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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 decentralisation.
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.
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.
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!
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.
Let’s learn more about these ten most scalable blockchains and then compare them to see which ones are even more scalable.
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.
A famous Ethereum killer - Solana - is one of the blockchains developed to provide solutions for scalability issues in decentralised 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.
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.
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.
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 customised blockchain networks for particular use cases. For these features, Avalanche is a scalable network with fast and efficient transactions.
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.
Cardano is developed to help decentralisation 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.
Algorand prioritises 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.
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.
As a decentralised 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.
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.
That’s all about the ten most scalable blockchains that help crypto enthusiasts go beyond physical world boundaries and even their imaginations. To learn more about the crypto sphere and read similar articles, check out Cryptologist.
You will find the answers to the most frequently asked questions about the most scalable blockchains in the following subsections.
Research shows TechPay Coin's blockchain records 300,000 TPS (Transactions per Second) with a 15-second transaction finality.
Currently, Avalanche (AVAX) is considered one of the most scalable blockchains in the crypto market.
Solana is currently one of the fastest blockchains, with 3,400 transactions per second (TPS).