Blockchain Networks Comparison

Blockchains Compared:

1. Ethereum:
   Ethereum pioneered smart contract platforms with a TPS of ~13. While highly influential, it faces scalability challenges and high gas fees.

2. Polygon:
   Polygon addresses Ethereum's scalability issues with a high TPS of 180, providing a Layer 2 solution and facilitating interoperability.

3. Binance Smart Chain:
   Binance Smart Chain, with a TPS of ~47, offers low-cost transactions and rapid block times, attracting developers and users.

4. Bitcoin:
   Bitcoin, the original cryptocurrency, offers a TPS of ~7, prioritizing security and decentralization. It supports smart contracts via the Script language.

5. Hedera:
   Hedera Hashgraph achieves a TPS of 2,257, utilizing a unique consensus mechanism for high security and fast transaction finality.

6. Immutable X:
   Immutable X, built on Ethereum, specializes in NFTs with a TPS of 9,000, providing scalability and interoperability for the decentralized exchange of digital assets.

7. Avalanche C-Chain:
   Avalanche C-Chain boasts a TPS of 4,500 and quick confirmation times, emphasizing high throughput and custom blockchain networks.

8. Go Chain:
   Go Chain emphasizes high performance and decentralization with a TPS of ~3,000, making it suitable for various decentralized applications.

9. Litecoin:
   As an early altcoin, Litecoin has a TPS of 50 and supports smart contracts using M-TPS, providing a similar but faster alternative to Bitcoin.

10. VeChain:
    VeChain, with a TPS of 10,000, focuses on supply chain and enterprise solutions, utilizing smart contracts and offering interoperability through Thor.

11. Neo:
    Often called the "Chinese Ethereum," Neo supports a high TPS of 10,000 and uses dBFT for on-chain governance, aiming to be a global smart economy platform.

12. Aeternity:
    Aeternity focuses on off-chain scalability through state channels, utilizing the Sophia language for smart contracts and oracles for interoperability.

13. Arbitrum:
    Arbitrum is an optimistic rollup scaling solution for Ethereum, achieving a high TPS of ~14 and supporting smart contracts via the EVM.

Technical Parameters Compared

The table provides a comparative overview of various blockchain networks, highlighting key parameters and features for each.

Real-Time TPS: The real-time Transactions Per Second (TPS) metric indicates the number of transactions the blockchain processes per second. This metric is crucial as it relies on live blockchain data, ensuring accuracy and preventing inflation.

Block Time: Block time is the average time it takes to add a new block of transactions to the chain.

Currency: Currency in blockchain is digital money that exists on a decentralized and secure network, allowing for peer-to-peer transactions without the need for intermediaries like banks.

Smart Contracts: This refers to the ability of a blockchain network to execute and enforce self-executing contracts, known as smart contracts. Smart contracts are programmable scripts that run on the blockchain, containing predefined rules and logic. When specific conditions specified in the contract are met, the smart contract automatically executes the agreed-upon actions without the need for intermediaries.

On-chain Governance: On-chain governance in blockchain is a system where decisions about protocol changes or upgrades are made directly by the participants through a built-in mechanism within the blockchain, providing a decentralized and transparent way to manage the network without relying on central authorities. It's like having a digital voting system where users collectively decide on the rules and improvements of the blockchain.

Gas Fee: Gas fees are like transaction fees, representing the cost of computational work required to process and validate transactions. It's akin to a toll you pay to use the blockchain network, ensuring timely and secure transaction processing.

Consensus Mechanism: The consensus mechanism is how computers in a blockchain network agree on the state of the ledger; it ensures trust by requiring majority validation for transactions, making it secure and tamper-resistant, like a democratic vote for the accuracy of records. Examples include proof of work, proof of stake, proof of authority, etc.

Chain Generation: Blockchain generations represent the evolution of technology. Bitcoin, as a 1st generation blockchain, is like the first version of a groundbreaking invention, while newer generations, like Ethereum (2nd) or Avalanche (3rd), bring added features, making them more versatile and capable, akin to upgraded models of a familiar product.

Comparison Table