing a blockchain, and advances in technology and innovations in solutions can change these rankings.
You may ask which of the blockchains listed above is more scalable. It’s a difficult question to answer as various factors determine the scalability power of a blockchain network, like the transaction volume, the type of apps being run, etc.
However, Solana, Binance Smart Chain, Polygon, Avalanche, and Elrond are currently considered the most scalable ones.
Summary
That’s all about the ten most scalable blockchains that help crypto enthusiasts go beyond physical world boundaries and even their imaginations.
FAQ
You will find the answers to the most frequently asked questions about the most scalable blockchains in the following subsections.
What Is The Fastest Most Scalable Blockchain?
Research shows TechPay Coin’s blockchain records 300,000 TPS (Transactions per Second) with a 15-second transaction finality.
What Is The Most Efficient Blockchain?
Currently, Avalanche (AVAX) is considered one of the most scalable blockchains in the crypto market.
What Is The Fastest Blockchain Technology?
Solana is currently one of the fastest blockchains, with 3,400 transactions per second (TPS).
